Innovations in Finance: New Moves in Banking and Steel
Significant developments in the finance sector include Evonith Steel borrowing Rs 1,750 crore for debt refinancing, AU Small Finance Bank launching a co-branded credit card with CheQ, and the TReDS platform achieving substantial growth by financing Rs 3 lakh crore worth of invoices.
- Country:
- India
Evonith Steel has secured a loan of Rs 1,750 crore aimed at refinancing its existing debt commitments. A portion of this borrowing, amounting to Rs 250 crore, was raised through the issuance of non-convertible debentures, according to the company’s statement on Wednesday.
In the banking sector, AU Small Finance Bank has teamed up with CheQ to introduce a co-branded credit card. This card comes with a unique feature: an LED light that activates during tap-and-pay transactions, providing immediate visual confirmation of payment through the NFC field of the POS terminal.
Meanwhile, in the realm of trade financing, the Trade Receivables Discounting System's platform, Receivables Exchange of India Ltd (RXIL), has accomplished a significant feat. Up until now, it has financed Rs 3 lakh crore worth of invoices, with an impressive throughput of Rs 1,21,105 crore achieved in FY2025-26, marking a growth rate of 51 percent.
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