Thursday, August 16, 2012

NABCONS registered as Accreditation Agency with WDRA

Accreditation is the process in which an Accreditation agency assures the client
that the product that is kept in a storage infrastructure adheres to pre decided
quality standards and of certified quantity. This process provides credibility and
thus creditability to both the buyers and sellers for commodities. This assurance
also enables availability of finance from Financial Institutions and helps to
improve the warehouse management system.

NABARD Consultancy Services Pvt. Ltd., a wholly owned subsidiary of National
Bank For Agriculture and Development (NABARD) has been registered as an
Accreditation Agency for warehouses, cold storages and warehouses owned by
Primary Agricultural Cooperative Credit Societies (PACS) by the Warehousing
Development and Regulatory Authority (WDRA). It has also been designated
as Lead Agency in most of the States and Union Territories for co-ordination
between State Government, WDRA and other approved accreditation agencies.

As per the provisions of Warehousing (Development & Regulation) Act,
2007, warehouses have to get registered with WDRA for issuing Negotiable
Warehouse Receipts (NWRs) which could be pledged with Banks and other
financial institutions as collateral for obtaining finance.

The accreditation services provided by NABCONS could be leveraged by the
PACS, other financial institutions, insurance companies, commodity exchanges
etc for strengthening the credit flow under agricultural infrastructure. Further
details could be obtained from WDRA's website -

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