State Bank of India (SBI) today started a state of the art technology platform for financing its supply chain partners. This will use SBI's internet banking platform. A corporate can upload the details of invoices raised by their suppliers and the details of invoices covering the supplies made to the dealers on SBI's internet banking platform, effecting real time transfer and automated settlement of funds.
The platform provides for both the vendor financing (e-Vendor Finance Scheme) and dealer financing (e-Dealer Finance Scheme). Presently, 43 industry majors across sectors— auto, petroleum and oil, steel, fertilizer, textiles and FMCG— are using this platform.
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