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Punjab National Bank signs MoU with Central Warehousing Corporation: According to PNB, the objective of the collaboration is to offer convenient financing options to farmers, food processors, and traders by using agriculture commodities as collateral, which are kept in CWC warehouses. NB and Central Warehousing Corporation, both state-owned entities, entered into a Memorandum of Understanding (MoU) on Thursday to enable financing through e-NWR (Electronic Negotiable Warehousing Receipt). As per PNB’s statement, the partnership intends to provide uncomplicated financing opportunities to farmers, food processors, and traders, using their agriculture commodities kept in CWC warehouses as security.
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In an official statement, Punjab National Bank stated that the agricultural sector is a crucial part of the country’s economy, with farmers serving as the driving force. The government has been striving to enhance the income of farmers, and one of the primary challenges hindering this objective is the practice of distress sales. The bank’s latest MoU is aimed at tackling this issue.
PNB Signs MoU With Central Warehousing Corporation To Facilitate Finance To Farmers
- Kanwal Jit Shorey, General Manager of Punjab National Bank, signed the MoU on behalf of the bank.
- Rajiv Kumar Bansal, Group General Manager (Comm.), signed the agreement on behalf of Central Warehousing Corporation (CWC).
- The signing took place in the presence of several officials from both organizations, including KS Rana (DGM) and Neeraj Jakhmola (CM) from PNB, and RR Aggarwal (GGM-Finance), Amit Puri (GM-Finance), and Ashwin (AGM) from CWC.
- The CWC is a statutory body operating under the Ministry of Consumer Affairs, Food and Public Distribution, Government of India.
- In a tweet, the CWC announced the signing of the MoU on March 7, 2023, between the CWC and PNB to promote pledge finance against e-NWRS for stocks/goods kept in WDRA accredited warehouses of CWC across the country, aimed at sourcing MSME/Agriculture businesses for strengthening the e-NWR ecosystem.
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According to CWC, there are currently 348 general warehouses registered with the Warehousing Development and Regulatory Authority. The organization also provides farmers with a 30% discount on storage fees and offers post-harvest technology training. Furthermore, CWC helps farmers avoid distress sales by offering pledge financing against e-NWR.
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