Bank of India signs MOU with RXIL as a TReDS partner for discounting invoices of MSMEs on digital platform
Mumbai, January 11, 2018: Bank of India, has entered into MOU with Receivables Exchange of India Ltd (RXIL) as a TReDS (Trade Receivables Discounting System) partner for discounting invoices of MSMEs on digital platform .
In the presence of Shri Dinabandhu Mohaptra (MD & CEO – BOI), Shri Neelam Damodharan (Executive Director –BOI) & Shri Chaitanya Gayatri Chintapalli (Executive Director –BOI), a formal agreement has been signed on 09.01.2018 by Shri Swarup Dasgupta (GM, MSME –BOI) and Shri Kashinath Katakdhond (MD & CEO –RXIL).
On this Occasion, Shri Dinabandhu Mohapatra (MD & CEO – BOI),emphasized on the importance of MSME sector, the backbone of Indian economy and thrust given by the Government for promoting the MSME sector.He also highlighted about the innovative efforts taken by government in this regard, including setting up of TReDS Platform.
Shri Kashinath Katakdhond (MD & CEO – RXIL) said that he was delighted to partner with Bank of India and spoke about the benefits available to MSME customers & Bank while transacting on the TReDS Platform.
RXIL is a joint venture between SIDBI & 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. This will allow MSMEs to have easy and hassle free access to finance and prompt realization of their receivables.
