Tuesday, 10 January 2017

ICICI Bank carries out maiden bill discounting on RXIL

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Largest private sector lender ICICI Bank today said it has carried out the country's first digitised invoice discounting on the Receivables Exchange of India (RXIL), in which it is an investor. An invoice raised by Ashoka Drugs and Chemicals for its supplies to Greenlam Laminates was discounted by the bank, it said in a tweet. 

"The transaction heralds the start of providing convenient access to working capital for micro, small and medium enterprises through online discounting of invoices and bills of exchange raised by MSMEs to their corporate customers," it said.

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