Bank of India (BOI) partnered with the Warehousing Development and Regulatory Authority (WDRA) to promote e-NWR (electronic Negotiable Warehouse Receipts) financing. The MoU was signed in the presence of senior WDRA and Bank of India officials by Shri T K Manoj Kumar, Chairman of WDRA, and Shri Rajneesh Karnatak, MD & CEO, Bank of India.
The agreement aims to raise awareness about the benefits of e-NWR financing and educate farmers on how to prevent distress sales. Farmers can be enabled to establish a more sustainable and productive agricultural economy by embracing e-NWR. This would prohibit the sale of product at throwaway prices because farmers will be able to wait until the right moment to sell their goods at a good price, in addition to obtaining financial help from the BOI via e-NWR.
WDRA also gave a presentation on the need for pledge financing. Various types of risks encountered by lending institutions, as well as the regulatory and judicial support provided by WDRA to mitigate these risks, were also covered at the presentation, which was attended via video conferencing by 13 NBG (National Banking Groups) General Managers. The MoU is expected to give a significant boost to e-NWR funding while also encouraging the development of the rural economy.
