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Agri Finance: J & K Bank and Staragri Tie-up to Finance Farmers

Jammu and Kashmir Bank and Staragri signed an agreement for providing affordable financing to farmers and agri-traders. Staragri is a post-harvest solutions company for agricultural business. Primarily this partnership will focus on collateral management services and warehousing receipt financing.

At the bank's Corporate Headquarters, the agreement was signed by Staragri Regional Head Vishal Pathak and J & K Bank Senior President S K Bhat.

Bhat said, "With increased focus on agricultural sector, the tie-up is literally a shot in the arm as it will facilitate easy access to secure low-cost credit for the farming community and improve their output in markets thereby realising higher incomes."

Now with this partnership, the bank will deliver post-harvest credit facility to farmers and players in agri-business chain across India, The aim of this partnership is to empower farmers through affordable finance, scientific storage facilities and fair price discovery of their produce.

Through J & K Bank's rural and semi-rural branches and Staragri's offices spread across India, the two companies aim to reach farmers and agri-traders across India with fair cost funding, warehousing, and quality storage facilities.

As a part of the partnership, Staragri will offer warehousing and other value-added services through its wide spread network of warehouses and J & K Bank will provide post-harvest credit facilities to farmers and agri-traders.

General Manager Staragri Rajesh Gupta said, "The produce stored in Staragri's state-of-the-art warehouses will act as collateral for the finance extended by J & K Bank."

Source: http://www.business-standard.com/