India Exim Bank Singed Pact With RXIL Global to Finance Export Receivables through GIFT City-based ITFS Platform

Export-Import Bank of India (India Exim Bank) has signed a Master Agreement with RXIL Global IFSC Ltd. (RXIL Global), a subsidiary of Receivables Exchange of India Limited (RXIL), to finance exports receivables through the ITFS platform situated in GIFT City in Gandhinagar, Gujarat on November 28, 2022.  The agreement was signed by Mr. N Ramesh, Deputy Managing Director of India Exim Bank and Mr. Ketan Gaikwad, Managing Director & CEO, of RXIL.  ITFS is an initiative of the Government of India to build an electronic platform for facilitating trade financing for exporters and importers by providing access to multiple financiers. This platform shall play an important role in arranging credit for exporters & importers from global institutions through amongst others, Factoring and other trade financing services at a competitive cost.

With the signing of this Agreement, India Exim Bank will be able to offer Factoring and other trade finance products to Indian companies, with an enhanced reach to MSMEs.  India Exim Bank will also participate in sandbox transactions of the RXIL’s platform. 

On this occasion, Ketan Gaikwad, MD & CEO of RXIL said, “India Exim Bank is a premier institution and has played a key role in promoting and financing India’s exports. India Exim Bank partnering with RXIL Global is a welcome step and will certainly help in shaping ITFS platform for export credit to Indian cross border trade.”

“We look forward to financing exporters, through RXIL Global’s ITFS platform, leveraging on RXIL’s expertise in TReDS. India Exim Bank’s participation in the ITFS platform is in line with the Government of India’s focus on increasing exports and supporting MSMEs” said Mr. N Ramesh, Deputy Managing Director of India Exim Bank.

India Exim Bank was set up in 1982 by an Act of Parliament and is fully owned by the Government of India. It is the principal financial institution for coordinating the working of institutions engaged in financing exports and imports.  India Exim Bank, has over the years, played a catalytic role in facilitating India’s integration with the global economy by promoting, financing and facilitating India’s international trade and investment. India Exim Bank’s range of programmes have helped Indian enterprises become competitive and develop a global footprint.

RXIL Global is a subsidiary of Receivables Exchange of India Ltd. (RXIL) that aims to become an integrated provider of financing opportunities for supporting the growth and development of Indian and global enterprises in unleashing their full potential towards global trade and commerce.

RXIL Global’s International Trade Financing Services (ITFS) platform developed under the aegis of IFSCA is focused at tapping global financing opportunities and liquidity to meet India’s development needs and provide a competitive platform for full range of financial services through multiple financiers participating around the globe.