Union Bank ties up with NBHC to benefit farmers

Mumbai, Sep 9: With a view to bring value addition in Agri finance, Union Bank of India will now finance farmers and traders against Warehouse Receipts (WR) issued by National Bulk Handling Corporation (NBHC).

In the absense of proper storage facilities, farmers were compelled to sell their products at lower prices during the harvesting season, when the supply is comparatively more, a release by the bank said. However, now after the MoU that has been signed between the Union Bank and the National Bulk Handling Corporation (NBHC), they will be in a position to store their produce at NBHC's warehouses and sell later when prices are better, thus generating more income for themselves, the release explained.

NBHC issues WR in either physical or electronic form to the depositor of the commodity, and boasts of having 58 such warehouses which are either leased or hired by them all over the country, the release informs.

NBHC also offers advisory services on spot and futures trading, the release added.

UNI