Federal Bank Becomes Official Banking Partner of Rubber Boards E-Commerce Platform – Jammu Kashmir Latest News | Tourism
Mumbai, 13th June: Private sector lender, Federal Bank has been appointed official banking partner of “mRube”, the e-commerce platform introduced by Rubber Board. mRube is an innovative and futuristic platform, which connects sellers and buyers of natural rubber in one unified platform, providing increased convenience to buy and sell rubber products at competitive prices.
Federal Bank provides the banking API services required to seamlessly enable transactions on mRube. The Bank will provide a DO facility to rubber sellers at no additional cost for the first six months to facilitate prepayment and reimbursement requests from buyers.
In addition, sellers will have the option of receiving instant payment, once the transaction is finalized on the platform. Shalini Warrier, Executive Director of Federal Bank, commenting on the collaboration, said Federal Bank is proud to partner with the Rubber Board on this innovative initiative. We have provided the required banking API services.
The concept of mRube is extremely attractive and useful for buyers and sellers of rubber. We believe this will digitize the traditional commodity market and improve customer satisfaction. We look forward to working with Rubber Board to expand the use and usefulness of the platform.
Dr. KN Raghavan IRS, Executive Director, Rubber Board, said mRube would be a game-changer in natural rubber trading by improving market visibility and price discovery.
Natural rubber is a strategic industrial raw material and a plantation crop, mainly grown in the South and Northeast region, supporting the livelihoods of over 1.3 million producers and 15,000 industry participants. The e-marketplace is envisioned to complement the existing supply chain by directly linking buyers and sellers through this platform. mRube will allow buyers and sellers to negotiate the best prices and other product specifications according to their needs.
The unique features incorporated into the e-marketplace are expected to streamline and improve the efficiency of rubber trading in the country. (UNITED)