IOC digitises RXIL's TReDS platform ops for MSME vendor payments
New Delhi: For the first time by a PSU in the oil & gas sector, Indian Oil Corporation (IndianOil) has executed its maiden digitised transaction on the TReDS (Trade Receivables electronic Discounting System) platform of RXIL (Receivables Exchange of India Ltd.) by accepting an electronic invoice from M/s. Satyasai Pressure Vessels Ltd. (an MSME vendor) last week. The transaction was financed by Karur Vysya Bank.
This makes IndianOil the first oil & gas PSU to transact on the TReDS platform, thereby reaffirming its commitment to MSME vendors and adding strength to the TReDS initiative.
Speaking on the occasion, Mr. AK Sharma, Director (Finance), IndianOil, said, "IndianOil believes in mutually beneficial partnerships with its vendors, suppliers and contractors, and this initiative will go a long way in addressing the liquidity issues of MSME vendors. We are happy to join the league of select companies that have commenced such transactions through block chain."
RXIL MD & CEO, Ms. Runa Baksi, added, "We are privileged to partner IndianOil in initiating their first transaction in the TReDS ecosystem. It is indeed highly satisfying that RXIL remains the TReDS platform of choice across PSUs."
RXIL, India's first TReDS platform, jointly promoted by SIDBI and NSE, enables MSMEs gain control of their receivables with enhanced visibility and timeliness.