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TReDS platform seek clarity about share in collateral free guaranteed credit

Updated: Feb 02, 2023 11:38:09am
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TReDS platform seek clarity about share in collateral free guaranteed credit

New Delhi, Feb 2 (KNN) The TReDs platforms in India are looking forward to clarification if TReDS or Factoring gets a share in additional collateral free guaranteed credit of Rs 2 lakh crore announced on Wednesday as part of the union budget. 

Sundeep Mohindru, MD & CEO, M1XCHANGE lauded the government for taking measures to make further progress towards financial inclusion of MSMEs but await to see if TReDS or Factoring gets a share in the expected additional collateral free guaranteed credit of Rs 2 lakh crore.

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He said that the Budget proposals conform to government’s resolve to tread the path of fiscal stability while addressing issues of growth and job creation.

“Proposal for National Financial Information Registry is quite a significant initiative since a central repository of financial and ancillary information augurs well for consolidation of India’s Open Credit Enablement Network (OCEN),” he stated.

Mohindru is of the opinion that a robust OCEN is necessary for penetration of embedded financial products that are bread and butter for Fintechs that have a vital role in credit outreach and inclusion of hitherto untouched sectors into mainstream credit products.

M1XCHANGE has welcomed the proposal of setting up a single window IT system for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI and IRDAI as Mynd Group eyes expanding its reach in cross border trade finance by becoming operational at GIFT City.  (KNN Bureau)

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