HAL becomes first public-sector enterprise to transact on TReDS
14th August, 2018Category: Businss and Economy
The state-owned aerospace and defence PSU Hindustan Aeronautics Limited (HAL) has has become first to transact on TReDS. HAL has executed its first digitised invoice discounting transaction on RXIL TReDS platform when it accepted the digital invoice uploaded by Narendra Udyog, a Nasik-based MSME vendor.
TReDS is an online electronic institutional mechanism for facilitating the financing of trade receivables of micro, small and medium enterprises (MSME) through multiple financiers. It offers solutions for mitigating the issues faced by MSMEs.
The Receivables Exchange of India (RXIL) is India's first TReDS platform operating since January 2017 which enables MSMEs to gain control over their receivables with enhanced visibility and timelines. During October 2017, the central government mandated all major PSUs to join TReDS platform to facili payment to MSME vendor. RXIL is promoted by the National Stock Exchange, Small Industries Development Bank of India, State Bank of India, ICICI Bank and Yes Bank.
Read More: Business Standard, The Times of India