National Commodity and Derivatives Exchange (NCDEX) today said it has begun implementation of Radio Frequency Identification (RFID) technology in the exchange-approved warehouses.
RFID ensures that the commodities stored in the warehouses are tracked through radio frequency signals and the real-time information helps improve the efficiency and reliability of the storage and delivery operations at the warehouses, NCDEX said in a statement here.
National Bulk Holding Corporation (NBHC) became the first warehouse service provider of NCDEX to implement RFID technology at MV Agro-Tech, its warehouse in Bikaner, Rajasthan.
Under the said process, every bag of commodity is tagged at the time of entry into the warehouse and the details of the lot are digitally stored.
The RFID tags facilitate automatic data entry, provide prompt and accurate information on the ownership, date of deposit and exchange expiry date.
"We pride on our persistentpursuitof excellence. This is a milestone development in the storage and management of agricultural commodities in warehouses. RFID tags will not only make stocks stored in the exchange approved warehouses electronically secure, but also bring about greater efficiencies and increased transparency in warehouse operations," NCDEX MD and CEO Samir Shah said.
The exchange plans to introduce RFID tagging in a phase-wise manner across all delivery centres (Jodhpur, Bikaner, Nokha, Sriganganagar and Deesa) for guar gum.
Later, this facility will be expanded to all commodities and warehouses, it added.
