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Warehousing Development Regulatory Authority, Bank of India ink MoU for low-interest, no-collateral loans to farmers

By TIOL News Service

NEW DELHI, SEP 30, 2023: IN order to facilitate farmers and traders in providing low interest rate loans, Warehousing Development Regulatory Authority (WDRA) signed Memorandum of Understanding (MoU) with a Bank of India (BoI) on 27.09.2023 in the presence of Mr T.K Manoj Kumar, Chairperson, WDRA, Mr Rajneesh Karnatak, MD&CEO, BoI, Mr M. Karthikeyan, ED, BoI and other senior officers of WDRA and BoI.

The MoU was signed with the intent of promoting awareness to fund against e-NWRs (electronic Negotiable Warehouse Receipt). The MoU also aims to provide information to depositors of the benefits, besides doing further outreach activities to improve agricultural pledge finance in India. During the event, a presentation was made by WDRA on the importance of post-harvest pledge financing using electronic Negotiable Warehouse Receipts (e-NWRs) for improving rural credit. The bank representatives also highlighted the risks faced by the lending institutions in this sector.

The WDRA assured their full regulatory support in improving the fiduciary trust among stakeholders.

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