NERL ties up with Bank of Baroda for pledge finance
New Delhi: National E-Repository Ltd (NERL) on Monday announced it has tied up with Bank of Baroda (BoB) for extending finance to the farmers against pledge of warehouse receipts issued by the company.
The National Commodity & Derivatives Exchange Limited (NCDEX ), group firm NERL provides repositories services for electronic negotiable warehouse receipts (eNWRs) which farmers can use to avail bank loan. 96 eNWRs have been issued for 1,000 tonnes of commodities on the NERL platform so far.
NERL managing director and chief executive officer (CEO) Kedar Deshpande and BoB general manager (rural, agri-banking and corporate social responsibility) B.R. Patel signed the agreement for pledge finance last week, an official statement said.
“The repository ecosystem will not only boost the industry but will also provide various features and benefits to its stakeholders such as seamless transfer of ownership of eNWR by depositors, splitting of eNWR by depositors, real time and ease of access of information by the banks which will help them reduce their turn around time in processing the loans and marking the pledge on the eNWR,” Deshpande said.
NERL is promoted by NCDEX, National Bank for Agriculture and Rural Development (Nabard), ICICI Bank and SBI.