Bank of Baroda has signed an agreement with CDSL Commodity Repository (CCRL), thus becoming the first public sector bank to become the repository participant for pledge finance under the repository ecosystem for registered / accredited warehouses. B. R. Patel, GM, Rural & Agri Banking and CSR, of Bank of Baroda and Ramkumar K., COO of CDSL Commodity Repository were present during the signing of agreement. Patel said the new ecosystem will boost confidence among bankers and other stakeholders like depositors and warehouse service providers. Ramkumar said the new ecosystem will provide various features / benefits to its stakeholders such as seamless transfer of ownership of commodity by the depositors, splitting of warehouse receipt by the depositors, real time and ease of access of information by the banks that will help them reduce their TAT in processing the loans and marking the pledge on the commodity.
