WDRA collaborates with Bank of India to help farmers with low interest loans.

In a major move to empower farmers and traders across India, the Warehousing Development Regulatory Authority (WDRA) has signed a Memorandum of Understanding (MoU) with the Bank of India (BoI). The agreement was signed on September 27, 2023 in the presence of dignitaries including WDRA Chairperson TK Manoj Kumar, BoI MD and CEO Rajneesh Karnataka, BoI Executive Director M Karthikeyan and other senior officials of both institutions. , is poised to revolutionize access to low-interest loans.

The main objective of this collaboration is to create awareness and facilitate funding against Electronic Negotiable Warehouse Receipts (e-NWRs), thereby providing financial relief to the agricultural community.

One of the main objectives outlined in the MoU is to provide important information to depositors about the benefits of using e-NWRs. Additionally, it lays the foundation for a comprehensive outreach program to strengthen agricultural covenant finance across India.

The signing ceremony also featured a presentation by WDRA, highlighting the important role of post-harvest financing through Electronically Negotiated Warehouse Receipts (e-NWRs) in enhancing rural credit availability. Highlighted.

Representatives from the banking sector highlighted the challenges faced by lending institutions operating in the sector. In response, WDRA reiterated its unwavering commitment to provide regulatory support, while instilling confidence among all stakeholders involved.

This collaborative effort between WDRA and BoI has the potential to reduce the financial burden on farmers and traders, empowering them to invest in their agricultural endeavors with greater confidence.

Availability of low-interest loans through e-NWRs is poised to drive agricultural development and economic prosperity in India’s rural communities.

First Published: 30 Sep 2023, 07:42 IST