Bank of Baroda has signed a Memorandum of Understanding (MoU) with NCDEX e Markets Ltd (NEML) to become a “clearing bank” for handling financial transactions in the NeML market place and procurement/auction platform.

NEML, a wholly-owned subsidiary of agricultural commodity exchange, NCDEX, is an online commodities spot market and services company.

Jagdish Tungaria, Zonal Head, Mumbai, BoB, said: “This tie-up opens up multiple opportunities for both institutions. The bank will partner with agriculture marketing federations and other procurement agencies across the country and increase its presence in agri e-commerce through its wide network across the country.

Mrugank Paranjape, MD and CEO, NEML, said this tie-up will help NeML members across the country to further their agriculture businesses.

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