Key Points of MOU:
- Punjab National Bank (PNB) has signed an MoU with Central Warehousing Corporation (CWC) to facilitate financing under the e-NWR.
- This partnership aims to provide easy access to finance for farmers, food processors, and traders against the pledge of agriculture commodities stored in CWC warehouses.
- The agreement was signed by GM Kanwal Jit Shorey on behalf of PNB and GGM Shri Rajiv Kumar Bansal on behalf of CWC.
- The presence of DGM K.S. Rana, CM Shri Neeraj Jakhmola of PNB, and GGM-Finance Shri R.R. Aggarwal, GM-Finance Shri Amit Puri, and AGM Shri Ashwin of CWC was noted during the signing.
- This partnership aims to address the issue of distress sale of agricultural products by farmers and increase the income of farmers who are the backbone of the Indian economy.
- Punjab National Bank and CWC seek to boost financing for the agriculture sector and enable farmers to obtain better prices for their products.
- The collaboration is expected to provide a significant boost to the Indian agriculture industry and contribute to the overall growth of the country’s economy.
Details of MOU:
Punjab National Bank and Central Warehousing Corporation Collaborate to Boost Financing for Farmers
Punjab National Bank (PNB), one of the leading public sector banks in India, has signed a Memorandum of Understanding (MoU) with Central Warehousing Corporation (CWC) to facilitate financing under the Electronic Negotiable Warehousing Receipt (e-NWR). This partnership aims to provide easy access to finance for farmers, food processors, and traders against the pledge of agriculture commodities stored in CWC warehouses.
The agreement was signed by General Manager Kanwal Jit Shorey on behalf of Punjab National Bank and Group General Manager (Comm.) Shri Rajiv Kumar Bansal on behalf of CWC, in the presence of DGM K.S. Rana, CM Shri Neeraj Jakhmola of PNB, and GGM-Finance Shri R.R. Aggarwal, GM-Finance Shri Amit Puri, and AGM Shri Ashwin of CWC.
The agriculture sector is vital to the Indian economy, and the government has been focused on increasing the income of farmers who are the backbone of this industry. One of the significant obstacles in achieving this goal has been the distress sale of agricultural products by farmers. To address this issue, Punjab National Bank has entered into this new MoU with CWC, as stated in a press release.
With this partnership, Punjab National Bank and Central Warehousing Corporation seek to boost financing for the agriculture sector and enable farmers to obtain better prices for their products. The collaboration is expected to provide a significant boost to the Indian agriculture industry and contribute to the overall growth of the country’s economy.
About PNB:
PNB, headquartered in New Delhi, India, is a banking and financial service institution that is owned by the Government of India. It is recognized as India’s first Swadeshi Bank and is currently the third-largest PSU in the country, after IOB.
About Central Warehousing Corporation:
The Central Warehousing Corporation is a statutory organization that came into existence under ‘The Warehousing Corporations Act, 1962.’ It was established by the Government of India in 1957 to extend logistical aid to the agricultural sector as a public warehouse operator.
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