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Arya, Canara Bank in tie up for farm loans management, warehousingOn 2nd March 2021, Arya Collateral Warehousing Services Pvt. Ltd.(Arya), a post harvest agriculture technology provider, entered into a strategic partnership with Canara Bank to offer collateral management and warehousing services to support the farmers with effective market linkage.

Aim:

To support and extend finance to farmers, Farmer Producer Organisations(FPO), processors, and various depositors stocking their agri-produce in Arya’s warehouses across India.

Features of the Partnership:

i.Arya will support the farmers and FPOs to get financial assistance against their agricultural produce stored in warehouses managed by Arya.

ii.Through the 450 FPO’s that work with Arya,  Canara Bank will leverage the reach of Arya to more than 350000 farmers.

iii.Under this partnership, as a collateral manager, Arya will ease the post harvest credit for the bank through the digital platform across the network of 4000 warehouses that covers around 3 million tonnes of agricultural commodities.

iv.Arya will help the farmers, aggregators , FPOs, food processors and end-user corporates to avoid the post harvest losses.

Recent Related News:

On December 22, 2020 The 1st of its kind Farmer Registration and Unified Beneficiary Information System(FRUITS)Portal, a project of e-Governance, inaugurated by Government of Karnataka, and the same is integrated with BHOOMI Package of the Karnataka State to fetch and validate land details. Canara Bank becomes the 1st Financial Institution(FI) to take the project on a pilot basis. It is the first of its kind technology adoption from the Karnataka govt to combine all 70 lakh farmers in the state with land and other details under a single platform.

About Arya Collateral Warehousing Services Pvt. Ltd.:

MD– Prasanna Rao &  Chattanathan D
Headquarters– Noida, Uttar Pradesh
Incorporated in 1982

About Canara Bank:

MD & CEO– L.V.Prabhakar
Headquarters– Bengaluru, Karnataka
Tagline– Together We Can
Founded in– July 1906
Founder– Ammembal Subba Rao Pai.

Syndicate Bank was amalgamated into Canara Bank on April 2020