TReDS platform RXIL crosses Rs 1 lakh crore in MSME invoice financing
RXIL, a joint venture between SIDBI, NSE, State Bank of India, ICICI Bank, and YES Bank, provides working capital solutions for MSMEs by providing invoice financing solutions on the platform.
The Trade Receivables Discounting System (TReDS) platform, the Receivables Exchange of India Ltd (RXIL), has financed over 50 lakh invoices totaling Rs 1 lakh crore.
The joint venture RXIL between SIDBI, NSE, State Bank of India, ICICI Bank, and YES Bank, provides working capital solutions for MSMEs by catering invoice financing solutions on the platform.
In FY24, RXIL has witnessed the monthly invoice financing volumes grow to over Rs 6,000 crore. The platform now aims to finance over Rs 75,000 crore worth of invoices in FY24.
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RXIL has more than 25,000 registered MSMEs and has forged strategic partnerships with many state governments, ensuring MSMEs get timely payments at competitive rates. It also provides the advantage of timely working capital and risk-free financing against invoices to corporate buyers, CPSEs, PSUs, and more.
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