Credit and finance for MSMEs: Amit Sachdev, COO at M1xchange signing the MoU said MSMEs will benefit from a two-way exchange of information between the Udyam portal and M1xchange.
Credit and finance for MSMEs: TReDS platform M1xchange on Monday said it has signed a memorandum of understanding (MoU) with the MSME ministry to enable MSMEs with Udyam registration register on M1xchange to discount their invoices. The MoU was signed during the national seminar on the growth and development of MSMEs in Imphal, Manipur on November 20, 2022.
Amit Sachdev, COO at M1xchange signing the MoU said MSMEs will benefit from a two-way exchange of information between the Udyam portal and M1xchange. While Udyam MSMEs will be able to access liquidity at the lowest possible cost in the country, “the information flow from M1xchange to Udyam will enrich the Udyam database enabling MSMEs to benefit from several MSME-focused government initiatives.”
According to the company, it has facilitated bill discounting of more than Rs 37,000 crores to over 14,000 MSME suppliers across 1,400 towns in India with the payments for the invoices discounted credited to MSMEs within 24 hours.
RBI-licensed TReDS is an electronic platform for facilitating the financing of trade receivables of MSMEs through multiple financiers. According to the central bank, these receivables can be due from corporates and other buyers, including government departments and public sector undertakings (PSUs).