Karnataka Bank inks MoU with EICML

Karnataka Bank today signed an MoU with management service provider EICML for extending storage facilities to farmers and finance against warehouse receipts.

"Karnataka Bank has entered into a Memorandum of Understanding (MoU) with Edelweiss Integrated Commodity Ltd (EICML) for extending storage facilities to farmers and finance against the warehouse receipts (WHR)," it said in a BSE filing.

EICML is one of the leading collateral management service providers with a pan-India presence.

The MOU was signed at bank's head office in Mangaluru.

The finance to farmers will be extended under Krishik Bhandar scheme of the bank, it said.

EICML has nominated Karnataka Bank as preferred financier for extending finance to farmers against WHR, the bank added.