HDFC Bank Inks Pact with TReDs Platform M1xchange
Housing Development Finance Corporation (HDFC) Bank has partnered with M1xchange promoted by Mynd Solutions Private Limited in the Trade receivables Discounting System (TReDs) platform with an aim to provide more liquidity to small businesses at competitive interest rates.
About the partnership:
i.HDFC Bank will benefit with shorter turn-around time and lower administrative costs in booking additional new-to-bank (NTB) corporate buyer relationships.
ii.TReDS system is a discounting platform that is regulated by Reserve Bank of India (RBI) enables Micro, Small & Medium Enterprises (MSMEs) to auction their trade receivables online and borrow funds from the financial institutions which offer loan at the lowest rate of interest.
About M1xchange:
M1xchange TReDS is a digital marketplace to sell the receivables to banks and Non Banking Financial Companies (NBFC) set up under the approval of RBI to facilitate the discounting of invoices and bills of exchange across India.
RBI has given approval for M1xchange under the Payment and Settlement System (PSS) Act 2007.
Chief Executive Officer (CEO) – Sundeep Mohindru
Establishment – 2017
Headquarters – Gurugram, Haryana