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ICICI Bank, HDFC Bank repository participants for NERL

NERLThe National E-Repository (NERL) will have ICICI Bank and HDFC Bank as its repository participants for pledge finance. NERL, a group company of National Commodity and Derivatives Exchange (NCDEX), has signed the agreement with both the banks, which will offer pledge finance against eNWRs created on NERL’s repository platform commodities stored in warehouses registered with Warehousing Development and Regulatory Authority (WDRA). Kedar Deshpande, MD & CEO, NERL, Chattanathan D, joint general manager and head – Rural and Inclusive Banking Group for ICICI Bank, and Prabhakar Bobde, head – Pledge Business, Business Banking Group for HDFC Bank, signed the agreement. ICICI Bank is already a key shareholder of NERL. Both the banks are now empaneled as repository participants – pledgee with NERL.

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