Hindustan Aeronautics Limited(HAL), an Indian state-owned aerospace and defense company, has become the first PSU to transact on TReDS by executing first digitized invoice discounting transaction on RXIL TReDS platform accepting the digital invoice uploaded by Narendra Udyog, a Nasik based MSME (micro category) vendor.
The transaction was financed by Bank of Baroda and since stands settled.
During October 2017, the government of India mandated all major PSUs to join TReDS platform to facilitate payments to MSME vendors.
Talking about this initiative, T Suvarna Raju, CMD, HAL, said “ TReDS platform offers solutions for mitigating the issues faced by MSMEs. I am confident that all PSUs will actively participate in the TReDS platform for augmented growth, in line with the GOI objective of transparency and ease of doing business”.
Congratulating HAL, Mohammad Mustafa, IAS, Chairman & Managing Director, SIDBI and Chairman, RXIL said “MSMEs are critical engines of growth for the economy. HAL’s commitment to the segment, demonstrated by its participation in the transformational TReDS initiative in partnership with RXIL, is indeed commendable. “
RXIL, India’s first TReDS platform, enables MSMEs gain control of their receivables with enhanced visibility and timeliness.
RXIL has 29 financiers registered on its platform.