BoB signs MoU to become clearing bank for NeML

TBB BUREAU

MUMBAI, NOV 2, 2021

State-owned Bank of Baroda (BoB) on Tuesday signed a memorandum of understanding with NCDEX e Markets Ltd to become a “Clearing Bank” for handling financial transactions for NeML market place and procurement/auction platform. The MoU was signed by NeML MD & CEO Mrugank Paranjape and BoB Mumbai Zone Head Jagdish Tungaria.

NCDEX e Markets Limited (NeML) is the leading Indian electronic web based online, commodities spot market and services company. It combines best features of financial markets and spot markets.

Speaking on the occasion, Tungaria said, “This tie-up opens up multiple opportunities for both the institutions. The Bank will partner with Agriculture marketing federations and other procurement agencies across the country and increase its presence in agri e-commerce through its wide network across the country.

 “We welcome Bank of Baroda as our clearing bank partner. The well spread network and technology prowess of Bank of Baroda will help NeML members across the country to further their agriculture businesses,” said Paranjape.