New Delhi: In an industry first, HDFC Bank today launched a Warehouse Commodity Finance App. This will enable customers in drawing down and managing the loan against pledge of commodities online without physical intervention or multiple visits to a Bank branch. This in turn will bring in enhanced efficiencies and time savings for the agri value chain. Something that used to take days can now be done in a loan has been repaid. The new app will greatly benefit agri processors, traders and farmers who are primary beneficiaries of WHR loans (Warehouse Receipt Loans).
The App has been launched at a time when large parts of India are still unlocking, and travel restrictions are still in place. At a time like this the agri industry which is crucial to economic revival has to function uninterrupted. Warehouses which store goods help maintain price stability in an uncertain economic environment by ensuring a steady supply of goods to the market. Especially essentials like rice, wheat, soyabean, cotton, pulses and oilseeds. Warehouse financing is the lifeblood of this business as banks are able to sanction loans against these commodities which are stored safely. Similarly, on repayment of the loan, the Pledged commodities will be released digitally. This helps in timely delivery of goods and timely consumption of the same for agri processing.
“We are delighted to launch the App at a time when due to the pandemic people may not be able to make multiple visits to branches. Thanks to this facility people across the country especially in semi urban and rural areas will be able to manage their commodity pledge loans online and efficiently. We as a Bank are trying to contribute to the entire Agri value chain efficiency. We will continue value adding in the services and digital offerings like Warehouse Commodity Finance App basis customers valuable feedback. We believe that such innovations are the future of agri financing”, said Sumant Rampal, Senior Executive Vice President, Head, Business Banking at HDFC Bank.
