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Origo Commodities inks pact with SBI
Origo Commodities India Pvt Ltd, a leading player in commodity trade, has tied up with State Bank of India to offer post-harvest credit facility to farmers across India. Aimed at empowering farmers to get fair price for their produce through affordable finance and scientific storage facilities, the agreement is expected to benefit over 1 lakh farmers across the country.
The agreement facilitates post-harvest credit facility to 1 lakh farmers
Hyderabad: Origo Commodities India Pvt Ltd, a leading player in commodity trade, has tied up with State Bank of India to offer post-harvest credit facility to farmers across India. Aimed at empowering farmers to get fair price for their produce through affordable finance and scientific storage facilities, the agreement is expected to benefit over 1 lakh farmers across the country.
“Our bank is focusing on financing farmers by way of pledge of their stocks of agri-commodities under its Produce Marketing Loan Scheme,” said Krishna Mohan Trivedi, Chief General Manager (Rural Business), State Bank of India.
To encourage, the farmers to avail these loans with the objective to avoid distress sale of their produce at the time of harvest, bank is offering competitive interest rates, waiver of processing fee, relaxations in margin and nil collateral security for loans up to Rs 50 lakh, he added.
The bank is also arranging meetings of farmers, godown owners, collateral managers and its field staff to create awareness about its warehouse receipt financing. Warehouse receipt financing is an essential financial tool for farmers to avail loans by storing crops in warehouses.
According to Origo Commodities statistics, this segment is expected to grow up to Rs 1 lakh crore in the next five years, given the growing awareness among farmers on this. Today, it is a Rs 35,000 crore business, a seven-fold increase Rs 5,000 crore a decade ago.
“We are pleased to tie up with SBI to reach out to farmers to ensure they understand and avail short-term finance against the warehouse receipts. Through the years and our work, we have seen farmers earn close to 15-20 per cent more on their produce by avoiding distress sale,” said Sunoor Kaul, Director, Origo Commodities.
