New Delhi, Sept 12 (KNN) Aditya Birla Finance, the lending arm of Aditya Birla Capital on Monday announced its participation in the Open Credit Enablement Network (OCEN).

It has joined the platform by launching instant Purchase Order (PO) financing for MSMEs registered on the public procurement portal Government e-Marketplace’s (GeM) Sahay platform.

Through the Sahay app, MSME sellers can apply for short-term credit from banks and non-banking financial companies (NBFCs). 

Aditya Birla Finance will also now enable digital working capital credit for sellers against their purchase orders for easy disbursements. 

OCEN is a decentralized open credit network developed by the non-profit think tank iSPIRT foundation as a digital public infrastructure. It allows the flow of credit between borrowers and lenders under a common set of standards. 

Rakesh Singh, Managing Director, and Chief Executive Officer, Aditya Birla Finance said, “Today, digital public infrastructure is reshaping the way MSMEs get faster access to capital to scale up their businesses. ABFL already has a significant presence in the MSME sector, and through this new credit facility, we will be able to provide superior experience to our existing and new customers.” 

With an account on GeM Sahay, MSMEs need to share purchase orders for financing and select the offer shown by Aditya Birla Finance. Next, they need to verify the loan disbursement bank account followed by setting up a virtual account and auto repayment, and digitally sign the loan agreement. Once approved, the loan will be credited to the MSME’s account.   (KNN Bureau)