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Public sector lender Canara Bank entered into a Memorandum of Understanding with Origo Commodities, a post-harvest management services company, to support farmers with warehouse receipt financing across the country.
Warehouse receipt financing is a tool that enables farmers to avail financing and avoid “Distress Sale” of their produce. The MoU between Canara Bank and Origo Commodities will focus across multiple states including Karnataka, Andhra Pradesh, Tamil Nadu and Maharashtra among others,” company said in a statement. Origo Commodities has presence across 15 states.
S Ramesh, General Manager, Canara Bank said, “Given the importance of Produce Loan Financing, this MoU will go a long way in helping the farmer clientele of Canara Bank. The MoU will be win-win situation for all the parties, and allow farmers to take benefit of the produce loan scheme to improve yields and better their living standards.”
The partnership is cumulatively targeting more than Rs 1,000-crore business under Warehouse Receipt Financing in the coming season.
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