PSB Alliance plans to expand doorstep banking services to 6,800 centres in 2024

PSB Alliance Ltd, an entity set up by 12 public sector banks, will scale up its doorstep banking services for retail customers from the present 100 centres to 6,800 centres by June 2024. While it entered the domain of services for supply-chain financing, the outfit is also looking at expanding the scope of activities to address the requirements of wholesale banking and high-net-worth individuals.

Rajinder Mirakhur, Chief Executive and Managing Director, PSB Alliance said the company has appointed Veefin Solutions to deploy and administer a Unified Cloud-based Supply Chain Financing (SCF) ecosystem in the country. The supply chain financing would primarily help small businesses and aims to tap five per cent of the total credit market.

At present, pure-play supply chain finance from banks is only around Rs 1 trillion, and the alliance over the next three to four years seeks to increase it to at least five per cent of the total system-wide bank credit. At the current volume of bank credit, the five per cent works out to be around Rs 7.5 trillion. The overall bank credit rose 14.5 per cent year-on-year in the week ending July 28, to Rs 148.2 trillion.