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‘Trade nxt’ is a Cross Border Online Platform Launched by Union Bank of India

Published on May 14, 2022
Current Context: To facilitate the Indian importers and exporters, UBI has launched an online platform by the name ‘Trade nxt’.
‘Trade nxt’ is a Cross Border Online Platform Launched by Union Bank of India
  • It provides a hassle-free experience and various services for all enterprises who were enable to conduct all export-import transactions, they can get a letter of credit, bank guarantees, export/import bills, outward and inward remittances, and many other things in a single platform.
  • It ensures better governance and also saves time for companies to visit the bank branches to initiate trade transactions.
  • This platform also enables a user-friendly experience for regulating online auto reporting through Import Data Processing & Monitoring Systems, Export Data Processing & Monitoring System, and many other reporting systems which are linked to different transactions.
  • Apart from that, It includes many key features like digital transactions around the clock, payment reminders, payment due dates, etc.
  • This kind of platform will bring a revolutionary change to export and import sectors with enhanced security and controls.
  • Static part:
    • Union Bank of India MD & CEO: Rajkiran Rai G
    • Merged Banks: Andhra Bank, and Corporation Bank;
    • Headquarters: Mumbai, Maharashtra.

Question:

Q.1 Which among the following has launched the Tradenxt platform for export/import sectors?
a. State Bank of India
b. Union Bank of India
c. Canara Bank
d. Bank of Baroda
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