RBI has issued draft Trade Receivables Discounting System (TReDS) Directions 2026, to strengthen financing access for MSMEs by rationalising and harmonising existing guidelines. The key reforms include, streamlined capital requirements aligned with non-bank payment system operators, simplified onboarding of MSME sellers, and permission for financiers to avail credit guarantee cover through entities like NCGTC. The framework prescribes a minimum net worth of Rs 25 crore for platform operators, robust governance and ‘fit and proper’ criteria, and clearer operational rules such as ‘without recourse’ financing, mandatory buyer payment obligations, and assignment registration with CERSAI. The feedback/ comments from stakeholders are invited.