On February 18, 2021 Bank of Maharashtra(BoM) in partnership with Vayana Network, India’s largest Supply Chain Financing (SCF) platform, launched its Mahabank Channel Financing Scheme, a Channel Financing solution for Micro, Small and Medium Enterprises(MSMEs).
This partnership enables BoM to provide short term credit to meet funding requirements of corporate dealers and vendors through its channel.
Purpose: To provide financial support to MSMEs
Provisions of the Partnership:
i.Under the partnership, Vayana Network will provide SCF solutions to more than 1,870 branches of BoM through its technology and service knowledge. SCF solutions include vendor and dealer financing programs.
ii.The proprietary technology platform of Vayana assists to digitise the transactions of Supply Chain Financing, at the same time helps market services to increase penetration in the under-served MSME segment.
Recent Related News:
On January 28, 2021 Department of Industries & Commerce, Government of Karnataka and Amazon India has signed a Memorandum of Understanding (MoU) to help enhance e-commerce exports from the state and also to elevate MSMEs in state to a global level through Amazon Global Selling, an exports program of Amazon.
About Bank of Maharashtra(BoM):
i.The Government of India holds 93.33% stake in the bank.
ii.It is the sponsor bank of Maharashtra Gramin Bank
- Aurangabad Jalna Gramin Bank & Thane Gramin Bank was amalgamated into Maharashtra Godavari Gramin Bank.
- Maharashtra Gramin Bank came in to existence on 20th July 2009 after amalgamation of erstwhile Maharashtra Godavari Gramin Bank and Marathawada Gramin Bank
HeadOffice– Pune, Maharashtra
Incorporated on– September 16, 1935
Commenced Operations– February 8, 1936
MD & CEO– A.S Rajeev
About Vayana Network:
Founder & CEO– R. N. Iyer
Headquarters– Pune, Maharashtra