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Punjab National Bank signs MoU with Central Warehousing Corporation

First Published: 9th March, 2023 22:36 IST

The partnership is aimed at providing easy access to finance to farmers/ food processors/ traders against the pledge of agriculture commodities stored in CWC warehouses

Punjab National Bank, nation’s leading public sector bank and Central Warehousing Corporation have signed a Memorandum of Understanding to facilitate financing under e-NWR (Electronic Negotiable Warehousing Receipt).

The partnership is aimed at providing easy access to finance to farmers/ food processors/ traders against the pledge of agriculture commodities stored in CWC warehouses.

General Manager, Kanwal Jit Shorey signed the agreement on behalf of Punjab National Bank and Rajiv Kumar Bansal, Group General Manager (Comm.) on behalf of CWC in the presence of K.S. Rana, DGM & Neeraj Jakhmola, CM of PNB and R.R. Aggarwal (GGM- Finance, CWC), Amit Puri (GM Finance, CWC) & Ashwin (AGM, CWC).

Agriculture is an important sector of the country’s economy and Government has been focusing on increasing the income of the farmers who drive this segment.

One of the main constraints in increasing farm income has been distress sale by the farmers.

With a view to curbing the same, the bank has entered this new MoU.

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