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 Mr. 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, 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. “
About Bank of Baroda:
Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial Bank in India. At 63.97% stake it’s majorly owned by Govt of India. Bank serves its global customer base of over 140 Mn through over 46,000 touchpoints spread across 19 countries in 5 continent. Through Its state of the art digital banking platforms it provides all the banking products and services in a seamless and hassle freeway. Recently launched bob World mobile app provides customers with saving, investing, borrowing and shopping experience, all under one single app. The app also serves non customers by enabling account opening through video KYC. Bringing about a vision that matches the diverse clientele base and to instill a sense of the trust and security has been the paramount factor for Bank of Baroda. Its moving well in that direction and bob World has been a testimony for its roadmap towards Digital Transformation.