MOU signed between CWC and Central Bank of India

Staff Reporter

New Delhi

A Memorandum of Understanding was executed between Central Warehousing Corporation(CWC) and Central Bank of India recently at the Corporate Office of the Central Bank of India in Mumbai. As per the MoU, CWC will act as a Collateral Manager and the Bank will finance the CWC customers against Warehouse Receipts.

The MoU was signed by A.K. Arora, General Manager (Finance) on behalf of CWC and R.B. Gupta, General Manager (Priority Sector) on behalf of the Central Bank of India in the presence of B.B. Pattanaik, Managing Director, CWC, M.V. Tanksale, Chairman and Managing Director, Central Bank of India and other senior officials of the CWC and the Bank.

Addressing on the occasion, Shri Pattanaik stated that CWC, which already has its 155 rural based warehouses registered with Warehousing Development and Regulatory Authority, is encouraging the farmers for using its warehouses by extending rebate of 30% in its storage charges besides imparting training on Post Harvest Technology.  Pledge finance against its Negotiable Warehouse Receipt will not only help farmers in avoiding distress sale but also aid in better price realization for their produce.

On this occasion, Chairman and Managing Director of Central Bank of India,  M  V Tanksale advised for mapping the bank branches with CWC warehouses for effective execution of the MOU.