Kolkata: Indian banks might have an advantage of meeting an enhanced trade finance requirement of Indian corporates and the MSME (micro, small and medium enterprises) sector as the country’s foreign trade with G20 nations is expected to get a big boost, said Shekhar Bhandari, president, global transaction banking, Kotak Mahindra Bank.
“Due to the extension of trade corridors with Africa and other countries of G20, Indian trade will get a boost. The banking system here will have a natural advantage in meeting the needs of these customers and serving them,” he added. The African Union has become a permanent member of the G20.
Kotak fyn, a digital platform built for business banking and corporate client around six months ago, has helped companies bring down their cost of funds as it ensured a reduction in processing time, Bhandari added. tnn
