New Delhi, 09 March, 2023: 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,Shri KanwalJit Shorey signed the agreement on behalf of Punjab National Bank and Shri Rajiv Kumar Bansal, Group General Manager (Comm.) on behalf of CWC in the presence of Shri K.S. Rana,DGM&Shri Neeraj Jakhmola, CM of PNBandShri R.R. Aggarwal (GGM- Finance, CWC), Shri Amit Puri (GM Finance, CWC)& Shri Ashwin (AGM, CWC).
Agriculture is an important sector of the country’s economy and Govt. 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 curbingthe same, the bank has entered this new MoU.