Kochi: Federal Bank has inked an agreement with Edelweiss Integrated Commodity Management Ltd (EICML) for extending collateral management in commodity financing. The tie-up arrangement is expected to benefit farmers, traders and processors who are in need of finance, against the pledge of commodities instead of sale at low prices.
EICML is one of the leading collateral management service providers with a pan-India presence. The MOU was signed by Antu Joseph, General Manager (Products), Federal Bank and Shekar Subramanyam, Vice President, Edelweiss Group, at a function held at Federal Bank office at Bandra Kurla Complex, Mumbai.
Antu Joseph spoke about the bank’s scheme for financing against the warehouse receipt of agri-commodities for supporting the farmers to avoid distress sale.