Srinagar, Oct 24: In line with its digital mission to offer convenient, affordable, and secure digital banking solutions to MSMEs, J&K Bank today announced its first fintech partnership with Marg ERP Ltd, which is known for its expertise in providing tailored and cost-effective software solutions to business enterprises. The tie-up will benefit the common customers in the MSME sector particularly pharmaceuticals, FMCG, and retail by meeting their day-to-day business accounting needs and facilitating seamless banking and payment services.
MD & CEO Baldev Prakash today launched the collaborative product along with CMD Marg ERP Thakur Anup Singh and Bank’s Executive Director Sudhir Gupta here at the Bank’s corporate headquarters in the presence of General Managers, DGMs, and AGMs besides business leaders representing various MSMEs. The Bank’s Divisional Heads also joined the event through VC Mode.
Commenting upon the importance of this partnership, MD & CEO Baldev Prakash said, “This tie-up with Marg ERP Ltd is essentially the first step in our digital market outreach towards businesses. It will address the growing demand for digital solutions, ensuring that customers have access to more convenient, efficient, and personalized banking experiences. Our fintech strategy is all about adding to the convenience of customers in their business management and delivering value while expanding our market reach.”
“At J&K Bank, we have always been guided by the vision that singularly focuses on people’s economic wellbeing through financial empowerment while nurturing entrepreneurial spirit. Today, amid the fast-paced evolution of the business environment, technology has become an integral part of this vision. It is here, that our partnership with MARG ERP marks an important milestone in enabling businesses to seamlessly adopt digital solutions that optimize their operations and enhance efficiency”, he added.
While urging the operational heads to encourage its customers, especially chemists to use Marg ERP for their accounting and inventory needs, the MD & CEO said that the Bank will extend up to Rs 5 Lac as a pre-approved loan to all such customers for renovation of their business establishments (shops/outlets)
Hailing J&K Bank’s decision to extend financial support for renovation in the form of a pre-approved loan to the MSMEs using Marg ERP’s enterprise resource planning (ERP) software, CMD (Marg ERP) Thakur Anup Singh said that the businesses and Fintechs across the country needed such a decisive and prudent institutional support from the banks.
Highlighting the importance of tie-up he said, “We view this partnership as strategic and feel delighted to join hands with J&K Bank. By integrating our robust software solutions with the bank’s financial services, we aim to empower businesses with seamless financial and operational efficiency. This collaboration marks a significant step towards facilitating digital transformation for MSMEs, helping them to scale up and streamline their processes with greater convenience.”
While delivering the vote of thanks on the occasion, DGM (BPR) Mohammad Muzaffar Wani also spoke about the Bank’s Open Banking APIs and the opportunities in collaborative banking. He said, “This big moment was made possible only after we had put state-of-the-art Application Programming Interface (API) infrastructure in place. Through the integration of the Bank’s Open Banking APIs with different fintech platforms, our customers can experience not only smoother financial management and payment processing but can easily scale up their businesses.”
Earlier, the Bank’s Chief Digital Officer (CDO) Naveed Masood Zargar gave a detailed presentation about the product, its features, benefits, and functioning.
Notably, the integration will allow businesses to directly fetch transaction data from their bank accounts into the Marg ERP platform eliminating data entry and manual errors of accounting. Real-time visibility of bank balances and transaction status will help SMEs and MSMEs make informed decisions more swiftly, ultimately boosting their productivity. This collaboration allows for seamless fund transfers through various modes such as NEFT, RTGS, IMPS, and direct transfers within the Bank.
