Mangalore, Nov. 12: Corporation Bank enters into a Memorandum of Understanding (MoU) with M/s Star Agri Warehousing and Collateral Management Ltd., Mumbai for providing finance against warehouse receipts.
The MoU was exchanged by Shri Lakshminatha Reddy, General Manager, Corporation Bank and Mr. Jimmy John, Vice President, M/s Star Agri Warehousing and Collateral Management Ltd. in the presence of Shri B.K.Srivastav, Executive Director of Corporation Bank at the Bank’s Corporate Office in Mangalore, today.
With the growing awareness among the farmers warehousing finance in India is gaining good momentum. Banks are entering into tie-up arrangement with specialized warehousing and collateral management agencies wherein the pledge of negotiable warehouse receipt of the agencies with the banks facilitate farmers to avail better Agri-credit facilities and prevent distress sale of the Agri produce while mitigating risks of volatility in prices.
Star Agri Warehousing and Collateral Management Ltd. has its registered office located in Jaipur and is having presence in more than 12 states and operating more than 200 warehouses across in India with the total warehousing capacity of 10 Lakhs Metric Tonnes.