June 16, 2024 22:03 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
After his 'Lord Ram' taunt on BJP creates uproar, RSS leader makes a U-turn | NDA govt formed by mistake, can fall anytime: Congress chief Mallikarjun Kharge's claim | PM Modi returns to India after 'successful completion of G7 Outreach Summit' in Italy | Delhi LG approves prosecution of Arundhati Roy, Sheikh Showkat Hussain in 2010 provocative speech case | BS Yediyurappa, accused of harassing minor, can't be arrested till next hearing: Karnataka HC
Kotak launches real-time working capital finance for MSMEs
Kotak Mahindra

Kotak launches real-time working capital finance for MSMEs

| @indiablooms | 30 Jun 2022, 11:40 pm

Kolkata: As part of its digital-first strategy, Kotak Mahindra Bank Thursday announced the launch of a real-time loans offering for its clients classified as micro, small and medium enterprises (MSMEs) that are registered on the Government’s e-Marketplace (GeM) Sahay - a platform that connects sellers with lenders.

Existing Kotak clients - MSMEs - can now get finance from KMBL in an end-to-end digital journey - sanction to disbursal - backed by a strong artificial intelligence model.

With this, KMBL has become one of the first banks to go live on the Open Credit Enablement Network (OCEN)-enabled GeM Sahay.

Sunil Daga, President & Head – Business Banking Assets, Kotak Mahindra Bank said, “ Sellers looking for finance on GeM Sahay will unlock a huge potential with Kotak’s working capital finance offering. Besides, MSMEs will be able to avail loans from us without collateral on a real-time basis, which will help them manage their working capital finances far more efficiently.”

Deepak Sharma, President and Chief Digital Officer, Kotak Mahindra Bank said, “Kotak's availability on OCEN has helped us penetrate deeper into a public ecosystem. The initiative not only ensures instant cash flow lending to our MSME customers but also helps us connect further with such customers seamlessly. It positions us as a socially responsible and trustworthy digital banking partner for our MSME customers.”

To avail KMBL’s working capital loans on GeM Sahay, a customer has to login to GeM Portal and select company profile then Click 'Yes' to opt in for GeM Sahay Programme.

After installing the GeM Sahay app, the customer needs to create an account in GeM Sahay using PAN & GSTIN and share GeM purchase orders.

They have to select Kotak's loan offer and share a loan disbursement bank account.

The next step is to set up auto repayment and agree to loan terms & conditions. After this, the customer can get instant credit of the loan amount into account.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.