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Karnataka Bank Ltd has entered into a memorandum of understanding with Star Agri Warehousing and Collateral Management Ltd (Staragri) for extending storage facilities to farmers and finance against the warehouse receipts.
A press statement by the bank said here on Friday that the finance to farmers will be extended under ‘Krishik Bhandar’ scheme of the bank. Staragri has nominated Karnataka Bank as preferred financier for extending finance to farmers against the warehouse receipts. Staragri manages around 800 warehouses and cold storages, it said.
Quoting P Jayarama Bhat, Chief Executive Officer of the bank, the statement said this facility will help farmers to store their agricultural produce by avoiding distress sale, earn better price and get loan for further farm operation.
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