NCDEX launches online warehouse space booking facility

National Commodity and Derivatives Exchange (NCDEX) on Wednesday launched an online Warehouse Space Reservation (WSR) system for its 14 warehouses and three commodities. This service will be extended to all 26 commodities and warehouses by March 31 this year.

In the initial phase this services is available for three commodities, including sugar, turmeric and barley across 14 warehouses.

"We take pride in playing a catalytic role in the development of warehousing in the country. This online system is a game changer for the way commodities are stored and managed in the country and the benefits will extend ultimately to the retail consumer," NCDEX Managing Director and CEO Samir Shah told reporters here.

This automated system will enable the depositor to check availability and book space in the warehouse of his choice at a click, from his home or office.

It will help in seamless deposits of over 1 million tonne of commodities that are annually deposited on the exchange platform and will be available across the entire national network of 466 approved warehouses.