Comments
Canara Bank has entered into a partnership with National Collateral Management Services Ltd (NCML) for collateral management and warehousing services. The main objective of the partnership is to assist industries, traders and farmers in financing their capital requirements at all stages of the supply chain, ranging from pre-harvesting to the marketing and export stages.
Sanjay Kaul, Managing Director and CEO, NCML, signed the agreement with G Sreeram, General Manager, Canara Bank.
Sreeram said, “The emerging sectors of the Indian economy such as agribusiness and agri infrastructure have been focus areas for the bank since inception. This partnership with NCML will further deliver value to all our stakeholders, and is in accordance with the bank’s development banking philosophy.”
Commenting on the pact, Kaul, said, “The tie-up with Canara Bank will help in the spread of agricultural finance and promote warehousing receipt financing across the country. This new arrangement will provide an opportunity to field functionaries to extend finance against warehouse receipts.”
NCML is promoted by IFFCO, Rabo Equity, IFC, Karur Vysya Bank, HAFED, NCDEX, Punjab National Bank, Corporation Bank, Bank of India, Canara Bank, HDFC Bank, ACE Geneva, Indian Bank and YES Bank to provide risk management solutions in the areas of commodity and inventories.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.