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The National E-Repository, a subsidiary of National Commodity and Derivatives Exchange, has tied up with Bank of Baroda to facilitate pledge finance on its electronic negotiable receipt issued against goods stored in the accredited warehouses.
Started five months before, NERL in all has issued 96 eNWRs against 1,000 tonnes of commodities.
Kedar Deshpande, Managing Director, NERL, said the repository ecosystem will not only boost the industry but also provide various benefits to stakeholders including seamless transfer of ownership of electronic Negotiable Warehouse Receipt by depositors, splitting of eNWR by depositors, real time access of information by the banks which will help them reduce their turnaround time in processing loans and marking the pledge on the eNWR.
BR Patel, General Manager, BoB, said financing agri-commodities through warehouse receipt mechanism will boost confidence among bankers and other stakeholders like depositors and warehouse service providers.
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