Bank of Baroda enters into MOU with CNX Corporation Ltd
Chandigarh, January 02, 2017: Bank of Baroda, India’s International Bank has entered into MOU with CNX Corporation Ltd (CNX) with an objective to provide collateral management services towards the loans against warehouse receipt sanctioned to the farmers through the network of Bank of Baroda branches across the country. CNX is engaged in providing warehouse management services relating to commodities and inventories which inter alia include collateral management services, field warehousing arrangements, inventory audit services, storage and preservation services, procurement services, testing and certification services, inspection services, monitoring services.
Mr. G.B.Bhuyan, Head- Rural Banking (Agri & FI) and CSR presided the function and exchanged MOU with Ms. Nirupama D. Pendurkar, Managing Director & CEO of CNX Corporation Ltd.
On this occasion Mr. G.B.Bhuyan, Head- Rural Banking (Agri & FI) and CSR said “We have entered memorandum of understanding with CNX Corporation Ltd to work jointly to provide loans against warehouse receipt through collateral management services. This relationship of Bank of Baroda, one of the premier banks of our country, with CNX Corporation Ltd (CNX) will immensely benefit the farmers from distress sale of their commodities.
Narration of the Photograph: Shri G B Bhuyan (Left), Head – Rural Banking (Agriculture& FI) and CSR, Bank of Baroda seen exchanging the agreement with Ms. Nirupama D. Pendurkar (Centre), Managing Director & CEO of M/s CNX Corporation Ltd (CNX) and Shri V.Murugan(Right),Dy General Manager-Rural & Agri Banking, Bank of Baroda.