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Canara Bank, NHBC in tie-up

The National Bulk Handling Corporation (NBHC) and Canara Bank have tied up to extend warehouse receipt financing for farmers. The two entities entered into a memorandum of understanding for this purpose. NBHC MD and CEO Anil Chaudhary and Canara Bank CGM S.S. Bhat signed the documents at a meeting recently. Canara Bank has become the 45th banking partner of NBHC and is expected to help the warehousing entity to tap additional geographies. Bhat said the tie-up will promote warehouse receipt financing among the farmers and the bank will be targeting growers of pulses, mainly in North Karnataka, through this tie-up. The bank, which has agri credit exposure of Rs 56,000 crore with some 45 lakh farmers across the country, expects its lending to the sector to grow by 22% this year, Bhat said. NHBC, currently owned by the India Value Fund, has expertise in managing over 190 commodities that include grains and cash crops such as cotton and various non-agri commodities.

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