8  See Board of Governors of the Federal Reserve System (2008), "Federal Reserve Announces It Will Initiate a Program to Purchase the Direct Obligations of Housing-Related Government-Sponsored Enterprises and Mortgage-Backed Securities Backed by Fannie Mae, Freddie Mac, and Ginnie Mae," press release, November 25; and Board of Governors of the Federal Reserve System (2009), "FOMC Statement," press release, March 18.
To address this issue, the Reserve Bank introduced the Trade Receivables 3/5  BIS central bankers' speeches  Discounting System (TReDS) in 2014. TReDS is an electronic platform where receivables of MSMEs drawn against buyers (large corporates, PSUs, Government departments) are financed through multiple financiers at competitive rates. This is done through an auction-based mechanism.