Public sector lender Bank of BarodaBSE 0.47 % has entered into a partnership with CNX Corporation (CNX) with an objective to provide collateral management services towards the loans against warehouse receipt sanctioned to the farmers through the network of the bank’s branches across the country.
CNX is engaged in providing warehouse management services relating to commodities and inventories which include collateral management services, field warehousing arrangements, inventory audit services, storage and preservation services, procurement services, testing and certification services, inspection services, monitoring services.
“We have entered a memorandum of understanding with CNX Corporation to work jointly to provide loans against warehouse receipt through collateral management services. This relationship of Bank of Baroda, one of the premier banks of our country, with CNX Corporation (CNX) will immensely benefit the farmers from distress sale of their commodities,” said G.B.Bhuyan, Head- Rural Banking (Agri & FI) and CSR.
