Bank of Baroda signs MoU with NCDEX e-Markets

India’s premium public sector bank, Bank of Baroda (BoB), on November 2 announced the signing of a Memorandum of Understanding (MoU) with NCDEX e Markets Ltd (NeML), to become a ‘clearing bank’ for the online, commodities’ market place and procurement platform.

NEML, a wholly-owned subsidiary of agricultural commodity exchange, NCDEX, is an online commodities spot market and services company. The bank will partner with agriculture marketing federations and other procurement agencies across the country.