Public-sector bank, Central Bank of India has executed a memorandum of understanding (MoU) with Central Warehousing Corporation (CWC) on May 30, 2013 at the corporate office of the bank in Mumbai. As per the terms of MoU, CWC will act as a collateral manager and the bank will finance the CWC customers against warehouse receipts.
This move taken by the bank will see farmers benefitting to a large extent as they can hope to get a better price of their produce. CWC will also be mapping the bank branches with its warehouses for effective execution of the MoU.
Central Bank of India has 4,300 branches and 2,500 ATMs with a Pan India presence of all the branches connected under the CBS platform. The bank has a business turnover exceeding Rs 4 lakh crore.
