Jammu :Chief Secretary, Atal Dulloo, Wednesday chaired a meeting at the Civil Secretariat here to review the implementation and expansion of the Trade Receivables Discounting System (TReDS) in the Union Territory of Jammu & Kashmir. The meeting was attended by Additional Chief Secretary, Finance Department; Managing Director, J&K Bank; Commissioner Secretary, Industries & Commerce; Secretary, Industries Department; Director Industries, Jammu; Chief General Manager, J&K Bank; Deputy General Manager, RBI, Jammu; representatives from Receivables Exchange of India Limited (RXIL – TReDS platform); and senior officers from various government departments.
Addressing the meeting Chief Secretary emphasized the transformative potential of the TReDS platform in enhancing cash flow for Micro, Small, and Medium Enterprises (MSMEs) by enabling timely payment realization through invoice discounting. He highlighted the importance of fully utilizing this digital platform to improve credit accessibility and strengthen the MSME ecosystem in Jammu and Kashmir (J&K). He called for increased participation from Government Departments, Public Sector Undertakings (PSUs), and large corporate buyers on the TReDS platform, noting that broader adoption could significantly mitigate the issue of delayed payments to MSMEs and enhance their working capital cycle. To facilitate this, he directed the Industries & Commerce Department to lead efforts in onboarding key government entities and departments onto the platform. Additionally, the Chief Secretary stressed the necessity of conducting extensive awareness campaigns to educate MSMEs about the benefits and operational aspects of TReDS. He set a target for the onboarding of at least 500 MSMEs from each region of the Union Territory within the coming months to maximize the platform’s reach and impact. He acknowledged the proactive role of the Reserve Bank of India and other stakeholders in promoting invoice financing mechanisms for MSMEs in the region, expressing confidence that continued efforts would bolster the financial resilience and growth prospects of the MSME sector in Jammu and Kashmir.
