1. Trade Receivables Discounting System [(TReDS)](https://rbi.org.in/scripts/FAQView.aspx?Id=132) is an electronic platform for facilitating the financing / discounting of trade receivables of Micro, Small and Medium Enterprises (MSMEs) through multiple financiers. These receivables can be due from corporates and other buyers, including Government Departments and Public Sector Undertakings (PSUs). 2. [==March 19, 2014](RBI_Press%20Release_20140319_RBI%20Seeks%20Feedback%20on%20Concept%20Paper%20on%20Trade%20Receivables%20and%20Credit%20Exchange%20for%20Financing%20MSMEs.pdf) - RBI's 2014 concept [paper](RBI_Concept%20Paper_201403_Concept%20Paper%20on%20Trade%20Receivables%20and%20Credit%20Exchange%20for%20Financing%20of%20Micro,%20Small%20and%20Medium%20Enterprises.pdf), titled _Micro, Small & Medium Enterprises (MSME) Factoring-Trade Receivables Exchange_, proposed an electronic platform to resolve MSME liquidity constraints.== This framework laid the foundation for the Trade Receivables Discounting System (TReDS) to enable MSMEs to auction and discount their trade invoices 3. [Jul 22, 2014](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=31682) - Draft [Guidelines for setting up of and operating Trade Receivables Discounting System (TReDS) were issued.](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=32664) 4. [Dec 3, 2014](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=32664) - Final guidelines for setting up of and operating TReDS were issued. 5. [Feb 06, 2015](https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=33176) - RBI extended last date from February 13, 2015 to March 9, 2015 for receiving applications for setting up of and operating the TReDS. 6. [Mar 25, 2015](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=33540) - RBI released Names of Applicants *(approval pending)* of TReDS. 7. [Nov 24, 2015](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=35551) - RBI granted “in-principle” approval to three applicants for setting up TReDS. 8. ==[July 2, 2018](https://rbi.org.in/scripts/Bs_viewcontent.aspx?Id=3504) - Guidelines for the TReDS were issued, and it was launched in India.== 9. [Jan 1, 2020](https://rbi.org.in/scripts/FAQView.aspx?Id=132) - FAQs on TReDS were issued 10. [June 23, 2026](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=62997) - [Reserve Bank of India (Trade Receivables Discounting System) Directions, 2026](https://www.rbi.org.in/scripts/BS_ViewMasDirections.aspx?id=13526) were issued. 1. [What changed in 2026 directions compared to 2018 guidelines?](https://docs.google.com/spreadsheets/d/174id9qUgO_GS8_ebyq4nyJTTyglXvgrly7vw2dEWjXs/edit?usp=sharing) ## Platforms/Exchanges 1. As on June 2026, there are four TReDS platform authorised and regulated by the RBI. 1. [Receivables Exchange of India Ltd (RXIL)](https://www.rxil.in/): A joint venture between the Small Industries Development Bank of India (SIDBI) and the National Stock Exchange (NSE). 2. [Invoicemart](https://www.invoicemart.com/): Operated by A. TReDS Ltd., a joint venture between Axis Bank and mjunction services. 3. [M1xchange](https://www.m1xchange.com/): Operated by Mynd Solutions Pvt. Ltd.. 4. C2FO - A more recent entrant (2022) also licensed by the RBI ## Regulation and Supervision 1. TReDS is authorized, regulated, and supervised as a "payment system" by RBI in India, under the PSS Act 2007 (Act 51 of 2007). 2. The Payments Regulatory Board (PRB) is the highest policy making body on payment systems in the country. Payments Regulatory Board (PRB) was constituted under Section 3 (2) of PSS Act, 2007, effective from May 9, 2025, replacing the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), a committee of the Central Board of the Reserve Bank of India. 1. ==The PRB under the chairmanship of Governor, RBI became the designated authority for regulation and supervision of the payment systems under Sections 3(1) and (2) of the PSS Act, 2007.== 2. In other words, the RBI exercises the powers, performs the functions and discharges the duties conferred on it, to regulate and supervise payment systems within the country, under the PSS Act, 2007 through a Board known as the "Payments Regulatory Board". 3. The Department of Payment and Settlement Systems (DPSS) (formed in 2005) of RBI serves as the Secretariat to the PRB, that is, the department assists the PRB (the board) performing its functions. 2. More on [Oversight of the Payment Systems](Oversight%20of%20Payment%20Systems.md#Oversight%20(the%20Legal%20Basis)) ## Master Directions 1. Jun 23, 2026 - [Reserve Bank of India (Trade Receivables Discounting System) Directions, 2026](https://www.rbi.org.in/scripts/BS_ViewMasDirections.aspx?id=13526). 1. April 08, 2026 - [Draft Reserve Bank of India (Trade Receivables Discounting System) Directions, 2026](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=62526&fn=9&Mode=0)  2. July 2, 2018 - [Guidelines](https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=3504) for the Trade Receivables Discounting System (TReDS), last updated on July 2, 2018 *(withdrawn)* 3. [FAQs on TReDS](https://www.rbi.org.in/commonman/english/scripts/FAQs.aspx?Id=3138) ## Data 1. [Entity-wise TReDS Statistics](https://www.rbi.org.in/Scripts/TReDSStatisticsView.aspx)