State-run Bank of Baroda (BOB) has announced the launch of Baroda DigiNext Cash Management Services for Jawaharlal Nehru Port Authority (JNPA) to help digitise its account payables, receivables and liquidity management.
The scheme of services will be crucial for JNPA, which is one of the largest container ports in India, in its digital transformation journey. The pact signed with BOB shows that JNPA is committed towards enhancing the ease of doing business for the port users and suppliers through a fully digitized and automated solution for cash application, supplier payments and bank reconciliation.
The port authority has recently also implemented SAP to make its operations more efficient. The installation of this SAP system is aimed to drive innovations for faster executions of all business transactions, according to Sanjay Sethi, the Chairman of Jawaharlal Nehru Port Authority.
Further elaborating on the partnership with BOB, he said, “We have collaborated with Bank of Baroda to avail their ‘Baroda DigiNext Cash Management Services’ to take digitisation at JNPA to a broader aspect and make JNPA’s business more organised, automated and efficient. As a part of digitising activities and ease of doing business.”
According to Bank of Baroda’s Executive Director Debadatta Chand, the complex nature of businesses nowadays is making them require customized solutions based on the size, scope and nature of their operations. “In today’s highly competitive world, building in efficiencies and streamlining business processes through digitisation is a prerequisite for success,” he said.
Speaking on their partnership with JNPA, he adds, “At Bank of Baroda, we are proud to deepen and expand our relationship with one of India’s premier container ports through the launch of Baroda DigiNext Cash Management Services for JNPA. Baroda DigiNext will help JNPA digitise its working capital management and enhance ease of operations for the port authority’s entire ecosystem.”
Bank of Baroda is one of the leading commercial banks in India. 63.97% of its stake is owned by the Government of India. The bank has a global customer base of over 150 million people and it operates in 17 countries across five continents.
The Jawaharlal Nehru Port Authority is one of the premier container handling ports in India. It currently operates five container terminals.
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