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
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.