New Delhi [India], Feb.20 : Kissandhan Agri Financial services Pvt. Ltd (Kissandhan), a wholly-owned subsidiary of Sohan Lal Commodity Management Pvt Ltd (SLCM Group), India's leading post harvest agri-management Group, today announced activation of loan facility at Narela Mandi, which is Asia's largest mandi for wheat and rice.
The company has also started penetrating the market at Bikaner Mandi in Rajasthan and Latur Mandi in Maharashtra.
Kissandhan is catering to the all the major agri regions of the country i.e. Haryana, Maharashtra, Punjab, Madhya Pradesh, Rajasthan, Delhi Gujrat, Uttar Pradesh and Uttarakhand. The plans are to explore regions like West Bengal and Bihar and extend innovative financing solution to the entire agri community.
The company has already impacted about 1,67,550 farmers till January 2017 and has plans to reach out to more than a lakh of agri-community members this year.
Commenting on the activation, Mr. Sandeep Sabharwal, Group Chief Executive Officer of Sohan Lal Commodity Management said, "It is our endeavour to empower the agri-community with hassle free loans.
We have disbursed loans in about 31 locations against 25 diverse commodities (and) handled 25,038 storage receipts till now with a 100% yoy growth since beginning.
We aim to continue (and) accelerate the growth rate in this financial year as well. New Mandi activations will help Kissandhan in reaching out to more stakeholders of the agri-community; making them strong financially." Historically, in agri-financing, land / other valuables / balance sheets, etc.
were considered as collateral to extend finance to farmers (and) other agri intermediaries. However, SLCM with its unmatched capabilities to manage crops has turned the tables by offering financing against agri commodities as collateral.
The response has been overwhelming as loans worth Rs. 772 cr have been disbursed pan -India since inception of Kissandhan in April 2014. Easy and quick availability of credit through Kissandhan will help all the stakeholders of agri value chain to get timely finance against their collateral which will further reduce the risk of distress selling.
Kissandhan has led the path of agri financing solutions against storage of agri commodities in India. The RBI regulated non-banking finance company (NBFC), Kissandhan provides crop financing wherein storage receipts of agri-commodities are taken as collateral irrespective of the balance sheet / net worth of the borrower.
Source: ANI
