ICICI Bank has facilitated a ‘paperless bill discounting transaction’ for ArcelorMittal Nippon Steel (AMNS India), which is headquartered in Gujarat. This is the first such transaction in India. The end-to-end electronic transaction, comprising digital issuance of letter of credit (LC), advisory and presentment of documents took place among AMNS India, its Baroda-based customer Vijay Tanks and ICICI Bank. AMNS India said this is a step forward for digitizing trade payments, and is the country’s first domestic paperless bill discounting transaction in India. ICICI Bank was the intermediary between the buyer and seller. The bank’s branch in Baroda issued an LC for the buyer Vijay Tanks, while its branch at Hazira advised and negotiated for the seller AMNS India. The terms of the LC required that AMNS India digitally present the documents to ICICI Bank evidencing the transaction flow.
