New Delhi, Apr 7 (TNT): Punjab National Bank (PNB) on Tuesday signed a Memorandum of Understanding (MoU) with Government e-Marketplace to enhance financial access for sellers by onboarding the bank as a lending partner on the GeM Sahay portal.
The agreement was signed by Ajit B. Chavan, Additional CEO and Chief Seller Officer, GeM Sahay, and Atish Kumar Rout, General Manager- DBTD, PNB.
Under the partnership, sellers on the GeM platform will be able to access collateral-free, short-term loans against purchase orders, helping improve liquidity and ease cash flow constraints.
The initiative is expected to particularly benefit MSMEs and small businesses by enabling timely and affordable access to formal credit through a transparent and paperless digital process.
Officials said the integration of procurement with financing would strengthen ease of doing business, expand vendor participation and support the Digital India vision by creating a seamless and technology-driven procurement ecosystem.
Rout said the collaboration aims to reduce manual processes and enhance transparency and efficiency across the procurement system.
TNT KS
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