PSB Alliance enters supply chain financing, ties up with Veefin Solutions

Updated: Sep 1 2023 7:05PM

Mumbai, Sep 1 (PTI) The PSB Alliance, an entity floated by 12 public sector banks in 2022, is entering the supply chain financing to primarily help small businesses, and aims to tap 5 per cent of the total credit market.

The overall bank credit rose 14.5 per cent on-year in the week ending July 28 to Rs 148.2 lakh crore.

Of this, pure-play supply chain finance from banks is only around Rs 1 lakh crore and the alliance over the next 3-4 years seeks to increase to at least 5 per cent of the total system-wide bank credit. At the current volume of bank credit, the 5 per cent works out to be around Rs 7.5 lakh crore.