IDBI Bank has entered into a tie-up with Vay Network Services as its fintech partner to provide digital supply chain financing to MSMEs. Vay Network is a supply chain financing platform connecting the buyer, seller and a lending institution under one roof.
The partnership aims to contribute to the growth of SCF penetration in India, which is less than 1 per cent of GDP. Besides, SCF contributes to only 5 per cent of the outstanding banking assets/loans. This platform is expected to reduce paperwork and transaction processing time while providing a smooth customer experience.
IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation.
