Private lender HDFC Bank today launched India’s first Warehouse Commodity Finance App. This app will enable customers in managing the loan against pledge of commodities online without any physical intervention or visits to Bank branch. This in turn will enhance efficiencies for the Agri value chain.
The App has been launched at a time when several parts of the country are still unlocking, and travel restrictions are still effective to curb the spread of corona.
At this point of time the Agri industry which is crucial for economic revival has to function without any interruption. Warehouses which helps storage of goods and maintain price stability in an uncertain economic environment by ensuring a steady supply of goods to the market.
“We are delighted to launch the App at a time when due to the pandemic people may not be able to make multiple visits to branches. Thanks to this facility people across the country especially in semi urban and rural areas will be able to manage their commodity pledge loans online and efficiently. We as a Bank are trying to contribute to the entire Agri value chain efficiency. We will continue value adding in the services and digital offerings like Warehouse Commodity Finance App basis customers valuable feedback. We believe that such innovations are the future of agri financing”, said Sumant Rampal, Senior Executive Vice President, Head, Business Banking at HDFC Bank.
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The App will be offered to both existing as well as new customers of the lender who avail warehouse receipt/commodity pledge loan from HDFC Bank.