On September, Industrial Development Bank of India (IDBI) become the first to implement the new feature of document embedding facility with Letter of Credit (LC) / Bank Guarantee (BG) messages over SFMS (Structured Financial Messaging System) platform of Indian Financial Technology and Allied Services (IFTAS) through its middleware application i@Connect-SFMS (CSFMS) developed by IDBI Intech Limited.
- This new feature of “document embedding” provides banks with the functionality of transmitting a “pdf” document up to 1MB size along with the LC / BG messages.
- Through this feature there will be transmission of digitally signed documents which ensure reliability of the transaction.
The objective of this new feature is to further digitise the trade finance transactions and to secure the financial communication system.
Recent Related News:
i.Unitus Ventures has received an investment of Rs 75 crore (USD 10 million) under Small Industries Development Bank of India (SIDBI)’s Fund of Funds for Start-ups initiative enabled by the Government of India. The fund will strengthen the deployment of its second Rs 300 crore fund, which was launched in 2018.
ii.The 584th meeting of the Central Board of Reserve of Board (RBI) under the Chairmanship of Governor Shaktikanta Das approved the transfer of Rs 57,128 crore in surplus as dividend to the Central government for the accounting year 2019-20.
About Indian Financial Technology and Allied Services (IFTAS):
It is a wholly-owned subsidiary of Reserve Bank of India (RBI)
Chairman– Tavarna Rabi Sankar
Chief Executive Officer (CEO)– Dr N. Rajendran
Headquarter– Mumbai, Maharashtra
About Industrial Development Bank of India (IDBI):
Chairman– MR Kumar
Managing Director (MD) & Chief Executive Officer (CEO)– Rakesh Sharma
Headquarter– Mumbai, Maharashtra
Tagline– Banking for All, Aao sochein Bada
