Photo Caption: Mr. M. Nagaraj, General Manager, Pragathi Gramin Bank (left) and Mr. Anilkumar Parvathaneni (right) Regional Manager- South, NCMSL
Pragathi Gramin Bank enters into a strategic alliance with NCMSL
For Collateral Management & Warehousing services
Mumbai, February 01, 2012: Pragathi Gramin Bank (PGB) has entered into a strategic partnership with National Collateral Management Services Limited (NCMSL), a major agri-infrastructure player, for collateral management and warehousing services. The objective of these services will be to assist industries, traders and farmers in financing their working capital requirements at all stages of the supply chain, ranging from pre-harvesting to the marketing and export stages.
Commenting on the tie up, Mr. M. Nagaraj, GM, Pragathi Gramin Bank stated “Pragathi Gramin Bank has been in the forefront in evolving and adapting to the financial sector. We have a large loyal customer base across Karnataka. This tie up with NCMSL will provide a great fillip to warehouse receipt financing and will help the farmers to avoid selling their produce at give-away prices by enabling them to hold on and wait for better prices. He opined that this arrangement will address the constraints and issues faced by the farmers and the bank in availing pledge loan facilities. For the larger interest of the farmers, “the arrangement should work successfully” he wished and desired.
Speaking on the occasion, Mr. Sanjay Kaul, MD and CEO, NCMSL said, “The tie up with PGB will especially prove beneficial to stakeholders in view of the large rural customer base of PGB across Karnataka.” He further added, “NCMSL has plans to build its own warehouses at 40 locations across 12 States and this partnership will facilitate secured post harvest lending on large scale to farmers, processors and other agri-business clients”
About PGB
Pragathi Gramina Bank (PGB) is Regional Rural bank sponspored by Canara Bank operating in 8 districts of
About National Collateral Management Services Ltd (NCMSL)
The National Collateral Management Services Limited (NCMSL) is the country’s leading player in warehousing services, supply chain management solutions and testing & certification. It provides collateral risk management for lenders as well as risk management of physical deliveries for commodity exchanges. NCMSL works in partnership with 16 leading banks and in more than 200 locations across the country.
The company provides these services to growers, traders, processors, importers, exporters, overseas buyers & sellers, lenders, commodity exchanges, exchange traders and government agencies. NCMSL is present in 16 states and union territories across
Incorporated in 2004, NCMSL has been promoted by reputed banks like, Bank of India, Canara Bank, HDFC Bank, Indian Bank, The Karur Vysya Bank, Punjab National Bank and Yes Bank as well as organisations like IFC, NCDEX, IFFCO, HAFED, Rabo Equity and ACE Geneva. The Company is governed by an independent and professional board.
The Company provides following services: storage & preservation, procurement & supply chain, collateral management, testing & certification, trade & commodity intelligence, weather intelligence and crop intelligence.
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