BoI, Canara, HDFC Bank, 3 others named NCDEX bankers

 Bank of India, Canara Bank, HDFC Bank Limited, ICICI Bank Limited, Punjab National Bank and UTI Bank Limited would be bankers to NCDEX and its members.

 Financial parameters, technological ability to electronically move funds from about 50 cities, and strong presence in the market segment and allied areas were key determinants in the choice of these banks.

 Members of NCDEX are required to open their clearing and other operational accounts with any one of these designated clearing banks.

 On the pay-in day for the funds, clearing banks would transfer the required funds to the exchange from these accounts and on the pay-out day the funds due to the members from the exchange would be transferred by the clearing banks to these accounts.

 NCDEX, an equal joint venture of the National Stock Exchange (NSE), ICICI Bank, Life Insurance Corporation (LIC) and NABARD, recently obtained recognition from (the ministry of consumer affairs, food & public distribution, government of India, and is expected to commence operations shortly.