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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.

Amit harlalkaGroup ajay guptaBank head transaction bankingArcelormittal nippon steelVijay tanksDeputy chief financial officer amit harlalkaTransaction bankingAjay guptaFinancial servicesBanking in indiaBse sensexIcici bankNifty 50Icici lombardStaragri warehousing and collateral management limitedAnks nec