India Factoring and Finance Solutions has appointed RS Reddy as an independent director on its board.

Reddy was most recently chairman and managing director at Andhra Bank, and before that was the chief executive of Bank of India’s American operations in New York.

Sudeb Sarbadhikary, CEO and managing director of India Factoring says: “I am confident that Reddy’s vast experience, knowledge and unique insights into lending to small and medium enterprises and cross-border trade products in India and overseas will be an invaluable asset to India Factoring.”

India Factoring is a joint venture of state-owned Punjab National Bank along with Malta-based FIM Bank Group, Italy-based Banca IFIS and Blend Financial Services in Mumbai.