In a major push for MSME financing in India, Bank of Baroda, Central Bank of India, Indian Overseas Bank, and UCO Bank have joined PSBXchange, the world’s largest unified Supply Chain Finance (SCF) platform, developed by PSB Alliance and powered by Veefin Solutions. This strategic move aims to enhance financial inclusion for MSMEs by providing seamless access to credit. 

PSBXchange is designed as a common technology bridge for banks and NBFCs, facilitating supply chain finance and small business loans. This first-of-its-kind platform integrates Fintechs, B2B marketplaces, accounting service providers, and new-age data sources with multiple lenders' core banking systems, streamlining credit delivery. 

Highlighting the significance of this collaboration, Anjali Mohanty, MD, PSB Alliance, stated,"With Bank of Baroda, Central Bank of India, UCO Bank, and Indian Overseas Bank onboard, PSBXchange is expanding structured supply chain finance to SMEs across India. The combination of the banks' reach and the platform’s digital capabilities is ensuring equitable and data-driven access to working capital." 

"With MSMEs contributing over 30% to India’s GDP, PSBXchange is set to revolutionise financial inclusion. By offering faster and higher-quality credit access, this platform is reshaping the lending landscape, empowering small businesses with better growth opportunities." 

"PSB Alliance continues to drive industry transformation—whether through revolutionising doorstep banking or launching the world’s largest unified SCF platform. PSBXchange is a game-changer in increasing accessibility and inclusivity across the banking ecosystem." 

This initiative marks a pivotal step in India's financial sector, ensuring that MSMEs—often underserved in traditional credit systems—benefit from a digital-first, streamlined lending experience. 

(BSE)