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GRSE becomes first defence PSU to be TreDS activated

Press Trust of India  |  Kolkata 

The today became the first Defence PSU to get itself activated on the TReDS (Trade Receivable Discounting System) platform with necessary IT integration, post completion of security checks and testing, a Defence said here.

(retd) Vipin Kumar Saxena, chairman and managing director of inaugurated the TReDS system of payment mechanism to vendors under MSME category through TReDS platform.

The on boarding of the defence public sector units (PSU) will benefit over 500 MSMEs, the said.

"This Make In initiative brings MSME sellers, corporate and other buyers including government departments, PSUs and financiers together onto a common platform, to facilitate discounting and settlement of invoices at the earliest," the said.

With the implementation of TReDS, challenges faced by the micro, small and medium enterprises (MSME) on account of shortage of working capital for their regular business operations will be taken care of.

This platform enables discounting of invoices of MSME vendors against large buyers through auction mechanism ensuring prompt realization of trade receivables at competitive market rates and helps avoid the constraints in obtaining financing, the spokesperson said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 09 2018. 19:15 IST