Yes Bank becomes first Indian bank to conduct export finance transaction on RXIL's ITFS platform
The collaboration will play a pivotal role in achieving our mission of intensifying India's Trade finance landscape by making competitive credit available to Exporters and importers.
Yes Bank has become the first Indian Bank to execute an export finance transaction on the International Trade Financing Services Platform [ITFS] of RXIL Global IFSC Limited, a leading cross-border fintech company registered under the International Financial Services Centers Authority.
As per the bank official, the strategic partnership facilitates arranging credit for exporters and importers from both Indian and Global Institutions through manufacturing, forfeiting and other trade financing services at competitive pricing using a digital platform. This is the first transaction on the ITFS platform in collaboration with any bank in India.Read Also : BPCL Kochi Refinery emerge winners of NIPM Young Managers’ Contest 2024
The collaboration between Yes Bank and RXIL is a testament to the Bank's commitment towards digitalisation and fostering cross border business. The Bank reinforces its commitment to contribute and align with the Government's aim to make India a global trade finance powerhouse.
The setting up of the ITFS in IFSC, GIFT City Gujarat is aimed at tapping global capital flows to meet India's development needs and simultaneously provide a globally competitive financial platform for the full range of international financial services at the regional and global level.
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The collaboration will play a pivotal role in achieving our mission of intensifying India's Trade finance landscape by making competitive credit available to Exporters and importers. Meanwhile, the partnerships signifies a new decade in cross-border payments which provides efficient platform supporting the growth and development of Indian and global enterprises in taking their full potential towards global trade and commerce under the envision of IFSCA.Read Also : 3 lakh CR annual defence production & Rs 50K crore exports expected by 2028-29: Rajnath Singh
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