Federal Bank has been empanelled 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 a single unified platform, offering them enhanced convenience to buy and sell rubber products at competitive prices.
The bank will provide the required banking API services to enable seamless transactions on mRube. It will offer OD facility to rubber sellers at no extra charge for the initial six months, to facilitate advance payment and for refund requests from buyers. Additionally, sellers will have the option to receive instant payment after a deal is finalised on the platform.
Shalini Warrier, Executive Director at Federal Bank, said “the concept of mRube is extremely attractive and useful to both buyers and sellers of rubber. We believe this will digitise the traditional commodity market and enhance customer delight. We look forward to working with the Rubber Board to scale up the usage and utility of the platform.”
K.N. Raghavan, Executive Director, Rubber Board said “mRube would be a game changer in natural rubber trade of by improving market visibility and price discovery. The electronic market will complement the existing supply chain by linking buyers and sellers directly through the platform. mRube will enable buyers and sellers to negotiater best prices and other product specifications. The unique features built into the e-market are expected to rationalise and improve the efficacy of the country’s rubber trade.”