Companies & Sectors
NBHC partners with L&T Finance for collateral management

L&T Finance's tie up with NBHC will provide a great fillip to warehouse receipt financing and will enable the farmers to get better prices for their agricultural produce by avoiding distress sell


Mumbai: National Bulk Handling Corp Ltd (NBHC), an integrated agri-commodity and collateral management company said it signed a memorandum of understanding (MoU) with L&T Finance Ltd (LTF) to work together in the area of collateral management, reports PTI.
 
The agreement was signed by GC Rangan - COO, LTF and Anil Choudhary, Managing Director & CEO, NBHC.
 
NBHC is associated with 38 leading banks and financial institutions for collateral management. Through this network, it has facilitated funding and benefited over 150,000 small and medium farmers by way of warehouse receipt financing (WRF).
 
Till date, it has helped banks and financial institutions disburse over Rs26,000 crore funding through its collateral management support and services to banks, thereby benefiting borrowers across the ecosystem, a company statement said here.
 
NBHC has been providing a platform for farmers and the entire commodity value chain to reduce losses and wastages and gain benefits of market opportunity. With its pan-India presence and robust business processes and efforts, it has enabled post-harvest funding to over 150,000 farmers.
 
"The tie-up with L&T Finance will further augment NBHC's underlying mission of facilitating post-harvest credit between banks and farmers in rural India as well to all its depositors and business associates in the ecosystem," NBHC managing director and CEO Anil K Choudhary said.
 
NBHC's network of over 900 locations across 19 states that are under collateral management and professional warehousing and L&T Finance's spectrum of financial products and services for trade, industry and agriculture, will be highly beneficial to the sector, Choudhary said.
 
Commenting on the tie-up, Dinanath Dubhashi, Chief Executive, L&T Finance stated, "LTF is already serving to a large rural customer base and recently, we have started our rural enterprise finance vertical, which includes commodity finance, among other businesses." 
 
This tie up with NBHC will provide a great fillip to warehouse receipt financing and will enable the farmers to get better prices for their agricultural produce by avoiding distress sell. Given the demonstrated track record of NBHC, the partnership will enable L&T Finance to mitigate credit risk for its commodity finance product offerings, Dubhashi said.

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Religare's Mantra Air to launch first flight on 23rd July

 

Mantra has two exclusive Beechcraft 1900D planes for operating regional services and has a fleet of 12 aircraft ranging from the 5-seater turboprops to 17 seater corporate luxury jets

Mumbai: Mantra Regional Airline, a part of Religare Voyages Ltd, said its maiden regional service will commence from 23rd July with the introduction of a flight service between Amritsar and Chandigarh, reports PTI.
 
"Better service and connectivity is our primary objective. Every possible detail has been taken into consideration to ensure that our esteemed passengers have a wonderful experience with safe and comfortable flight," Group chief executive and managing director Sanjay Godhwani said in a press release.
 
Mantra also plans to launch flights services to Jammu and Dharamshala shortly as part of its further expansion plans, the release said adding it aims to boost air travel by connecting cities which are out of the radar of most airlines, the company said.
 
The carrier has two exclusive Beechcraft 1900D planes to operate the regional services, the release said adding the company has a fleet of 12 aircraft ranging from the 5-seater turboprops to 17 seater corporate luxury jets.
 
Mantra is part of a larger strategy of Religare Voyages, which started 5 years ago with the launch of air charter services.

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MyInsuranceClub.com gets IRDA approval as online web aggregator

 

The presence of insurance web aggregators is a boon to the Indian customers, as they now have access to premiums of insurance policies from multiple companies in one place

Mumbai: MyInsuranceClub.com said it has got regulatory approval to compare premiums and features of insurance policies online, reports PTI.
 
"Being the first to receive this approval is a landmark event and we will now focus on providing a much improved and superior offering to the customer," MyInsuranceClub's chief executive Deepak Yohannan said in a release.
 
"Insurance Comparison is one big game changer that could have happened to the insurance space. User can easily compare premiums and then proceed to buy the policy online on the insurance company's website. It is safe and transparent," Yohannan added.
 
Online insurance aggregation is a big hit with consumers in many developed markets and there is no reason why consumers in India should not get the benefits of simple and accurate comparison of policies.
 
The presence of insurance web aggregators is a boon to the Indian customers, as they now have access to premiums of insurance policies from multiple companies in one place.
 
This platform helps customers to independently choose a product, which meets their preference of price, brand and policy benefits.
 
MyInsuranceClub is the flagship website of iGear Financial Services Pvt Ltd which was launched in late 2009.
 
The website solely focuses on comparison of insurance products and displays premiums, features and other product benefits for policies of life insurance, health insurance and car insurance three of the most popular products for retail customers.

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