SLCM signs pact with TN Foodgrains Marketing Yard for pledge financing
Sohan Lal Commodity Administration (SLCM), a article-harvest service company for agricultural commodities, has signed an agreement with the Tamil Nadu Foodgrains Advertising and marketing Garden (TNFMY) to present finance against commodities saved in the latter’s warehouses.
TNMFY is a special item that aims to present the needed infrastructure for cereals, pulses, and staples for milling clusters in and all around Madurai, a press release issued by SLCM mentioned.
Traders and processors can retail outlet their produce in the TNMFY warehouses and implement for finance below warehouse receipts, normally recognised as pledge funding.
“Most of the TNFMY warehouse depositors are buyers of financial institutions which have a tie-up with SLCM as their ‘empanelled collateral manager’. As a consequence, SLCM will be instrumental in smooth processing and quick facilitation of money for the depositors,” the release mentioned.
The statement quoted SLCM Group Chief Government Officer Sandeep Sabharwal as expressing that the agreement with the Tamil Nadu system is a big move towards endorsing the simplicity of financial inclusion for agri traders and processors.
Sabharwal mentioned its relations with six primary private and public sector financial institutions will enable those people depositing commodities in warehouses.
SLCM will keep track of the crops and produce saved by people today employing its proprietary option “AgriReach” which enables serious-time monitoring and administration of crops by means of its reducing edge technology of surveillance “Agri Suraksha”.
“AgriReach” which helps monitoring produce spherical-the-clock by means of mobile telephones, can also enable gurus to manage the top quality of the saved crop, it mentioned. incorporating that
The statement mentioned, SLCM — established up in 2009 — can enable in establishing industry-standard warehouse operations anywhere across the state in 24 hours.
TNFMY is headed by S Rethinavelu, also the senior president of Tamil Nadu Chamber of Commerce & Market, Madurai.
