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Saturday, 19 October 2013

Central Bank signs MoU with NCDEX

Central Bank of India has entered into a memorandum of understanding with NCDEX Spot Exchange (NSPOT), the e-market place for farmers. The objective is to cater to the needs of the farmers, agri processors and market participants.

A tri-partite agreement was signed by Central Bank of India, NSPOT and two collateral managers viz. Navjyoti Commodities and Origo Commodities in AP and Karnataka States.

Central Bank of India is the first Bank to provide this type of facility to the farmers in these two States.

Speaking on the occasion, N. K. Balakrishnan, Field General Manager said the bank's association with NSPOT will promote easy finance to farmers against their stock and will also bring in transparency and efficiency in lending operations benefiting farmers, traders, SMEs etc. Read more