1. Agriculture World

Allahabad Bank, SLCM Tie-up to Benefit Farmers in India

Abha Toppo
Abha Toppo

Sohan Lal Commodity Management (SLCM), the Delhi based agri­logistics group earlier this week has entered into a memorandum of understanding (MoU) with the Allahabad Bank to offer collateral management services.

As per the agreement, Sohan Lal Commodity Management will extend its services to the branches of Allahabad Bank in order to secure respective commodities for the borrowers periodically.

Sanjay Mathur, Deputy General Manager of Allahabad Bank and Ankur Jaipuria, Chief Business Officer of SLCM Group exchanged the deal.

The pact will bring the two organisations together, with the Allahabad bank extending finance against the warehoused commodities & inventories and the SLCM group providing end-to-end solutions to all the goods stakeholders under its collateral management range.

Not only this, the association will help the farmers get post-harvest credits at reasonable interest rates that will further help them with scientific storage services and fair price detection of their produce in the mandi.

SLCM has been working with the banks as their Collateral Managers for Warehouse Receipt Financing. The firm offers best-in-class warehousing, quality management and audit & security service as part of collateral management services to the financial institutions and banks.

Meanwhile, Allahabad Bank will also be benefitted from this strategic partnership as SLCM has a vast reach across 19 states in the country and a strong network of 3183 warehouses & 19 cold storages, which is support by a reliable scientific management system – AGRI REACH.

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