TReDS platform M1xchange is looking to onboard nearly 50 lakh MSMEs in West Bengal to bridge credit gap in the sector.
The platform intends to offer liquidity within 24 hours through its online bidding platform to MSMEs at a competitive rate and a digital customer experience supported by a convenient and end-to-end digital process.
The RBI-approved platform has signed MoUs with State governments, the Ministry of MSMEs for Udyam portal.
MSMEs will benefit from a two-way exchange of information between Udyam portal and M1xchange. All Udyam registered MSMEs will be able to onboard on M1xchange with an easy convenient process enabling them to leverage the full force of TReDS and access liquidity at the lowest possible cost.
The company has also on boarded 50 banks and NBFCs. It has facilitated bill discounting of more than ₹38,000 crore to more than 15,000 MSME suppliers across the country.