Warehousing Development Regulatory Authority signs MoU with SBI

Tags: Economy/Finance National News

Warehousing Development Regulatory Authority (WDRA) signed a memorandum (MoU) of understanding with State Bank of India to help farmers in getting low interest rate loans on 16 January.

An overview of the news

• The objective of the MoU is to provide information on the benefits to the depositors besides carrying out further activities to improve agricultural finance in India.

• It is envisaged that the product will have far reaching consequences with regard to acceptance of e-NWRs (electronic Negotiable Warehouse Receipt) among small and marginal farmers. 

• Combined with the inherent security and negotiability of the e-NWR system, the Produce Marketing Loan will go a long way in improving rural liquidity and increasing farmers income. 

Warehousing Development Regulatory Authority (WDRA)

• WDRA was constituted on 26 October, 2010 under the Warehousing (Development and Regulation) Act, 2007.

• It is a Statutory Authority under the Department of Food and Public Distribution, Government of India. 

• The Authority has its Headquarters in New Delhi.

• The Authority consists of a Chairperson and two Members appointed by the Central Government.