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India PR Distribution
Mumbai (Maharashtra) [India], October 17: In a significant development for India's banking sector, Central Bank of India (CBI) has successfully completed the first fully digital supply chain finance transaction on the PSB Xchange platform offered by PSB Alliance, a unified multi-lender platform designed to connect public sector banks, private sector banks, NBFCs and fintech's with corporates and their channel partners in the country to source and provide supply chain finance and small business loans. This milestone marks the first time a fintech-originated corporate lead was seamlessly processed through the PSB Xchange ecosystem -- flowing from a fintech partner connected to the platform to a participating lender, which utilized the complete PSB Xchange technology stack to underwrite, process, and extend a financing offer digitally to the corporate anchor. The corporate then accepted the offer directly on the fintech interface, completing the journey end-to-end without manual intervention. PSB Xchange, developed by PSB Alliance in partnership with technology partner Veefin Solutions, aims to streamline supply chain financing through a unified platform. The platform offers a transparent, efficient, and scalable alternative to traditional financing methods, positioning public sector banks (PSBs) to better serve businesses, especially in the MSME sector. It demonstrates that the platform is fully operational and capable of facilitating real-time credit flows across multiple institutions -- marking a significant step forward in India's digital lending landscape. Mr. S.S Murthy, GM - MSME, Central Bank of India said, "Central Bank of India is proud to be the first PSB on PSB Xchange (A PSB Alliance Platform) to have successfully completed the inaugural transaction of Dealer Finance with a leading footwear player in the country. This milestone stands as a testament to our organization's commitment to drive supply chain finance and excellence in banking to create immense value and is here to stay for the long haul." Anjali Mohanty, CEO & MD, PSB Alliance said, "The successful completion of the first transaction by CBI on PSBXchange marks a key milestone in advancing digital supply chain financing across PSBs. Developed in collaboration with Veefin, the platform is designed to deliver efficiency, transparency, and scalability through a unified platform. This marks another significant step forward for PSB Alliance in our commitment to being a key technological partner helping in digital transformation." Raja Debnath, Chairperson & Managing Director, Veefin Group, said, "This milestone is a defining moment for PSB Xchange and for India's credit ecosystem. It validates the vision of building a single, interoperable digital rail where every stakeholder -- lender, fintech, or corporate -- can transact seamlessly and securely. What we're witnessing today is the shift from concept to execution. The systems, integrations, and partnerships have all come together to make digital credit delivery across institutions a reality. It's a proud moment for everyone who believed in this collaborative model and for the future of supply chain finance in India." About PSB Alliance PSB Alliance, a consortium of 12 public sector banks in India, is dedicated to delivering integrated, technology-enabled financial services across India. The alliance focuses on building unified digital ecosystems that enhance efficiency, inclusion, and accessibility across banking operations. For more details, visit https://psballiance.com. About Veefin Group The Veefin Group of Companies is on a mission to become the global No. 1 working capital technology platform. Veefin addresses every aspect of optimizing working capital by offering solutions across end- to-end digital Supply Chain Finance, Cash Management, Trade Finance, Debt Securitization, automated AR/AP, and digital lending. Leveraging Artificial Intelligence (AI), Machine Learning (ML), and Natural Language Processing (NLP), Veefin builds modular, scalable, and API-first platforms that power banks, NBFCs, fintechs, and corporates globally. Listed on the BSE SME platform, Veefin Solutions Ltd. is headquartered in Mumbai, with offices in Ahmedabad, Dhaka, and Singapore. For more details, visit www.veefin.com. For media queries, contact: Varun Nankani varun@veefin.com (ADVERTORIAL DISCLAIMER: The above press release has been provided by India PR Distribution. ANI will not be responsible in any way for the content of the same)
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