RXIL gets RBI nod for its first trade receivables exchange platform
DSIJ Intelligence / 07 Dec 2016
The Reserve Bank of India (RBI) has authorised the Receivables Exchange of India (RXIL), promoted by Small Industries Development Bank of India (SIDBI) and NSE, to launch the country's first trade receivables exchange platform for MSMEs, buyers and financiers.
The Reserve Bank of India (RBI) has authorised the Receivables Exchange of India (RXIL), promoted by Small Industries Development Bank of India (SIDBI) and NSE, to launch the country's first trade receivables exchange platform for MSMEs, buyers and financiers. RXIL has SBI, ICICI Bank, Yes Bank, SBI Caps, and ICICI Securities as other investors.
The RBI nod came in on December 1. The central bank had last year granted in-principle approval to three applicants to launch such an online platform, including the SIDBI-NSE joint venture.
The trade receivables discounting systems (TReDS), an automated system driven platform is expected to benefit MSMEs by facilitating them to auction their trade receivables at competitive market rates through a transparent bidding process on the platform by multiple financiers. The TReDS will be the first attempt in the country to introduce factoring without recourse and will help not only quick realisation of receivables but also appropriate price discovery.
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