Mangalore, Aug 21, 2014: Karnataka Bank Ltd, has entered in to a Memorandum of Understanding (MoU) with National Bulk Handling Corporation Limited (NBHC) for extending storage facilities to farmers and finance against the warehouse receipts (WHR).
The MoU is signed today at Banks Head Office at Mangalore. NBHC is one of the leading collateral management service providers with a pan-India presence, managing about 1500 warehouses and cold storages.
A press release by the bank said here on Thursday that the finance to farmers will be extended under “Krishik Bhandar” scheme of the Bank. NBHC has nominated Karnataka Bank as preferred financier for extending finance to farmers against the Ware House Receipts. Farmers can avail the service of NBHC with a nominal fee.
Dr Meera L B Aranha, General Manager and Executives from Credit- B Department, were present. The Company was represented by Anil K Choudhary, Managing Director and Chief Executive Officer, Inderjeet Singh, Vice President and B V Nataraj, General Manager for Karnataka state.
This is another initiative from Karnataka Bank, which will help farmers to store their agriculture produce to avoid distress sale, during harvesting time earn better price and simultaneously avail loan for further agricultural operations.