IndusInd Bank, ADB partner for Rs560 crore deal to support supply chain financing

5 Sept 2022 , 03:14 PM

IndusInd Bank has announced a strategic partnership with Asian Development Bank (ADB) to support and promote Supply Chain Finance (SCF) solutions in India. 

The Bank has entered into a partial guarantee programme with ADB with an initial outlay of USD 70 million (Rs560 crore), exclusively towards promoting Supply Chain Finance solutions in India.

IndusInd Bank plans to grow its presence in MSME financing, and this partnership will further strengthen various initiatives of the Bank in this domain. 

As SCF being a focus area, the Bank has initiated a host of strategic efforts including the launch of new product structures for SCF. Further, the Bank recently launched a state-of-the-art digital portal for SCF — ‘earlyCredit’ enabling 24*7 seamless processing of SCF transactions for corporates, suppliers & dealers.

Amitabh Saraff, Head - Financial Services, SME Business & SCF, commented, “At IndusInd Bank, we are hoping to fund the entire ecosystem of a corporate entity by offering holistic SCF solutions, meeting end-to-end requirements of both corporate and their dealers/suppliers thereby being a true partner in their growth trajectory. 

Alliance with a global organization like ADB strengthens our SCF platform, a leading provider in the country. This association will further explore the opportunities for the Bank to innovate and empower our clients with the best financing solutions.”

At around 9:18 AM, IndusInd Bank Ltd is currently trading at Rs1,101.10 per equity share up by Rs0.15 or 0.01% from its previous closing of Rs1,100.95 per equity share on the BSE.

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