Allahabad Bank joins Staragri to empower lending mechanism

Tags: News
Kolkata-headquartered Allahabad Bank has now teamed up with Star Agriwarehousing and Collateral Management (Staragri) to strengthen its agriculture lending mechanism. Staragri, which has got some of the warehouses accredited with WDRA Act, 2010, at present, has presence in over 200 locations in India across 14 states.

Allahabad Bank, on its parts, has come out with multiple strategies to improve on its credit delivery to agriculture sector. And as part of this overall drive, the bank has rolled out a scheme for extending produce loan to farmers against warehouse receipts under tie-up arrangement with warehousing firms for providing collateral management services. The scheme was prepared keeping in view the warehousing companies extending warehousing facilities to farmers and others, bank officials said.

The bank’s spokesman said, “Lending under priority sector credit, especially in agriculture sector has a great role in economic development. It contributes significantly in the GDP and provides vast employment. Allahabad Bank, as a leading bank, has now come out with a number of strategies to improve its credit delivery to agriculture sector. Our association with Star Agriwarehousing and Collateral Management is part of that overall initiative.”

ritwikmukherjee

@mydigitalfc.com

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