M1xchange offering free registration to MSMEs on TReDS platform
New Delhi, Jun 29 (KNN) In a bid to solve liquidity issues of Micro, Small and Medium Enterprises (MSMEs), M1xchange is offering free registration to MSMEs on trade receivables discounting system (TReDS) platform.
''The Government has announced various initiatives for reviving the MSMEs. As a small gesture, we at M1xchange are waiving off the registration fee on our M1xchange TReDS platform till the month of September 2020,'' said Abhay Singh Rathore, Vice president, M1xchange.
''If you register before September 30th, 2020, you can register with us without any payment,'' he added.
He further said that at M1xchange we are focusing our efforts to maximize liquidity to the industries.
''So, why wait? Get yourself registered with M1xchange- India’s Leading TReDS platform today. Stop worrying about your collections from customers and solve your liquidity issues,'' he asserted.
Notably, on Friday, Small Industries Development Bank of India (SIDBI) said it had set up a fund to support free onboarding for MSMEs TReDS.
The fund, Swavalamban Crisis Responsive Fund, is an open-ended fund and the target is to onboard 10,000 MSMEs during the period, a SIDBI spokesperson said.
"The present endeavour aims at offering relief to the MSMEs during these challenging times. We are hopeful that MSMEs shall maximise this opportunity to on board TReDS, thus getting much-needed breather from severely crunched cash flow," SIDBI Chairman and Managing Director Mohammad Mustafa said.
Usually, an MSME has to pay a fee of Rs 5,000 to Rs 10,000 for getting registered on a TReDS platform.