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Corporation Bank has entered into a Memorandum of Understanding (MoU) with Star Agri Warehousing and Collateral Management Ltd, Mumbai, for providing finance against warehouse receipts.
A press statement by the bank said here that the MoU was exchanged between Lakshminatha Reddy, General Manager of Corporation Bank, and Jimmy John, Vice-President of Star Agri Warehousing and Collateral Management Ltd, in the presence of B.K. Shrivastav, Executive Director of the bank in Mangalore on Tuesday.
Banks are entering into tie-up arrangement with specialised warehousing and collateral management agencies wherein the pledge of negotiable warehouse receipt of the agencies with the banks facilitate farmers to get better agriculture credit facilities and prevent distress sale of the agricultural produce while mitigating risks of volatility in prices, the statement said.
Star Agri Warehousing and Collateral Management Ltd has its registered office in Jaipur. It has more than 200 warehouses across in India with the total warehousing capacity of 10 lakh tonnes, it added.
vinayak.aj@thehindu.co.in
Source: thehindubusinessline
A press statement by the bank said here that the MoU was exchanged between Lakshminatha Reddy, General Manager of Corporation Bank, and Jimmy John, Vice-President of Star Agri Warehousing and Collateral Management Ltd, in the presence of B.K. Shrivastav, Executive Director of the bank in Mangalore on Tuesday.
Banks are entering into tie-up arrangement with specialised warehousing and collateral management agencies wherein the pledge of negotiable warehouse receipt of the agencies with the banks facilitate farmers to get better agriculture credit facilities and prevent distress sale of the agricultural produce while mitigating risks of volatility in prices, the statement said.
Star Agri Warehousing and Collateral Management Ltd has its registered office in Jaipur. It has more than 200 warehouses across in India with the total warehousing capacity of 10 lakh tonnes, it added.
vinayak.aj@thehindu.co.in
Source: thehindubusinessline
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