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.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
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:
The Indian government has decided to infuse ₹500 crore into the state-owned Industrial Finance Corporation…
Uttar Pradesh, a state in northern India, is home to many famous tourist attractions. From…
Arvind Kejriwal, the AAP supremo, unveiled the Dr Ambedkar Samman Scholarship, a scheme designed to…
The Indian Government has formed a high-level committee under Defence Secretary Rajesh Kumar Singh to…
National Farmers’ Day, celebrated annually on December 23, is a tribute to the backbone of…
Former Supreme Court Judge of India, Justice Madan B Lokur, has been appointed as the…