Intellect Design Arena Limited has said that Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena Limited, has implemented a comprehensive supply chain finance platform for Bank of Baroda, India’s International Bank. With a USD 418 billion finance gap in the Indian SME sector alone, the roll-out of the digital platform will extend new financing and working capital opportunities to the bank’s numerous clients – and their partners – expected to boost the number of digital transactions across the nation.
Prime Minister Narendra Modi’s “Digital India” initiative – which aims to drive economic development through wideranging digital transformation across the country – has set an ambitious target of reaching 25 billion digital transactions in 2017-18. Furthermore, increasing trade across a country rapidly establishing itself on the global stage is a high priority – India’s exports of USD 261 billion are up by 47.7 per cent since 2009, and its internal trade as a proportion of GDP is at a healthy value of 54 per cent. Meanwhile, shares of the company were trading at Rs 190.05 apiece, up 0.82 per cent from the previous close at 09:27 hours on BSE.