State Bank of India has partnered with Invoicemart to introduce digital invoice discounting service. Invoicemart will be a financier and the platform is expected to help in unlocking working capital for more than 1400 MSMEs that are a part of the platform. MSME driven initiatives like Trade Receivables Discounting System (TReDS) have enabled working capital finance to MSMEs and is expected to become a major channel of financing for the MSME segment. Currently, Invoicemart has 22 financiers on the platform. Narayanan Sadanandan, CGM, SME and Supply Chain Finance at SBI, said elevating the MSME segment has been a prime focus at State Bank of India, and TReDS has been substantial in helping this segment with easy financing options. The bank has taken several steps to ensure timely delivery of credit to MSMEs through other initiatives and the association with Invoicemart is another step towards the process of digitization. A number of scheduled commercial banks and public sector banks have registered themselves on the Trade Receivables Electronic Discounting System (TReDS) platform since the positive push from the government in 2018. This has helped pave a way towards MSME inclusion through a transparent bidding mechanism that ensures faster financing at competitive market rates.
