NBHC sigNs MoU with Bank of India

Mumbai, May 21 (UNI) National Bulk Handling Corporation Ltd (NBHC) today announced the signing of a Memorandum of Understanding (MoU) with Bank of India (BoI), one of India's leading PSU banks to work together in the area of warehouse-based receipt financing.

After the agreement signing, NBHC MD&CEO Mr Anil Choudhary told mediapersons, ''BoI and NBHC will jointly provide liquidity to farmers against their produce and thereby enable them to time their sale for optimal returns. We see warehouse receipt financing as a great opportunity and we will be an aggressive player in this business''.

NBHC Cecure, NBHC's collateral initiative currently has ten leading banks as part of its collateral management network. NBHC Cecure works with these closely to help farmers and traders get credit for their farm produce. NBHC's over 1,400 warehousing under collateral management and professional warehousing and BoI's network of over 3,000 branches will be a winning combination in reaching out to the maximum number of customers in this segment on an immediate basis.

Meanwhile, BoI Senior Manager Mr Amit Roy stated that, ''We are indeed pleased to enter into MoU with NBHC, one of the leading players in commodity and collateral management. With our own widespread branch network and NBHC's understanding of the commodity space and past experience, we wish to reach out to many more customers and ensure a better deal for the farm produce-led community, be it farmer or trader. In the past six months, banks have already lent over Rs 1,000 crore against warehouse receipt issued by NBHC. This is a very high volume and goes to prove NBHC's professional approach, integrity and transparency in dealings apart from putting in place best practices''.

UNI