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NCDEX, Kotak Bank tie up to provide warehouse financing

Kotak Mahindra Bank and the National Commodity & Derivatives Exchange have joined hands to offer finance to people who use warehouses to store their produce. Farmers and traders who have kept their commodities in NCDEX-approved warehouses can use such commodities as collateral for availing financial assistance from the bank. NCDEX already has similar arrangements with HDFC Bank, Axis Bank and IndusInd Bank. NCDEX said it has developed a unique electronic accounting system known as Comtrack for facilitating maintenance of record of commodities held by the participants in the approved warehouses for the purpose of delivery on the exchange platform. The system tracks the movement of goods in the warehouse ecosystem of the exchange and gives a transparent single window view to the lenders. Apart from banks, 10 NBFCs too have tied up with the exchange for extending pledge finance through this facility.

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