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Tuesday, June 23, 2015

Karnataka Bank to extend finance to farmers against warehouse receipts

Karnataka Bank Ltd on Tuesday signed a memorandum of understanding with Edelweiss Integrated Commodity Management Ltd (EICML) for extending storage facilities to farmers and to finance against warehouse receipts.

A press release by the bank said here that finance to farmers will be extended under ‘Krishik Bhandar’ scheme of the bank. EICML has nominated Karnataka Bank as preferred financier for extending finance to farmers against the warehouse receipts.

Quoting Mahabaleshwara MS, Chief General Manager of the bank, it said that this initiative will help farmers to store their agriculture produce by avoiding distress sale, earn better price and simultaneously take loan for farm operation.

Meera LB Aranha, General Manager of the bank, and Shekar Subhramanyam, Vice-President of EICML, were present on the occasion, the release said.

Source : Thehindubusinessline


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