TReDS — Trade Receivables Discounting System (TReDS)
Reserve Bank of India / Ministry of MSME (platforms: RXIL, M1xchange, Invoicemart, others)
TReDS invoice discounting (RXIL, M1xchange, Invoicemart): Budget 2026-27 made it the mandatory settlement platform for CPSE purchases from MSMEs, added a CGTMSE guarantee for invoice discounting, GeM data-sharing and securitisation of receivables. Over ₹7 lakh crore discounted to date.
What changed: New in this edition (not in the June 2026 playbook)
Sources (1)
TReDS platforms let MSMEs auction their receivables from corporate and government buyers to financiers, so they get cash quickly without collateral.
Objectives
Fix MSME working-capital stress caused by delayed payments.
Who can apply?
- Udyam-registered MSMEs (including startups registered as MSMEs) selling to corporates, PSUs, CPSEs or government buyers registered on TReDS.
What do you get?
- Invoice discounting without recourse to the MSME, at market-discovered rates.
- Budget 2026-27: TReDS mandatory as the settlement platform for CPSE purchases from MSMEs, CGTMSE guarantee for invoice discounting, GeM data-sharing with financiers and securitisation of TReDS receivables.
- Over ₹7 lakh crore financed to date.
How to apply
Register with any RBI-licensed TReDS platform (e.g., RXIL, M1xchange, Invoicemart) and onboard your buyers.