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Union Bank of India launches Online Platform ‘Trade nxt’

Trade nxt: Union Bank of India launches Online Platform 'Trade nxt'_50.1

The Union Bank of India (UBI) has launched an online platform, ‘Trade nxt’, which enables corporate, and MSMEs (Micro, Small & Medium Enterprises) to transact all cross-border export-import transactions from the comfort of their place, i.e. eliminates the need for companies to visit a bank branch for the same. It offers seamless entry and processing of letters of credit (LC), bank guarantees, export/import bills, disbursement of export credit, outward & inward remittances, dealer financing etc.

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About the ‘Trade nxt’ platform:

‘Trade nxt’ platform will also enable the regulatory online auto reporting through Import Data Processing & Monitoring System (IDPMS), Export Data processing & Monitoring System (EDPMS) and other statutory reporting to Overseas Direct Investment (ODI)/ Foreign Direct Investment (FDI)/ Liberalised Remittance Scheme LRS) which will make the process much more convenient.

Important Takeaways For All Competitive Exams:

  • Union Bank of India Managing Director & CEO: Rajkiran Rai G;
  • Union Bank of India Merged Banks: Andhra Bank, and Corporation Bank;
  • Union Bank of India Headquarters: Mumbai, Maharashtra.

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