SBI ties up with SLCM for post-harvest credit, storage
Mumbai: State Bank of India on Fridday entered into a tie-up with Sohan Lal Commodity Management (SLCM) to provide post-harvest credit and storage services to farmers.
The bank, which has an agri-portfolio of over Rs 1,00,000 crore, is targeting to do business of over Rs 150 crore through the tie-up within the first year, it said in a release issued here.
The tie-up for warehousing receipt financing and collateral management services will help farmers get affordable post-harvest credit, offer scientific storage facilities and fair price discovery of their produce, it added.
"SBI will provide post-harvest credit facilities while SLCM will offer comprehensive warehouse management and other value-added services to farmers, processors, corporates and exchanges," it said.
The bank has a network of over 9,426 rural and semi-urban branches, 19 agri commercial and 428 agricultural development branches, while SLCM is present across 100 locations in 20 states, dealing in 32 different agricultural commodities.