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:
Mari ZT Lalrithangi is a woman farmer from Sangau village of Lawngtlai district, Mizoram, who…
Imran Khan, who is an Indian movie star, a US national said to be in…
The Indian banking system saw a record deposit figure of total ₹284 trillion ($2.99 trillion)…
Elon Musk, the CEO of Tesla, is making headlines after showing off a groundbreaking demo…
President Droupadi Murmu has accepted the resignation of L. Murugan from the Union Council of…
India has become a global leader in the conservation of wetlands by continuously extending the…