Thiruvananthapuram, May 14 (KNN) The State Cabinet of Kerala has decided to allow institutions and companies, statutory boards/societies/apex cooperatives under the State government to settle bills for MSMEs and distributors of good and services on the Trade Receivables Discounting System (TReDS) platform.

It has also approved local self-government institutions to participate on the TReDS platform.

Introduced by the Reserve Bank of India (RBI), TReDS is an electronic platform for facilitating the financing/discounting of trade receivables of MSMEs through multiple financiers. 

Encashing receivables on time and eliminating credit risk is the main objective of the platform.

Creation of some new posts was also decided by the Cabinet on Friday which includes one post each of Company Secretary and General Manager will be created at the Kerala State Drugs and Pharmaceuticals Ltd.

For the public sector IT Parks one contract post for a period of five years of Chief Marketing Officer will also be created.

(KNN Bureau)