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The National Collateral Management Services Ltd (NCML)-owned subsidiary MktYard.com, the e-Auction and e-Procurement agri-portal has registered e-procurement transactions of over ₹500 crore in the first year of operations.
The e-auctions conducted in last two months has crossed the total auction volume of financial year 2017-18, said the company in a statement on Friday.
Increasing tie-up with banks is a major reason for growth.. Karnataka Bank and ICICI Bank are the latest to sign up with MktYard.com for e-auction services, taking the total to eight. Further, the seamless experience and better revenue realisation via has resulted in banks increasing their disposal through the platform, it said.
e-procurement of paddy for the government (Food Corporation of India) in Jharkhand and UP was carried out successfully and was closed April-end. Over 40,000 farmers had benefitted with payments being made into their bank accounts within 24 hours of paddy procurement.
SMS service on the quantity deposited, amount due and confirmation on payment was initiated for farmers to bring in more transparency.
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