Shree Shubham Logistics limited, a subsidiary of Kalpataru power transmission limited, today announced the signing of Memorandum of Understanding (MoU) with Development Credit Bank, facilitating post harvest credit facilities for farmers against warehouse receipts.
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As per the arrangement, Shree Shubham Logistics Ltd, providing end-to-end solutions to all the commodity stake holders in the agricultural and non-agricultural segment with a pan-India presence, will provide collateral management to DCB for extending post-harvest credit facilities to farmers, Agri enterprises and processors.
“We are pleased to sign the agreement with Development Credit Bank. SSLL and DCB will jointly work to provide liquidity to farmers against their produce and thereby enable them to time their sale for optimal returns. We see warehouse receipt financing as a great opportunity and we will be an aggressive player in this business”, said Mr. Bafna
”Our services coupled with the bank’s good network will provide financial flexibility to farmers. It will reduce the seasonal price fluctuation and distress sales during the crop harvest season”, Mr. Bafna said.
Commenting on the business tie up Mr. Narendranath Mishra, Head – Agri, Micro Finance & Rural Banking DCB said, “This tie-up between DCB and SSLL will focus on the producers at the start of the supply chain. Farmers can secure post harvest credit facilities from DCB so that they do not have to resort to distress selling of their produce”.
Read at source: http://www.indiaprwire.com/pressrelease/agriculture/2009081531514.htm
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