Karnataka Bank, NBHC sign MoU for storage facilities

MANGALORE: Karnataka Bank has signed a Memorandum of Understanding with the National Bulk Handling Corporation for extending storage facilities to farmers.

The MoU was signed at the bank's headquarters here yesterday, the bank said in a release.

NBHC is one of the leading collateral management service providers with a pan-India presence, managing around 1,500 warehouses and cold storages.

Finance to farmers would be extended under the 'Ktishik Bhandar' scheme of the bank. NBHC had nominated Karnataka Bank as the preferred financier for extending finance to farmers who could avail the services of NBHC with a nominal fee.

This is another initiative from Karnataka Bank which would help farmers store their agricultural produce to avoid distress sale, earn better price during harvest season and avail loan for further agricultural operations, the release added.