YES BANK, India’s new age private sector Bank, today entered into a strategic partnership with National Collateral Management Services Limited (NCMSL), a major agri-infrastructure player, for collateral management and warehousing services. The objective of these services will be to assist industries, traders and farmers in financing their capital requirements at all stages of the supply chain, ranging from pre-harvesting to the marketing and export stages. YES BANK will also avail of their premium services such as working capital financing in commodity-based industries, especially agro-based industries.
Speaking at the signing ceremony, Mr. Rana Kapoor, Managing Director & CEO, YES BANK said, “Since inception, YES BANK has adopted a knowledge driven approach with a focus on the emerging sectors of the Indian economy. Food & Agribusiness and Agri Infrastructure have been key focus areas and I truly believe that this partnership with NCMSL will further deliver value to all our stakeholders, and is in accordance with the Bank’s Development Banking philosophy. Given the excellent and demonstrated track record of NCMSL, this partnership will enable us to mitigate credit risk for our Commodity Finance product offerings.”
Commenting on this tie-up, Mr. Sanjay Kaul, Managing Director & CEO, NCMSL said, “We are confident that this arrangement will result in substantial new business across India. This new arrangement with YES BANK will provide an opportunity to field functionaries to extend finance against warehouse receipts. Our warehouses spread across the country issue credible and reliable warehouse receipts.”
YES BANK, through its various initiatives, has consistently highlighted the need to create Agri-Infrastructure to achieve food security and minimize food wastages by promoting Public-Private Partnership. YES BANK holds a stake in NCMSL, and has also fully underwritten long-term funding requirements of NCMSL to add warehousing capacity across the country.
NCMSL is a national level institution, promoted by IFFCO, Canara Bank, Corporation Bank, Punjab National Bank, HDFC Bank, Karur Vysya Bank, YES BANK, NCDEX and HAFED, to provide risk management solutions in the areas of commodity and inventories.
