Bank of Baroda Signs MoU with NeML to Become a Clearing Bank for NeML

MUMBAI:
Bank of Baroda, India’s premium public sector bank, has signed a MoU 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 today by Mrugank Paranjape; MD & CEO NeML and Mr. 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 best features of financial markets and spot markets.

Speaking on the occasion, 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. “