Federal Bank named banking partner of Rubber Board’s e-commerce platform
Federal Bank has been named as the official banking partner of “mRube”, the electronic trading platform introduced by the Rubber Board.
mRube is an innovative and futuristic platform that connects sellers and buyers of natural rubber on one unified platform, providing them with increased convenience to buy and sell rubber products at competitive prices.
The bank will provide the banking API services required to enable seamless transactions on mRube. It will provide an OD facility to rubber sellers at no additional cost for the first six months, to facilitate prepayment and for buyer refund requests. Additionally, sellers will have the option to receive instant payment after a deal is finalized on the platform.
Shalini Warrier, Executive Director of Federal Bank, said, “The concept of mRube is extremely attractive and useful for both buyers and sellers of rubber. We believe this will digitize the traditional commodity market and improve customer satisfaction. We look forward to working with the Rubber Board to expand the use and usefulness of the platform.
KN Raghavan, Executive Director of Rubber Board, said, “mRube would be a game-changer in natural rubber trading by improving market visibility and price discovery. The e-marketplace will complement the existing supply chain by connecting buyers and sellers directly through the platform. mRube will allow buyers and sellers to negotiate the best prices and other product specifications. The unique features incorporated into the electronic market are expected to streamline and improve the efficiency of the country’s rubber trade.
June 14, 2022