NERL ties up with Bank of Baroda for pledge finance

National E-Repository (NERL), a group company of the National Commodity and Derivatives Exchange, today announced that it has signed an agreement with the Bank of Baroda (BoB) for pledge finance.
BoB has now become the first public sector bank as a repository participant - pledgee with NERL. It will participate in pledge finance under NERL's repository ecosystem for registered warehouses by the Warehousing Development and Regulatory Authority (WDRA), a statement issued here said.
Kedar Deshpande, managing director and chief executive officer, NERL said the repository ecosystem will not only boost the industry but will also provide various features and benefits to its stakeholders such as seamless transfer of ownership of eNWR (electronic negotiable warehouse receipt) by depositors, splitting of eNWR by depositors, real time and ease of access of information by the banks.

"This will help banks reduce their turnaround time in processing the loans and marking the pledge on the eNWR," he added.
Union minister for consumer affairs, food and public distribution Ram Vilas Paswan had generated India's first eNWR on NERL platform at WDRA program in September last year.
Since then 96 eNWRs have been issued for approximately 1000 MT of commodities on NERL platform, the release said.
The shareholders of NERL include the National Bank for Agriculture and Rural Development (NABARD), ICICI Bank and State Bank of India, apart from NCDEX.