The National E-Repository Limited (NERL) - a repository that controls electronic Negotiable Warehouse Receipts or eNWRs has recently opened 16 repository accounts of farmers in Samastipur, Bihar. The accounts have been opened for produce that will be stored in a WDRA registered storehouse in Samastipur and is managed by ERGOS Business Solutions., a warehouseman.
Farmers in India being at the core of the value chain are gradually realizing the benefits and expediency that follows eNWRs, especially about access to easy finance. Svakarma Finance Pvt. Ltd., a Non Banking Financial Company (NBFC) that supports Agri and MSMEs, as well as a Repository Participant (Pledgee) with NERL, has successfully pledged against eNWRs this month.
This is a result of mutual effort between the NERL, ERGOS and Svakarma Finance to help Indian farmers avail easy access to credit facilities, which is just a start for many more farmers to come on board the Repository platform.
CEO of ERGOS Kishore Jha is working closely with the farmers to aboard them via company’s Digital and offline platform supported by a grid of rural, medium and micro warehouses at farm-gate across the topography - for storage as well as forward linkages.
MD & CEO, National E-Repository, Kedar Deshpande said, “This is an honest attempt towards making a difference in the lives of farmers by overcoming various challenges faced with physical receipts. We hope to empower the farmers with a service that will help them to manage their storage documents with ease and better access to credit facilities.”
Warehousemen are liable for issuance of eNWR or eWR on the NERL platform and also for maintenance of its underlying commodity. In the meantime, NBFCs or banks can turn into Repository Participants (RP) with NERL as a Pledgee or for Account Maintenance.
Since the inception of the firm in September 2017, 77 Farmers / Farmer Producer Organizations (FPOs) in India have opened account with the NERL where nine eNWRs have been generated in the names of farmers.
As on December 2018, more than 230 Private, Central and State agri-warehouses are utilizing the NERL platform for generating eNWRs.
