Karnataka Bank has entered into a memorandum of understanding with CNX Corporation for extending storage facilities to farmers and finance against warehouse receipts. According to a press release by the bank, CNX Corporation is one of the collateral management service providers with a pan-India presence. Finance to farmers will be extended under the ‘Krishik Bhandar’ scheme of the bank. The bank’s MD and CEO P. Jayarama Bhat said this is one more credit initiative from the bank, which mainly helps the farmer community store its agriculture produce by avoiding distress sale, earn a better price and simultaneously avail of loans for further agriculture operations.
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