Bank of Maharashtra, Vayana Network tie up for channel financing

Bank of Maharashtra on Thursday entered into a strategic partnership with fintech company Vayana Network to offer channel financing service for MSMEs. Vayana is India’s largest supply chain financing platform offering financial support to MSMEs. Through this partnership, BoM has launched the Mahabank Channel Financing Scheme to provide short-term credit to meet funding requirement of dealers and vendors of corporates.

A S Rajeev, MD & CEO of BoM, said they were looking at offering a fully digital financing experience to MSME customers, suppliers and distributors of leading corporates. “We believe in the power of partnerships, and hence have tied up with leading fintechs to launch innovative digital offerings.” Ram Iyer, founder and CEO, Vayana Network said, supply chain finance or trade finance has become a critical vehicle for affordable MSME loans. SCF has gained more traction in the post-COVID era as both corporates and their MSME supply chains aiming at streamlining their working capital cycles and liquidity.