AMNS India executes paperless bill discounting transaction with ICICI Bank

Gujarat-based ?ArcelorMittal Nippon Steel (AMNS) India said it is first such transaction in India.
?The end-to-end electronic transaction, comprising digital issuance of letter of credit (LC), advisory and presentment of documents took place among AMNS India, its Baroda-based customer Vijay Tanks and ICICI Bank, the steel maker said in a statement.
"In a step forward for digitising trade payments, AMNS India today (Sunday) announced it has executed the country's first domestic paperless bill discounting transaction in partnership with ICICI Bank," it said.
ICICI Bank was the intermediary between the buyer and seller, the statement said.
The bank's branch in Baroda, Gujarat, issued an LC for the buyer Vijay Tanks, while its branch at Hazira advised and negotiated for the seller AMNS India, it said.

Related Keywords

Baroda ,Gujarat ,India ,Hazira ,Haryana ,Amit Harlalka ,Group Ajay Gupta ,Bank Head Transaction Banking ,Arcelormittal Nippon Steel ,Vijay Tanks ,Deputy Chief Financial Officer Amit Harlalka ,Transaction Banking ,Ajay Gupta ,Financial Services ,Banking In India ,Bse Sensex ,Icici Bank ,Nifty 50 ,Cici ,Inance ,Icici Lombard ,Staragri Warehousing And Collateral Management Limited ,Anks Nec ,Switchgear ,Iron Amp Steel Nec ,Amns India ,Anking ,Digital Technology ,Steel ,பரோடா ,குஜராத் ,இந்தியா ,ஹசிரா ,ஹரியானா ,அர்ஸலாமிட்டல் நிப்பான் எஃகு ,விஜய் டாங்கிகள் ,பரிவர்த்தனை வங்கி ,அஜய குப்தா ,நிதி சேவைகள் ,சீசீ வங்கி ,சீசீ ,ஜெய் குப்தா ,