UCO Bank signed Repository Participant agreement with CCRL

UCO Bank signed Repository Participant agreement with CCRL (CDSL Commodity Repository Ltd.) on 24.01.2019 at UCO Bank Head Office, Kolkata. The agreement was signed by Shri Rashpal Singh, General Manager ARBD & RRB Department of UCO Bank on behalf of UCO Bank & Mr. Moloy Biswas, Senior Manager, Business Development, CCRL on behalf of CCRL. CCRL is one of the two repositories dealing in commodity market. Warehouses need to register themselves with WDRA (Warehouse Development Regulatory Authority). Once registered, such warehouses are available in CCRL system with valid login id and password.

Once such warehouse issues eNWR (Electronic Negotiable Receipt), such eNWR will be available to Bank for lien marking on request from the borrower/ holder of such eNWR. With 749 registered warehouses today, and registrations done at a fast pace by WDRA every month, this secure ecosystem of business/ funding is much awaited reform in this sector. Being Repository Participant of CCRL, UCO Bank can use client account opening/ modification, pledge creation, depledge (pledge closure) and auction facilities under CCRL system. Bank is also in process of the tie-up with the only left other repository i.e. NERL (National E- Repository Ltd.) So UCO Bank is now moving for all tie-ups with a technologically integrated facility.