India’s largest public sector lender State Bank of India has tied up with Sohan Lal Commodity Management (SLCM) for warehouse receipt financing and collateral management services for farmers.
The partnership will deliver post-harvest credit facility to farmers across India through affordable finance, scientific storage facilities and price discovery of their produce.
Sohan Lal Commodity Management will offer comprehensive warehouse management and other value-added services to farmers, processors, corporates, exchanges, among others across 100 plus locations in 20 states and in 32 different agricultural commodities, the bank said in a statement.
During the first full year of operation, the bank expects a business of about Rs 150 crore. This tie-up is another initiative of SBI’s agri-finance, where advances over Rs one lakh crore will cover more than one crore farmers, the bank said.