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Corp Bank, NeML in tie-up

Corporation Bank has signed an agreement with NCDEX e-Markets (NeML) and three warehouse service providers for pledge finance through electronic mode. The warehouse service providers are LTC Commercial Company, Navjyoti Commodity Management Services and Kalyx Warehousing. The bank said this facility will enable farmers and traders to use their goods or produce stored in the warehouses of approved warehouse service providers (WSPs) through e-pledge, a process by which any registered member, after depositing commodities in an NeML-accredited warehouse, can apply online to the bank to get finance against the electronic holding. The empanelled WSPs act as collateral manager responsible for the commodity’s safety, stock management, insurance, deposit and delivery. NeML acts as the facilitator, bringing depositors, the WSP and the bank under one roof.

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