Mumbai, India | July 06, 2026: PSB Alliance Pvt. Ltd and Bank of India have signed an agreement for onboarding Bank of India as a lending partner on the PSB Xchange platform, India’s unified digital working capital finance platform.

Through this collaboration, Bank of India will offer supply chain finance to eligible borrowers associated with participating anchor corporates on the PSB Xchange platform. The partnership will enable digital onboarding, credit assessment and financing through a standardised process, helping Bank of India expand its digital supply chain finance reach while enabling faster access to institutional credit for MSMEs.

Building a Scalable, Multi-Participant Financing Ecosystem

PSB Xchange connects lenders, corporates and ecosystem partners through a unified platform. The onboarding of Bank of India strengthens the platform’s lender network and broadens the availability of institutional finance for dealer ecosystems across industries.

The shared infrastructure reduces the need for multiple point-to-point integrations and supports faster programme implementation and portfolio monitoring.

Driving Digital Adoption in Supply Chain Finance

By standardizing onboarding, documentation and programme execution, PSB Xchange enables lenders and corporates to implement dealer finance programmes more efficiently and extend formal credit to a wider base of MSMEs.

Stakeholder Perspectives

Vinayak Shukla, General Manager, Bank of India, said:  “Dealers and MSMEs are an integral part of India’s business and distribution ecosystem. Our participation on PSB Xchange will enable Bank of India to provide timely and digitally enabled working capital solutions to dealers associated with established corporate anchors. This collaboration is aligned with our focus on strengthening MSME financing and expanding access to formal institutional credit.” 

Anjali Mohanty, MD & CEO, PSB Alliance said: “The evolution of supply chain finance requires collaborative digital frameworks that can support growth across industries. Through PSB Xchange, we seek to enable such frameworks by bringing lenders, corporates and ecosystem partners onto a common platform. Bank of India’s onboarding further strengthens this network and broadens opportunities for MSMEs to access institutional finance.”

Raja Debnath, Managing Director, Veefin Group, said:  “Bank of India’s participation is an important milestone in strengthening the PSB Xchange ecosystem. By bringing the Bank’s lending capabilities onto a unified digital platform, we can enable corporate dealer networks to access institutional finance with greater speed and efficiency. This collaboration demonstrates how technology and the reach of public sector banks can work together to expand working capital access for MSMEs.”

Looking Ahead

The onboarding of Bank of India further strengthens PSB Xchange’s ability to support supply chain finance programs across industries. The platform will continue to expand its network of lenders, corporates and ecosystem partners to improve access to institutional working capital finance.

Global Fintech Fest (GFF) 2024 is presented by the Ministry of Electronics and Information Technology (MeitY), Ministry of External Affairs, Department of Financial Services (DFS), Reserve Bank of India (RBI) and International Financial Services Centres Authority (IFSCA). The conference is jointly organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).

Talking about SBI’s YONO app, Shri Khara, said, “YONO has 80 million registered users today. Almost, 10 million users login each day. So, in many respects it would be a record of sorts across the globe. We had envisaged YONO only as a retail solution and initially it was thought to replace internet banking but when we launched it, we thought that it should be much more than that. It serves all banking and financial needs today. Last year YONO generated 1.7 billion worth of loans. It has gone beyond the boundaries to various global destinations. We’re working on YONO 2.0 where it should be made more modular and faster in terms of processing.”

“SBI serves 50 crore customers today, which is almost 1/3^rd of the country’s population and when we serve them, we have to take care of all kinds of customers and their preferences,” He added.

Talking about the risks in banking today, he said, “Mistakes are committed in the good times. Risk is always to be kept in mind for a banker. People tend to ignore the risk but it shouldn’t happen. The system has strengthened in terms of infrastructure. Adequate assessment of the income flows can avoid unsecured lending.”

Speaking about significant banking reforms that had a profound impact on innovation, Shri Khara shared a timeline of the evolution of banking, which began in the first decade of the 19^th century with The Imperial Bank of India to SBI later.

Around 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and various other countries are addressing more than 350 sessions over three days of the conference. Delegates are participating from over 70 countries, besides India.