An Memorandum of Understanding (MoU) has been signed between Punjab National Bank and Central Warehousing Corporation, to facilitate financing under e-NWR (Electronic Negotiable Warehousing Receipt), said an official statement.
According to the official statement, 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 KS Rana, DGM & Neeraj Jakhmola, CM of PNB and RR 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 sales by the farmers. With a view to curbing the same, the bank has entered this new MoU,” the statement read.