Axis Bank introduces ‘Invoicemart’ to push finance to MSMEs

New Delhi, July 20 (KNN) In order to facilitate access of funds to the Micro, Small and Medium Enterprises (MSMEs) in the country, private sector lender Axis Bank recently announced a digital invoice discounting platform.

The Digital platform Invoicemart is a a TREDS project under the collaboration of Axis bank and Mjunction Services that specializes in B2B and E-Commerce.

The platform is set up after the approval of the Reserve Bank. Earlier last year, RBI had given in-principal approval allowing three organizations including Axis Bank, Mynd Solutions and NSE Strategic Investment Corporation and Small Industries Development Bank of India to set up the Trade Receivables Discounting System (TReDS).

With the portal, the RBI expects SMEs to post their receivables online and get them financed. It is being seen as an important step to generate finance and also to ensure timely payment of dues be the corporates.

In the first set of transactions, Axis Bank have discounted the invoices raised  on corporates including Intex Technologies, West Coast paper, Sobha, Future Retail and other corporates through their MSME suppliers. (KNN/ DA)