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HDFC Bank signs a deal with TReDs M1xchange platform

10 Aug 2022 , 09:12 AM

HDFC Bank and M1xchange are partnering to provide small businesses with financing at competitive rates. To launch the Trade Receivables Discounting System (TReDs) platform, HDFC Bank collaborated with M1xchange, a project of Mynd Solutions Pvt Ltd. According to a statement on Tuesday, this action is anticipated to provide corporate buyers and MSMEs with substantial liquidity at attractive borrowing rates.

The Micro, Small, and Medium-Sized Enterprises (MSMEs) can auction their trade receivables online through the TReDS system, which is governed by the RBI, and borrow money from the financial institution offering the lowest interest rate. According to Sundeep Mohindru, MD & CEO of M1xchange, “the partnership between HDFC Bank and M1xchange is another big step forward in the supply of credit to MSME and micro category enterprises.” 

Shorter turn-around times and fewer administrative expenses would enable HDFC Bank to book more new-to-bank (NTB) corporate buyer partnerships, according to him. According to Vijay Mulbagal, Senior Executive Vice President of HDFC Bank, this agreement is anticipated to increase liquidity and boost TReDS adoption among more corporate clients and MSMEs.

Related Tags

  • business
  • hdfc
  • India
  • M1Exchange
  • news
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