India, Jan. 28 -- The state cabinet on Tuesday cleared a proposal to adopt the Trade Receivables Discounting System (TReDS platform) for clearing pending payments of micro, small and medium entrepreneurs and contractors associated with the Public Works Department (PWD).

Chief minister Devendra Fadnavis directed all departments in the state to adopt the platform and formulate a Standard Operating Procedure (SOP) in line with the working systems and operational requirements of each individual department. The CM has set up a committee under the chairmanship of chief secretary Rajesh Aggarwal for this purpose.

TReDS is a joint initiative of the central government and the Reserve Bank of India. Its objectives include promoting financial incl...