The Assocham of India's Global Factoring Summit, Mumbai, 5 May 2017Monday 8 May 2017
The Assocham of India's Global Factoring Summit was held on 5 May 2017 in Mumbai at the Four Seasons Hotel. FCI is honored to be a partner to this first ever factoring summit in India. The summit was graced by the Executive Director of the Reserve Bank of India ,Mr Sudarshan Sen who was the guest of honor.
The event which was attended by 200 participants started with the lightning of lamp very unique tradition.
India is set to become one of the largest factoring countries in Asia, due to the size of its economy,which is the seventh largest in the world, as well as due to the introduction of rules by the Reserve Bank of India to promote factoring in India .
Moreover, India has the distinction of being amongst the first two countries in Asia to introduce a receivable financing platform which is backed by the central bank. Such receivable financing platform not only helps MSME to get receivable financing, but it also prevents fraud .
Participants were very enthusiastic about the perspectives for factoring in India.
All this augurs well for factoring in India, which is promised with an impressive growth.
We took the opportunity of the summit to announce that SBI Factors and India Factoring and Financial services both have become full members of FCI. This was well received and it will encourage the other members and prospective members to further develop two factors international factoring.