ICICI Bank, India’s largest private sector bank by consolidated assets, has successfully executed the country’s first digitised invoice discounting transaction on the ‘Receivables Exchange of India’ (RXIL), India’s first TReDS (Trade Receivables Discounting System) exchange. The bank discounted online, a digital invoice uploaded by Ashoka Drugs & Chemicals on RXIL for its supplies to Greenlam Industries which the latter accepted online as well.
The transaction marks the beginning of providing convenient access to working capital in the country at reduced costs for MSMEs through online discounting of invoices raised by them to their corporate customers. The bank will continue to act as a financier in RXIL and offer working capital finance to MSMEs through invoice discounting.
ICICI Bank is India’s largest private sector bank with consolidated total assets of $138.67 billion as of March 31, 2016. Its subsidiaries include India’s leading private sector insurance companies, securities brokerage firm and mutual fund. The Bank’s presence currently spans 17 countries, including India.
