Corporation Bank has signed an agreement with NCDEX e-Markets (NeML) and three warehouse service providers (WSPs) including LTC Commercial Company, Navjyoti Commodity Management Services, and Kalyx Warehousing for pledge finance through electronic mode. The empanelled WSPs act as collateral manager responsible for the commodity’s safety, stock management, insurance, deposit and delivery. NeML acts as the facilitator, bringing depositors, the WSP and the bank under one roof.
This facility will enable farmers and traders to use their goods or produce stored in the warehouses of approved warehouse service providers through e-pledge. E-pledge is a process by which any registered member, after depositing commodities in an NeML-accredited warehouse, can apply online to the bank to get finance against the electronic holding.
Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank. Overall, the Bank has a wide network of over 9,000 centres across India, including 2,061 branches, 2,599 ATMs and 4,349 branchless banking units.
