Just as one of India’s leading global service providers, Mynd Solutions, was about to celebrate its 21st birthday last week, it was given a ‘monetary penalty’ by the Reserve Bank of India (RBI). The penalty amounted to Rs 13.9 lakh ($17,022). Mynd Solutions is one of the operators of India’s Trade Receivables Discounting System (known as TReDS) through Mynd’s M1xchange platform. The RBI imposed its penalty because it said that Mynd Solutions was not complying with the Bank’s guidelines for TReDS. The penalty is somewhat embarrassing for the company, because it was one of the three founding operators of TReDS, when it went live in 2017.
