National E-Repository Limited (NERL) provides platform for electronic Negotiable Warehouse Receipt (eNWR) generation for commodities in electronic form. It aims at ensuring the safety and soundness of electronic Negotiable Warehouse Receipts (eNWR) by developing solutions that increase efficiency, minimize risk and reduce costs. Its shareholders include NABARD, NCDEX, ICICI Bank and State Bank of India.
COOP BANKS AS PLEDGEE
NERL has recently signed an agreement with 3 district banks - Erode, Namakkal and Salem - as pledgee to disburse loans against eNWR. Each DCCB will also take on account maintenance responsibilities as a Repository Participant. The main focus of these banks will be to provide finance against eNWR to small and marginal farmers. This is a first of its kind pan India initiative of NERL, which will soon cover over 260 PACS' warehouses.
Kedar Deshpande, MD & CEO, NERL, explains the whole exercise. "DCCB - PACS and eNWR will bring change to the existing warehouse receipt finance ecosystem for small and marginal farmers. This is a great opportunity for NERL to help these farmers gain maximum benefits from the WDRA-eNWR ecosystem. It will also improve warehouse receipt finance and trade in PACS owned warehouses, further helping to transform PACS' warehouse into a marketplace."
6800 ACCOUNTS, 48 BANKS
This story is from the January 2023 edition of Banking Frontiers.
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This story is from the January 2023 edition of Banking Frontiers.
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