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India : LAKSHMI VILAS BANK & NCML forged strategic partnership.

India s private sector banking player Lakshmi Vilas Bank has made an announcement on its strategic partnership with the Bangalore based Agri-warehousing company - National Collateral Management Service Ltd (NCML) to facilitate the industry traders and farming community with access to collateral management and warehousing services.

With provisions for these services, industry traders and farmers will be able to meet their capital requirements across supply chain, starting from the pre-harvesting phase to the marketing and exports.

This will facilitate the Karur-headquartered bank to offer financial elasticity to the farming community, alleviating the seasonal price instabilities and distress sales during crop harvesting season.

On the latest partnership, the MD & CEO of Lakshmi Vilas Bank - Rakesh Sharma stated, ''In yet another step ahead to offer superior services to its customers, farmers and to help Agribusiness and Agri Infrastructure to grow in a better way, we have entered in to this strategic alliance with NCML. We truly believe that this partnership with NCML will further deliver value to all our customers. Given the excellent and demonstrated track record of NCML, the partnership will enable Lakshmi Vilas Bank to mitigate credit risk for its Commodity Finance product offerings. Lakshmi Vilas Bank has been at the forefront in evolving and adapting to the financial sector. We would want to make our Bank to be a preferred Bank for different customer segments.''

The Shares of bank were trading at Rs 99.85, reflecting a 1.14% or Rs 1.15 drop in its price. Overall 108,545 shares were traded as of 2.59 pm on Monday at the BSE.

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Publication:Mena Report
Geographic Code:9INDI
Date:Feb 17, 2015
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