Farmers Finance of Rs. 3362 crores on NeML e-Pledge

agriculture-fci-warehouse

NCDEX e Markets Ltd. (NeML)’s e-Pledge is a unique service which leverages NeML’s domain expertise in the commodity spot markets to bring together critical stakeholders – the Borrowers (primarily Smallholder Farmers, Traders, Aggregators and Processors), the Warehouse Service Providers (WSPs) and the Lenders (primarily Financial Institutions like Banks) on a single, robust online platform. 

Under the mechanism, a borrower gets finance against his commodities stored in the warehouses approved by the Banks and NeML, thereby enhancing his credit-worthiness.

Through e-Pledge, NeML has helped farmers get finance of Rs. 3362 crores against commodities stored in the warehouses. As on 30th Nov 2017, e-Pledge has helped over 6,000 borrowers (80% of them Smallholder Farmers) raise formal credit of over Rs. 3,362 crores from some of India’s largest Banks like SBI, IDBI, PNB and Central Bank of India, amongst others.

With over 10,000 borrowers, 1,793 accredited warehouses and India’s leading Banks cohesively working together on a single platform, e-Pledge has helped in financial inclusion of Smallholder Farmers and increased their credit-worthiness.

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s