YES BANK enters into a strategic alliance with NCMSL for Collateral Management & Warehousing services

2024-03-23 09:21:36 Business

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YES BANK, India?s new age private sector Bank, today entered into a strategic partnership with National Collateral Management Services Limited (NCMSL), a major agri-infrastructure player, for collateral management and warehousing services. The objective of these services will be to assist industries, traders and farmers in financing their capital requirements at all stages of the supply chain, ranging from pre-harvesting to the marketing and export stages. YES BANK will also avail of their premium services such as working capital financing in commodity-based industries, especially agro-based industries.

Speaking at the signing ceremony, Mr. Rana Kapoor, Managing Director & CEO, YES BANK said, ?Since inception, YES BANK has adopted a knowledge driven approach with a focus on the emerging sectors of the Indian economy. Food & Agribusiness and Agri Infrastructure have been key focus areas and I truly believe that this partnership with NCMSL will further deliver value to all our stakeholders, and is in accordance with the Bank?s Development Banking philosophy. Given the excellent and demonstrated track record of NCMSL, this partnership will enable us to mitigate credit risk for our Commodity Finance product offerings.?

Commenting on this tie-up, Mr. Sanjay Kaul, Managing Director & CEO, NCMSL said, ?We are confident that this arrangement will result in substantial new business across India. This new arrangement with YES BANK will provide an opportunity to field functionaries to extend finance against warehouse receipts. Our warehouses spread across the country issue credible and reliable warehouse receipts.?

YES BANK, through its various initiatives, has consistently highlighted the need to create Agri-Infrastructure to achieve food security and minimize food wastages by promoting Public-Private Partnership. YES BANK holds a stake in NCMSL, and has also fully underwritten long-term funding requirements of NCMSL to add warehousing capacity across the country.

NCMSL is a national level institution, promoted by IFFCO, Canara Bank, Corporation Bank, Punjab National Bank, HDFC Bank, Karur Vysya Bank, YES BANK, NCDEX and HAFED, to provide risk management solutions in the areas of commodity and inventories.

About YES BANK

YES BANK, India?s new age private sector Bank, is the outcome of the professional & entrepreneurial commitment of its Founder, Rana Kapoor and its top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India. YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.

YES BANK has a knowledge driven approach to banking, and a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals Bank of India with the long term mission of ?Building the Best Quality Bank of the World in India?.

About National Collateral Management Services Ltd (NCMSL)

The National Collateral Management Services Limited (NCMSL) is the country?s leading player in warehousing services, supply chain management solutions and testing & certification. It provides collateral risk management for lenders as well as risk management of physical deliveries for commodity exchanges. NCMSL works in partnership with 16 leading banks and in more than 200 locations across the country.

The company provides these services to growers, traders, processors, importers, exporters, overseas buyers & sellers, lenders, commodity exchanges, exchange traders and government agencies. NCMSL is present in 16 states and union territories across India and its warehouses manage as many as 70 agricultural commodities as well as storage services for non-agricultural commodities and inventories.

Incorporated in 2004, NCMSL has been promoted by reputed banks like Bank of India, Canara Bank, Corporation Bank, HDFC Bank, Indian Bank, The Karur Vysya Bank, Punjab National Bank and Yes Bank as well as organisations like NCDEX, IFFCO, HAFED and ACE Geneva. The company is governed by an independent and professional board.

The company provides following services: storage & preservation, procurement & supply chain, collateral management, testing & certification, trade & commodity intelligence, weather intelligence and crop intelligence.

Ujjawal Punmiya

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