Bank of Baroda’s new digital Supply Chain Finance solution from iGTB

Mr. Litesh Majethia, Head of Supply Chain Finance, Bank of Baroda, says: “With this latest state-of-art digitized SCF product, we are now live with a few large corporates and many more in the pipeline. With this product we will be augmenting our relationship with Large Corporate Customers and SME clients. This product will help us enter new Large Corporate Relationship and MSME clients. In line with our Prime Minister’s “Digital India”, “Make in India”, “Stand-Up India” initiatives, this solution will augment the strength of the companies that are driving the country’s growth – opening up new financing opportunities for companies of all sizes via a cutting-edge digital product. We have received positive & encouraging response from many of the customers and they are happy that Bank of Baroda’s SCF product is not only delivering value in terms of speed of transactions and information but is very swiftly acquiring dealers & vendors. This product will empower the Bank and give us competitive positioning in the market, highlighting our intent as a leader in the field of Supply Chain Finance. This project is an example of transformation agenda that we are driving in the Bank: Digitization, Centralisation, and seamless & faster Transaction Processing.”

Manish Maakan, CEO of iGTB, says: “Our strong experience in supporting other Indian banks and financial institutions means our supply chain finance offering is the most mature and sophisticated it has ever been. Supply chain finance – when done properly – provides banks with an opportunity to become a valuable partner in their clients’ supply chains and ensures sustained growth and profitability of clients and their business partners. We are delighted to see Bank of Baroda seizing this through their digital leadership, and we are committed to playing an ongoing role in their transformation.”