In a groundbreaking achievement, Yes Bank has etched its name in history as the inaugural Indian financial institution to execute an export finance transaction on the prestigious International Trade Financing Services Platform (ITFS) of RXIL Global IFSC Limited (RXIL). This feat solidifies Yes Bank’s position as a trailblazer in the financial landscape.
The collaboration sets the stage for orchestrating credit for exporters and importers across Indian and Global Institutions. Employing sophisticated mechanisms such as Factoring, Forfaiting, and diverse trade financing services, the partnership ensures competitive pricing and swift processing through a digitalized platform, as outlined in the bank’s official press release.
This collaboration marks a historic milestone as the first transaction on the ITFS platform involving an Indian bank. The significance of this moment resonates with the transformative potential in the realm of international trade finance.
Ajay Rajan, Country Head at Yes Bank, underscores the synergy between Yes Bank and RXIL as a testament to the bank’s commitment to digitalization and fostering cross-border business. The innovative product emerging from this collaboration is poised to reshape the landscape of international trade finance, aligning with the government’s vision of positioning India as a global trade finance powerhouse.
Ketan Gaikwad, Director of RXIL Global IFSC Ltd and MD & CEO of RXIL, positions RXIL at the forefront of driving transformative change in cross-border trade finance. Gaikwad emphasizes the strategic establishment of the ITFS in IFSC, GIFT City Gujarat, aiming to tap into global capital flows for India’s developmental needs while providing a globally competitive financial platform.
Gaikwad accentuates the pivotal role of collaboration with YES BANK, leveraging digital banking capabilities to intensify India’s trade finance landscape. The mission revolves around making competitive credit readily available to exporters and importers, contributing to the overall growth and dynamism of India’s economic ecosystem.
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Navigating New Horizons: Yes Bank’s Pioneering Leap into Global Trade Finance
In a historic move, Yes Bank has etched its name as the first Indian financial institution to execute an export finance transaction on the esteemed International Trade Financing Services Platform (ITFS) of RXIL Global IFSC Limited (RXIL). This marks a paradigm shift in the dynamics of global trade finance.
This groundbreaking collaboration unveils a symphony of financial services, orchestrating credit for exporters and importers from both Indian and Global Institutions. The utilization of sophisticated mechanisms, including Factoring, Forfaiting, and diverse trade financing services, ensures not only competitive pricing but also expeditious processing through a cutting-edge digital platform.
