Four PSU Banks Partner with PSB Alliance's PSBXchange to Expand SME Lending Bank of Baroda, CBI, IOB, and UCO Bank join PSBXchange to revolutionise MSME financing with a unified SCF platform.
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In a major leap toward revolutionising MSME financing in India, four leading public sector banks—Bank of Baroda, Central Bank of India, Indian Overseas Bank, and UCO Bank—have joined PSBXchange, the unified Supply Chain Finance (SCF) platform. Developed by PSB Alliance and powered by Veefin Solutions, this platform is set to drive broader financial inclusion for small businesses across the country.
PSBXchange is designed to serve as a common technology bridge for banks and NBFCs, enabling seamless supply chain financing and small business loans. As a global-first initiative, it connects fintech firms, B2B marketplaces, accounting service providers, and new-age data providers with the core banking infrastructure of multiple lenders. This collaboration marks a critical milestone in ensuring MSMEs, which contribute over 30% to India's GDP, gain improved access to structured financial solutions.
Anjali Mohanty, Managing Director of PSB Alliance, said, "By integrating with PSBXchange, these banks are expanding credit accessibility for a diverse base of SMEs across India. Veefin's technology ensures equitable and data-driven working capital access, bridging financial gaps for businesses previously excluded from the formal credit system."
Veefin Solutions, a leader in digital lending and supply chain finance solutions, plays a key role in enabling this transformation. The company specialises in AI-driven and machine-learning-powered solutions, including automated financial statement analysis, debt securitization, trade finance, and receivables automation. Veefin's expertise in digital lending infrastructure further strengthens the scalability and efficiency of PSBXchange.
Raja Debnath, Co-founder and CEO of Veefin Group, described the initiative as a game-changer: "With MSMEs being the backbone of our economy, this platform is redefining financial inclusion. By offering faster access to high-quality credit, PSBXchange is accelerating business growth while reshaping the entire lending landscape."
PSB Alliance, a consortium of 12 public sector banks, remains committed to leveraging technology for financial inclusion. Advisor Eric Anklesaria highlighted the significance of this project: "From doorstep banking to launching the world's largest SCF platform, PSB Alliance is at the forefront of transforming the banking sector by improving accessibility and inclusivity."
With its wide-ranging impact, PSBXchange is set to empower MSMEs, streamline credit delivery, and drive India's digital transformation in lending, ensuring long-term economic growth and financial resilience.
