J&K Bank ties up with Staragri for CMS & WR Financing

Srinagar, Jun 13: J&K Bank today entered into a tie-up with Staragri, a post-harvest solutions company, for Collateral Management Services and Warehousing Receipt Financing.
Representing J&K Bank, Senior President S K Bhat signed the agreement while as Regional Head Vishal Pathak put in his signatures on behalf Staragri here at the bank’s Corporate Headquarters in presence of General Manager Staragri Rajesh Gupta, bank’s Vice President Arun Gandotra and other senior officers.
Speaking on the occasion, Senior President S K Bhat said, “With our increasing focus on agricultural sector, the tie-up is literally a shot-in-arm as it will facilitate easy access to secure, low-cost credit for the farming community and improve their output in markets thereby realizing higher incomes.”
“Through this partnership, we will deliver post-harvest credit facility to farmers and players in agri-business chain across India, with an aim to empower farmers through affordable finance, scientific storage facilities and fair price discovery of their produce”, he added.
The two companies aim to reach farmers and agri-traders across India with fair cost funding, warehousing, quality storage facilities through J&K Bank’s rural and semi-rural branches and Staragri’s offices spread across India.
“As a part of the tie up, J&K Bank will provide post-harvest credit facilities while Staragri will offer warehousing and other value-added services through its wide spread network of warehouses to farmers and agri-traders. The produce stored in Staragri’s state-of-the-art warehouses will act as collateral for the finance extended by J&K Bank”, said GM Staragri Rajesh Gupta.
Notably, this tie up is another initiative of Bank’s commitment to rural and semi-rural banking and reaching out to the Indian farmers and agri-traders with genuine credit and financing options. The collateral management services provided by Staragri will help the farmer in realizing a better price.