Question
Which bank has collaborated with with NCDEX E-Markets
Limited (NeML) to fortify the integration of e-procurement and e-auction systems and through which farmers can seamlessly list crop details on NeML’s platform, and the government will subsequently purchase them at the approved Minimum Support Price (MSP)?Solution
Federal Bank has announced a collaboration with NCDEX E-Markets Limited (NeML) to fortify the integration of e-procurement and e-auction systems. This strategic alliance is set to facilitate an advanced e-procurement 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 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.
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