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RBI releases names of applicants of TReDS

India Blooms News Service | | 25 Mar 2015, 09:22 pm
New Delhi, Mar 25 (IBNS) The Reserve Bank of India on Wednesday released the names of seven applicants that applied for setting up Trade Receivables Discounting System (TReDS).

NSE Strategic Investment Corporation Limited (NSIC) and Small Industries Development Bank of India (SIDBI), Mumbai, Trade Receivables Exchange (Group of Banking Professionals), Mumbai, Axis Bank Limited, Mumbai, Mynd Solutions Pvt. Ltd., Gurgaon, Haryana, DICIC Bank of India, Kolkata, West Bengal, NSDL Database Management Limited (NDML), Mumbai and Trade Receivables Exchange (T-REX), Mumbai are the seven applicants whose name have been announced by the RBI.

"It may be recalled that the Reserve Bank of India had invited applications for setting up of and operating the Trade Receivables Discounting System (TReDS)," the RBI said in a statement.

The last date for receiving applications was February 13, 2015 which was extended up to Mar 9.

TReDs is a scheme for setting up and operating the institutional mechanism to facilitate the financing of trade receivables of micro, small and medium enterprises (MSMEs) from corporate and other buyers, including government departments and public sector undertakings (PSUs) through multiple financiers.