In a groundbreaking move, YES BANK has become the inaugural Indian bank to execute an export finance transaction on RXIL Global IFSC Limited’s International Trade Financing Services Platform (ITFS). The collaboration marks a significant stride in digitization and cross-border business for YES BANK.
The platform, registered under the International Financial Services Centres Authority (IFSCA), offers a digital avenue for arranging credit through Factoring, Forfaiting, and other trade financing services at competitive rates with swift processing. This historic transaction is the first of its kind on the ITFS platform in conjunction with any bank in India.
Strategic Partnership for Global Trade Finance
- YES BANK’s commitment to digitalization and cross-border business.
- Facilitating credit for exporters and importers globally through a digital platform.
- Leveraging Factoring, Forfaiting, and other trade financing services.
Key Stakeholder Insights
- Mr. Ajay Rajan, Country Head at YES BANK, highlights the strategic milestone.
- Mr. Ketan Gaikwad, Director of RXIL Global IFSC Ltd, emphasizes transformative change in cross-border trade finance.
Implications for Cross-Border Payments
- Signifying a new era in cross-border payments.
- Providing a seamless and efficient platform for global enterprises.
- Enabling the growth and development of Indian and global businesses in alignment with IFSCA’s vision.
Important Questions Related to Exams
1. Which Indian bank recently conducted the first export finance transaction on RXIL’s ITFS platform?
a) HDFC Bank
b) ICICI Bank
c) YES BANK
d) Axis Bank
2. What is the primary focus of the International Trade Financing Services Platform (ITFS) by RXIL Global IFSC Limited?
a) Real Estate Financing
b) Cross-Border Trade Finance
c) Personal Loans
d) Retail Banking Services
3. Who is the Country Head of Government, Multinational & International Business, Transaction Banking & Knowledge Units at YES BANK?
a) Ajay Rajan
b) Ketan Gaikwad
c) Amitabh Chaudhry
d) Shikha Sharma
4. In which city is the IFSC (International Financial Services Centres Authority) registered?
a) New Delhi
c) GIFT City, Gujarat
Kindly share your responses in the comment section!!