IndusInd Bank on Friday announced a strategic partnership with Asian Development Bank (ADB) to support and promote supply chain finance solutions in India.
The Bank has entered into a partial guarantee programme with ADB with an initial outlay of $70 million (Rs 560 crore), exclusively towards promoting supply chain finance solutions in India, IndusInd Bank said in a statement.
IndusInd Bank aims to grow its presence in MSME financing and this partnership will further strengthen various initiatives of the Bank in this domain.
With supply chain finance (SCF) being a focus area, the Bank has initiated a host of strategic efforts including the launch of new product structures for SCF. In addition to this, the Bank recently launched a state-of-the-art digital portal for SCF - 'earlyCredit' enabling 24*7 seamless processing of SCF transactions for corporates, suppliers and dealers.
Commenting on the partnership Amitabh Saraff, Head - Financial Services, SME Business & SCF, IndusInd Bank, said, "At IndusInd Bank, we look forward to funding the entire ecosystem of a corporate entity by offering holistic SCF solutions, meeting end-to-end requirements of both corporate and their dealers/suppliers thereby being a true partner in their growth trajectory."
"Partnership with a global orgsation like ADB strengthens our SCF platform, a leading provider in the country. This association will further open up opportunities for the Bank to innovate and empower our clients with the best financing solutions," Saraff said.
The share price of IndusInd Bank was trading 0.90 per cent lower at Rs 1100.95 on the BSE.
( With inputs from ANI )
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