Leading public sector lender UCO Bank and National Collateral Management Services limited (NCMSL) have entered into an agreement. NCMCL will provide collateral management and warehouse services to the bank.

The Managing Director and CEO of NCMSL, Sanjay Kaul said, "We are confident that this arrangement will result in substantial new business across India, and especially in West Bengal. This new arrangement with UCO Bank will provide an opportunity to field functionaries to extend finance against warehouse receipts. Our warehouses spread across the country issue credible and reliable warehouse receipts."

The Chairman and Managing Director of UCO bank, Arun Kaul said,"We have had a continued focus on the emerging sectors of the Indian economy, especially food and agribusiness and agri infrastructure. I am sure that this partnership with NCMSL will further deliver value to all our stakeholders, and is in accordance with our Development Banking philosophy. This partnership will enable us to mitigate credit risk for our Commodity Finance product offerings."

Farmers, industries and traders are expected to gain profit from the consortium.