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The National Bulk Handling Corporation (NBHC), an integrated agriculture commodity and collateral management company, has signed a memorandum of understanding with Punjab and Sind Bank, one of the leading banks, to work together in the area of warehouse-based receipt financing.
The agreement was signed by Mr Vijay Srivastava, General Manager – Priority Sector, Punjab and Sind Bank, and Mr Anil Choudhary, Managing Director & Chief Executive Officer of NBHC.
NBHC is associated with 33 leading banks for collateral management. Through this network it has facilitated funding and over 60,000 small and medium farmers are benefited through warehouse receipt financing. Till date over Rs 16,000 crore has been disbursed through NBHC's collateral management support to borrowers across the ecosystem.
Mr Anil K. Choudhary said, “Punjab & Sind Bank and NBHC will jointly work to provide liquidity to farmers against their produce and thereby enable them to time their sale for optimal returns.”
NBHC has presence in over 900 locations across 19 States that are under collateral management and professional warehousing while Punjab and Sind Bank has over 900 branches.
Mr P.K. Anand, Executive Director, Punjab and Sind Bank, said, “With our own widespread network and NBHC's understanding of the commodity space and rich experience, we wish to increase Direct Agriculture advances against pledge of warehouse receipts and provide credit support to customers.”
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