Ravi Lalwani: Which are the booming sectors for transaction banking in India? How have things changed in the last 3-4 years?
Pitchai Mahalingam: Transaction banking includes cash management, trade finance and supply chain finance products. Most of the sectors use transaction banking products to manage their working capital. The sectors which have a huge supply and distribution chain will have major requirements – eg FMCG, pharma, chemicals and fertilizers, cement, oil, etc. Banks have worked on customized solutions for specific industries, they also offer packaged products to small and medium industries and structured products to large corporates. They are providing working capital solutions for the whole supply chain by offering transaction banking products. The growth of digital capabilities has also helped the corporates to avail the benefits of quick access to funds.
Federal Bank offers an integrated transaction banking solution called ‘Fed e Biz’, that caters to the digital need of our transaction banking customers. This platform is helping the customers to digitally manage their cash management, trade finance and supply chain finance requirements. We have implemented a blockchain-based remittance platform for managing inward remittances, which is helping our customers and partners.
This story is from the May 2020 edition of Banking Frontiers.
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This story is from the May 2020 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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