Reserve Bank of India (RBI) issues draft TReDS Master Direction 2026 with ₹25 crore net worth norm

Key facts

• Reserve Bank of India (RBI) issued draft Trade Receivables Discounting System (TReDS) Directions, 2026 on 9 April 2026.
• New TReDS platform operators must hold minimum net worth of ₹25 crore; existing entities must comply by 31 March 2027.
• Draft directions permit financiers to avail guarantee cover and insurance for TReDS transactions, with premium not levied on MSME seller.
• Buyers accepting invoices on TReDS must give unconditional commitment to pay on due date and cannot later raise set-offs or disputes.
• TReDS platforms must register assignment of receivables with Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI).
• Authorised TReDS entities must submit monthly transaction statistics and annual audited net worth certificates to RBI.
• Earlier TReDS guidelines of December 2014 and subsequent circulars will be repealed once the Master Direction is finalised.