Punjab National Bank signs MoU with Central Warehousing Corporation

A Memorandum of Understanding (MoU) has been signed between Punjab National Bank and Central Warehousing Corporation to facilitate funding under e-NWR (Electronic Negotiable Warehousing Receipt), an official statement said.

According to the official statement, the partnership aims to provide farmers/food processors/traders with easy access to financing against pledging agricultural 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) and Ashwin (HV, CWC).

“Agriculture is a major industry in the country and the government has focused on increasing the income of the farmers driving this segment. One of the main obstacles to increasing farm income was distress sales by farmers. To curb this, the bank has signed this new MoU,” the statement said.

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