New Delhi: 02nd December 2023: Federal Bank is pleased to announce a pivotal collaboration with NCDEX e Markets Limited (NeML) to fortify the integration of eProcurement and eAuction systems. NeML, a wholly owned subsidiary of National Commodity & Derivatives Exchange Limited (NCDEX), holds a commanding market share in transparent price discovery across more than 90 commodities.
This strategic alliance is set to facilitate an advanced eProcurement solution, streamlining the processes for Central and State Government organizations. Under this initiative, farmers can seamlessly list crop details on NeML’s platform, and the government will subsequently purchase them at the approved Minimum Support Price (MSP). The integration of Federal Bank’s Host-to-Host with NeML’s eProcurement platform ensures a seamless and efficient payment processing system for these critical government transactions. In addition, NeML’s eAuction solution brings significant benefits to the Government of India by providing a robust price-discovery mechanism for various commodities.
The key advantages of this system include nationwide participation, improved price discovery, and safeguarding against possible cartel formations, ensuring a fair chance for participants to enhance their bid value as per market scenarios.
Salient Features of the Collaborative Endeavor:
- End-to-end digital execution of payments and collections.
- A plug-and-play solution tailored for government clients.
- Simplified one-time documentation process with clients.
- Automated reconciliation of each remittance within NeML’s web portal.
- Customizable payment advice to each beneficiary against the payout.
- No additional charges or costs involved.
Delegates Signing the Memorandum of Understanding (MOU): Mr. Indraneel Pandit (Senior Vice President & Zonal Business Head Federal Bank, CIB West), Mr. Vikas Mulay (Deputy Vice President – I & Head – GIB West), Mr. Sagar Deshpande (Senior Manager & Circle Business Head, GIB) and Mr. Dhawal Shah (Chief Operating Officer, NeML), Mr. Anand Ganapathy (Assistant Vice President – Special Projects, NeML)
This collaborative effort underscores Federal Bank’s unwavering commitment to innovation and transparency in financial services, aligning seamlessly with NeML’s stringent governance and compliance standards.