BoI signs agreement with RXIL for discounting invoices of MSMEs

State-run Bank of India has entered into an agreement with the Receivables Exchange of India (RXIL) as a trade receivables […]

   

State-run Bank of India has entered into an agreement with the Receivables Exchange of India (RXIL) as a trade receivables discounting system (TReDS) partner for discounting invoices of micro, small and medium enterprises (MSMEs) on digital platform. (Also read: TReDS platform pulls in private firms to improve MSME’s finances) RXIL is a joint venture between Sidbi and NSE, set up to operate a TReDS platform for factoring of invoices of the MSMEs in compliance of guidelines issued by RBI. TReDS is a digital platform to help MSMEs to get their trade receivables financed at a competitive rates through an auction mechanism.





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