KredX and Canara Bank Join Forces to Revolutionize MSME Trade Finance
KredX and Canara Bank have partnered to tackle the Rs. 30 lakh crore MSME credit gap by enhancing digital trade finance access. This collaboration aims to drive financial inclusion through KredX’s TReDS platform, offering MSMEs affordable, collateral-free working capital, aligned with India's government vision for broadening financial access.
KredX has entered a strategic partnership with Canara Bank to tackle India's substantial MSME credit gap, currently estimated at Rs. 30 lakh crore. This collaboration focuses on expanding the reach of digital trade receivable discounting through KredX's RBI-licensed Domestic Trade Exchange (DTX) platform.
Canara Bank's participation bolsters KredX's longstanding commitment to financial inclusivity within the supply chain ecosystem. Combining Canara Bank's extensive network and KredX's technology-driven infrastructure is set to enhance working capital access for Micro, Small, and Medium Enterprises (MSMEs) significantly.
The partnership supports the Indian government's vision of increasing financial inclusion for businesses. By offering collateral-free access to working capital, it aims to empower enterprises nationwide, ensuring seamless financial processes and robust supply chains. KredX targets Rs. 15,000 crore in disbursals to empower 15,000 MSMEs by fiscal year-end.
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