M1 Exchange is proving useful for small-medium and large scale industries to increase trade and transparency. The biggest question for business growth especially to small businesses is capital without collateral against invoices through trade receivables discounting system which this exchange solution is providing. Gujarat has a highly diversified industrial structure with more than 800 large enterprises and an average of four lakh micro, small and medium enterprises which can boost trade through this exchange, said Tushar Buch, senior VP of the exchange.
Leveraging Gujarat’s manufacturing leadership in the country and its economic strength, M1Exchange is working to empower the MSME sector through its online platform to provide trade receivables discounting within 24 to 72 hours to provide timely cash flow to the industry which in turn Will help in business development. The online platform aims to enable early liquidity to MSME buyers-sellers.
Exchange to launch export-oriented ITFS at GIFT: As the global fintech segment is being boosted from GIFT City internationally, M One Exchange will launch ITFS to provide this facility to exporters. The trial will start by the end of this month and is expected to start in October after verification by IFCA. Narendra Sharma has shown. Exporters with domestic will not face financial crisis.
MSME loan disbursement twice as high as pre-Covid MSME loan demand remained 1.6 times higher than pre-Covid. Loans to small businesses in the country have more than doubled from pre-Covid levels, although banks are still taking a cautious approach and extending more loans, mostly to existing borrowers. According to a Credit Information Company report, loan demand for micro, small and medium enterprises (MSMEs) based on commercial credit inquiries during FY22 was 1.6 times higher than pre-Covid levels.
As of March 2022, the number of MSME loan holders stood at 70 lakh, an increase of 6 percent over the previous year. Banks are now particularly focusing on existing MSME borrowers, says a TransUnion CIBIL report. The policy aims to increase credit to small businesses. Lenders are now able to meet the growing loan demand.