Chennai, 10th May 2023: Shri. S.L Jain, MD & CEO, Indian Bank, today launched Supply Chain Finance (SCF) facility on digital platform in the presence of Executive Directors of the Bank, Shri Imran Amin Siddiqui, Shri Ashwani Kumar, Shri Mahesh Kumar Bajaj and Shri Ashutosh Choudhury and other senior officials at Chennai. Supply Chain Finance (SCF) facility will provide short-term working capital finance to Vendors/Dealers of Corporate.
Lending through SCF platform will facilitate seamless transaction flow based on the documents on pre-agreed terms with buyers, sellers and Bank being on the same platform. Dealers and suppliers of the large Corporates, mostly from MSME segment are expected to benefit from this digital lending platform as it will provide them easy access to working capital finance at favourable terms and pricing, boosting their business growth.
Bank also launched several other digital journeys along with SCF platform. Digital Journeys through Branches such as paperless digital SB account opening, Overdraft against Aditya Birla Sun Life Insurance upto Rs.10.00 Lakhs, Jewel Loan ETB – Branch Assisted and ODAD facility to MSME customers were launched today. Bank further enabled customers to avail PAPL (Pre-Approved Personal Loan) with Digital Document Execution upto Rs. 5. 00 Lakhs, Credit Card facility upto a limit of Rs.10.0 Lakh through IndOASIS, Website and Internet Banking. TAB Banking services are further enhanced with Cheque Book Request, Term Deposit Account Opening, Form 15G/H Submission, Nomination Facility and Enrolment of Jan Suraksha Schemes. Bank also launched a portal to facilitate submission and processing of death claims.
About Indian Bank
Established in 1907, Indian Bank is a premier Public Sector Bank with a dominant Pan-India presence. The government of India owns 88.06% of the shareholding. It is the First Public Sector Bank to install ATM at Harbour, Madras in 1989. The Bank has a vast branch network with 6004 branches, 5428 ATMs & BNAs, and overseas branches in Colombo and Singapore in addition to over 225 overseas correspondent banks. The government of India had announced the Amalgamation of Allahabad Bank – a bank with 155 years of legacy – into Indian Bank in 2019. Indian Bank commenced its operation as an amalgamated entity on 1st April 2020. The integration of CBS systems of both the Banks was completed on 14th February 2021. Indian Bank has constantly thrived to adopt the latest technology and modify its techniques. Apart from various initiatives undertaken by Indian Bank, one of the out-of-the-box initiatives was the launch of MSME Prerana – an Online Business Mentoring PAN India Programme for MSME entrepreneurs. To strengthen this initiative, Indian Bank also launched ‘Ind Spring Board’, financing for Start-ups and entered MOU with IIT Madras. Over the years, Indian Bank has set new benchmarks in providing efficient banking services to its different client groups and has also emerged as a frontrunner in delivering excellent customer service.
