Shillong, August 6 : The Commerce and Industries Department, Government of Meghalaya, organized a State-Level Workshop on the Trade Receivables Discounting System (TReDS) at the Directorate campus in Shillong. The workshop was part of the Raising and Accelerating MSME Performance (RAMP) scheme, which is sponsored by the Ministry of MSME and co-sponsored by the World Bank. The goal of the event was to raise awareness and help State Government Departments and Public Sector Undertakings (PSUs) get onboarded to the TReDS platform.
Attendees included General Managers from District Commerce and Industries Centres (DCICs), representatives from State and Central PSUs, officials from government departments, banking institutions, and the Reserve Bank of India (RBI). The training was conducted by Invoicemart, which is one of the TReDS platforms licensed by the RBI.
M.L. Wanshnong, Joint Director (HQ) of the Directorate of Commerce and Industries, gave a keynote address where he highlighted the role of TReDS in solving the problem of delayed payments for MSMEs. Rakshit Bhadana, Manager of RBI Shillong, provided insight into the regulatory vision for TReDS. Nikita Bose, National Head of Invoicemart, discussed the operational framework and benefits of the platform.
Friday Sutnga, Director of Commerce and Industries, Government of Meghalaya, officially opened the workshop and encouraged all departments and PSUs to integrate TReDS into their payment and procurement systems. A detailed presentation and hands-on onboarding session were led by Rajashree Kalita, Manager – East and Northeast, Invoicemart.
The Government of Meghalaya is the first state in the Northeastern Region to sign a Memorandum of Understanding (MoU) with Invoicemart for the implementation of the TReDS initiative. Invoicemart is a joint venture between Axis Bank and mjunction. This workshop is considered a significant step in the state’s efforts to promote timely payments and financial sustainability for MSMEs through the RAMP scheme.
