NERL brings in ICICI Bank, HDFC Bank as repository participants
By Sutanuka Ghosal, ET Bureau |
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Kolkata: National E-Repository Limited (NERL), a group company of National Commodity and Derivatives Exchange Limited (NCDEX), has brought in ICICI Bankand HDFC Bank on board as the repository participants for pledge finance. NERL has signed the agreement with both the banks where they will offer pledge finance against eNWRs created on NERL’s repository platform commodities stored in warehouses registered with Warehousing Development and Regulatory Authority (WDRA).
The agreements were signed by Mr. Kedar Deshpande, MD & CEO, NERL and Mr. Chattanathan D, Joint General Manager and Head – Rural and Inclusive Banking Group for ICICI Bank and Mr. Prabhakar Bobde, Head – Pledge Business, Business Banking Group for HDFC Bank. ICICI Bank (also a key shareholder with NERL) and HDFC Bank have now been empanelled as repository participants – pledgee with NERL.
Welcoming these associations, Mr. Kedar Deshpande, MD and CEO, NERLsaid "The repository ecosystem will not only boost the ecosystem but will also provide various features and benefits to its stakeholders like help in reducing the turn-around time in processing the loans and marking the pledge on the eNWR."
The company recently concluded an intensive training program for the warehouse managers of Central Warehousing Corporation (CWC)in Kochi on March 27, 2018 at the CWC regional office in Kadavanthara, Kochi. The session saw active participation from managers across eight registered warehouses in Kochi. An interactive session was conducted to give in depth demonstration of the NERL repository system including various aspects like how to create a user, how to create a record of deposit and withdrawal transaction, etc. Conducted by Head of Operations of NERL Mr. Sachin Wagle, along with other officials, the workshop also had other local representatives from NCDEX and NMCE (National Multi-Commodity Exchage). NERL has also conducted various similar trainings in Mumbai, Delhi and Ahmedabad since its inception.
The agreements were signed by Mr. Kedar Deshpande, MD & CEO, NERL and Mr. Chattanathan D, Joint General Manager and Head – Rural and Inclusive Banking Group for ICICI Bank and Mr. Prabhakar Bobde, Head – Pledge Business, Business Banking Group for HDFC Bank. ICICI Bank (also a key shareholder with NERL) and HDFC Bank have now been empanelled as repository participants – pledgee with NERL.
Welcoming these associations, Mr. Kedar Deshpande, MD and CEO, NERLsaid "The repository ecosystem will not only boost the ecosystem but will also provide various features and benefits to its stakeholders like help in reducing the turn-around time in processing the loans and marking the pledge on the eNWR."
The company recently concluded an intensive training program for the warehouse managers of Central Warehousing Corporation (CWC)in Kochi on March 27, 2018 at the CWC regional office in Kadavanthara, Kochi. The session saw active participation from managers across eight registered warehouses in Kochi. An interactive session was conducted to give in depth demonstration of the NERL repository system including various aspects like how to create a user, how to create a record of deposit and withdrawal transaction, etc. Conducted by Head of Operations of NERL Mr. Sachin Wagle, along with other officials, the workshop also had other local representatives from NCDEX and NMCE (National Multi-Commodity Exchage). NERL has also conducted various similar trainings in Mumbai, Delhi and Ahmedabad since its inception.
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