18 अक्टूबर 2013
NSPOT partners Central Bank to give loan against farm stocks
New Delhi, Oct 18. NCDEX Spot Exchange (NSPOT) today
announced its tie up with Central Bank of India to give loan
against agri-commodities as collateral to farmers and
processors in Andhra Pradesh and Karnataka.
This initiative will benefit existing customers of NCDEX
Spot Exchange and depositors of NSPOT-accredited warehouses as
they can avail loan against their produce from the bank, it
said in a statement.
"This would increase their (farmers, processors and
aggregators) holding powers and freedom to decide the
appropriate time to sell their product and get better price,"
NSPOT Executive Vice President Rajesh Sinha said.
Under the agreement, customers keen to avail this facility
will have to deposit their goods in NSPOT accredited
warehouses. The banks would provide loans against the
deposited goods, the exchange said.
When the goods are sold, the proceeds directly flow to the
banks. After retaining their share of liability the remaining
amount is released to the farmers, it added.
Central Bank of India Field General K Balakrishnan said:
"This association will promote financial inclusion and bring
in transparency and efficiency towards lending operation
benefiting farmers, traders and SMEs."
He emphasised on educating market participants and their
branch managers about this scheme by arranging seminars in
association with NCSPOT to leverage the potential of this
facility.
Two new collateral managers Navjyoti Commodities and
Origo Commodities had joined hands with NSPOT and Central Bank
of India in this new initiative for financial inclusion.
NSPOT provides various services related to market
information to the banks and helps them in risk management.
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