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Canara Bank in tie-up for warehouse financing

Canara Bank has entered into a memorandum of understanding with Gurgaon-based Origo Commodities India, a post-harvest management services company, to support farmers with warehouse receipt financing with primary focus on Andhra Pradesh, Telangana, Karnataka, Tamil Nadu and Maharashtra. A Canara Bank official said given the importance of produce loan financing, this MoU will go a long way in helping the farmer clientele of the bank and will be a win-win situation for all the parties, and allow farmers to take benefit of the produce loan scheme to improve yields and better their living standards. The bank said it is targeting more than Rs 1,000 crore business under the warehouse receipt financing scheme in the coming season. Origo Commodities, which has presence across 15 states, said it would be able to leverage its warehousing presence across the country to benefit farmers to the maximum extent.

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