State Bank of India (SBI), the biggest lender in India, on Monday, announced that it has exchanged a Memorandum of Understanding (MoU) with the Warehousing Development and Regulatory Authority (WDRA).

Share Market Live

NSE

The MoU would encourage loans against electronic Negotiable Warehouse Receipts (e-NWR) issued by WDRA-registered warehouses. T. K. Manoj Kumar, Chairman of WDRA, and Dinesh Khara, Chairman of SBI, exchanged the MoU today at the SBI Corporate offices in Nariman Point.

The signing will boost warehouse registrations with WDRA and enhance pledge funding against e-NWRs. Additionally, SBI will finance and coordinate farmer awareness and capacity-building activities in collaboration with WDRA to help farmers efficiently manage and use the services provided by e-NWR.

Also read: HDFC Bank-HDFC merger: Mauritius FSC okays Griha share transfer from HDFC Holdings

In order to ensure operations and maintenance standards, the MoU will also facilitate joint inspections of the funded warehouses.

SBI Chairman Dinesh Khara commented on the signing, said, "we are happy and privileged to contribute to India's agri-economy and support the government's initiatives."

"Our focus is to uplift ~60% of the Indian population engaged in farming by enabling them through our value-added offerings. With this collaboration, we will provide all the necessary aid to the agricultural sector by increasing their financing options," he added.

Also read: Siemens signs single-largest Indian contract with Railways worth Rs 26000 crore

(Edited by : Priyanka Deshpande)