In a landmark achievement for India’s financial inclusion and MSME credit ecosystem, the Receivables Exchange of India Ltd (RXIL), a Trade Receivables e-Discounting System (TReDS) platform, has crossed the ₹2,00,000 crore (US$ 23.35 billion) milestone in cumulative invoice financing. This significant milestone marks a major advancement in the formalisation of credit access for India’s Micro, Small and Medium Enterprises (MSMEs).

Backed by the Small Industries Development Bank of India (SIDBI) and the National Stock Exchange (NSE), RXIL has emerged as the leading TReDS platform regulated by the Reserve Bank of India (RBI), empowering thousands of small enterprises through digital, transparent, and efficient working capital solutions.

FY25 Performance at a Glance

During FY25 alone, RXIL facilitated invoice financing worth ₹80,500 crore (US$ 9.40 billion), a figure that not only cements its leadership among TReDS platforms but also reflects growing trust from corporates, CPSEs, PSUs, and financiers. In this financial year:

• RXIL supported over 44,000 MSMEs

• It operated across 1,600+ postal codes in India

• A total of 88.5 lakh invoices were discounted through its digital platform

This performance underscores the TReDS model’s growing relevance as a credible, scalable, and inclusive mechanism for addressing the perennial working capital needs of MSMEs.

What Is TReDS and How RXIL Fits In

The Trade Receivables e-Discounting System (TReDS) was conceptualised by the Reserve Bank of India (RBI) to address the major challenge MSMEs face: delayed payments from buyers, particularly large corporates and government agencies.

RXIL, which became the first operational TReDS platform in India, enables the electronic settlement of trade receivables. It facilitates digital discounting of MSME invoices by multiple financiers — including banks, NBFCs, and financial institutions — ensuring timely access to working capital without the need for collateral.

The platform has transformed supply chain finance by:

• Digitising the invoice lifecycle

• Ensuring faster fund disbursement

• Improving credit transparency

• Reducing dependence on informal credit sources

Stakeholder Support and Strategic Vision

Speaking about the achievement, Mr. Manoj Mittal, Chairman of SIDBI and RXIL, noted that this milestone underscores TReDS’ potential as a formal and alternative credit mechanism that can be scaled nationally to empower India’s small businesses.

Mr. Ketan Gaikwad, MD & CEO of RXIL, highlighted the platform’s ability to bring government entities, large corporates, and financial institutions onto a unified platform, significantly deepening India’s MSME credit ecosystem.

This growth was further catalysed by:

• Robust policy interventions by the Government of India and RBI

• Increased awareness among MSMEs about digital lending platforms

• A sharp focus on onboarding PSUs and CPSEs to ensure payment discipline

• Supportive ecosystem partnerships and active engagement with industry bodies

Impact on MSMEs and Financial Inclusion

RXIL’s growing footprint demonstrates the platform’s power to:

• Mitigate liquidity stress for MSMEs by reducing invoice payment cycles

• Promote formalisation and digitisation of MSME operations

• Reduce reliance on high-cost informal credit channels

• Enhance trust and transparency between buyers and sellers

With more MSMEs now joining the formal credit ecosystem, RXIL plays a crucial role in driving financial inclusion and improving the ease of doing business in India.

In rural and semi-urban regions — where access to formal finance remains low — RXIL’s 1,600+ postal code outreach signals a strong push toward geographic inclusivity.

Key Features That Enable RXIL’s Success

1. RBI-Regulated Platform: Offers credibility and systemic safeguards

2. Fully Digital Infrastructure: Ensures transparency, traceability, and speed

3. Real-Time Credit Bidding: Multiple financiers can bid to discount the invoice, improving financing rates

4. Inclusive Participation: Allows CPSEs, PSUs, corporates, and MSMEs to seamlessly transact

5. Strong Policy Backing: Supported by SIDBI, NSE, and aligned with Government’s ‘Digital India’ and ‘Make in India’ missions

The Road Ahead: Formalisation and Scalability

With the cumulative financing figure surpassing ₹2 lakh crore, RXIL has not only reinforced its market leadership but also paved the way for scaling up formal MSME financing in the coming years. As India prepares for a $5 trillion economy, platforms like RXIL will become essential tools to:

• Expand credit access to India’s 63+ million MSMEs

• Integrate small businesses into national and global value chains

• Ensure timely cash flows and reduce the credit gap

• Facilitate ease of doing business and compliance with MSME payment norms

According to analysts, the next phase of RXIL’s growth may see integration with Open Credit Enablement Networks (OCEN) and adoption of AI-based risk scoring, which can further streamline credit access to New-to-Credit (NTC) MSMEs.

Conclusion: RXIL Sets a Benchmark for MSME Credit Infrastructure

As India’s MSME sector continues to evolve amid digital transformation and policy innovation, RXIL stands out as a blueprint for future-ready financial infrastructure. Crossing the ₹2,00,000 crore milestone is not just a number — it reflects economic resilience, policy efficacy, and entrepreneurial empowerment.

With continued government support, enhanced digital integration, and stakeholder collaboration, RXIL and the TReDS ecosystem are poised to transform MSME finance in India, making it more efficient, equitable, and inclusive than ever before.

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