Bank of Baroda
Bank of Baroda signs MoU with NeML to become a clearing bank for NeML
Kolkata/IBNS: Public sector lender Bank of Baroda has signed an MoU with NCDEX e Markets Ltd to become a “Clearing Bank” for handling financial transactions for NeML marketplace and procurement/ auction platform.
The MOU was signed today by Mrugank Paranjape, MD & CEO NeML, and Jagdish Tungaria, General Manager, Bank of Baroda.
NCDEX e Markets Limited (NeML) is the leading Indian electronic web-based, online, commodities spot market and Services Company. It combines the best features of financial markets and spot markets.
Speaking on the occasion, Mr. Jagdish Tungaria, Zonal Head, Mumbai Zone, Bank of Baroda said, “This tie-up opens up multiple opportunities for both 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.
Mrugank Paranjape – MD and CEO of NCDEX e Markets Ltd, said, “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. “
Bank of Baroda is a leading public sector bank with 63.97 percent of its stake owned by the Government of India.
The bank serves its global customer base of over 140 million through over 46,000 touchpoints spread across 19 countries in 5 continents.
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