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Karnataka Bank signs agreement with Edelweiss Commodity.

Global Banking News-June 24, 2015--Karnataka Bank signs agreement with Edelweiss Commodity

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Global Banking News - 24 June 2015

Indian lender, Karnataka Bank (KBL) (KBNK.BO) (KTKBANK.NS) (590002.BO), has signed a Memorandum of Understanding with management service provider, EICML, for extending storage facilities to farmers and finance against warehouse receipts, the Press Trust of India has reported.

'Karnataka Bank has entered into a Memorandum of Understanding (MoU) with Edelweiss Integrated Commodity Ltd (EICML) for extending storage facilities to farmers and finance against the warehouse receipts (WHR),' the bank said in a BSE filing. EICML is a collateral management service provider with a pan-India presence.

Mahabaleshara M.S., chief general manager of the bank, said: 'This is one more agri credit initiative from Karnataka Bank, which will help farmers to store their agriculture produce by avoiding distress sale, earn better price and simultaneously avail loan for further agri. operation.'

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Publication:Global Banking News (GBN)
Date:Jun 24, 2015
Words:177
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