Missing Link
Two years ago, Bank of Baroda (BoB) announced over half a dozen tie ups with financial technology companies or fintechs. Start ups like CreditMantri, FundsTiger, Probe42, Power2SME, IndiaLends, KredX and Fisdom came on board, bringing expertise in areas like SME lending, algorithmic lending, bill discounting, retail lending and wealth management. Such wide ranging partnerships with private sector technology players are rare in the public sector bank, or PSB, space. Apart from BoB, State Bank of India (SBI) is the only other PSB which is seriously digitising its processes and working with fintech players to bring efficiency in various parts of the value chain. The PSBs which together control more than two thirds of the banking system in terms of deposits and advances are in
