Digital invoice discounting marketplace – Invoicemart has tied up with state-run lender Bank of Baroda to discount invoices for MSMEs. Buyers and sellers registered in the marketplace will now be able to access funding from Bank of Baroda.
Invoicemart is a joint venture between Axis Bank Ltd and junction services ltd. Bank of Baroda had recently announced that it was stepping up its focus on supply chain financing. TReDS is an online mechanism that helps MSMEs unlock working capital without the hassle of applying for loans.
Static/Current Takeaways Important for IBPS Clerk Mains 2017 Exam-
- Invoicemart CEO & MD- Kalyan Basu.
- Bank of Baroda Chairman- Ravi Venkatesan, Managing Director & CEO- P.S.Jayakumar.
- TReDS stands for Trade Receivables Discounting System.
Source- The Economic Times