State-owned Punjab Nationwide Financial institution (PNB) and Central Warehousing Company signed a Memorandum of Understanding (MoU) to facilitate financing below e-NWR (Digital Negotiable Warehousing Receipt) on Thursday. The partnership is aimed toward offering quick access to finance to farmers, meals processors, and merchants in opposition to the pledge of agriculture commodities saved in CWC warehouses, PNB stated in an announcement.
Punjab Nationwide Financial institution stated, “Agriculture is a vital sector of the nation’s economic system, and authorities has been specializing in rising the revenue of the farmers who drive this phase. One of many foremost constraints in rising farm revenue has been misery gross sales by the farmers. With a view to curbing the identical, the financial institution has entered this new MoU.”
To facilitate financing below e-NWR (Digital Negotiable Warehousing Receipt), PNB has signed an MoU with Central Warehousing Company (CWC). (1/2)#Collaboration #Teamwork pic.twitter.com/cOrvR5c1Ik
— Punjab Nationwide Financial institution (@pnbindia) March 9, 2023
Common Supervisor Kanwal Jit Shorey signed the settlement on behalf of Punjab Nationwide Financial institution and Rajiv Kumar Bansal, group basic supervisor (Comm.) on behalf of CWC within the presence of KS Rana, DGM and Neeraj Jakhmola, CM of PNB, RR Aggarwal (GGM- Finance, CWC), Amit Puri (GM Finance, CWC), and Ashwin (AGM, CWC).
The Central Warehousing Company (CWC) is a statutory physique below the Ministry of Client Affairs, Meals and Public Distribution, Authorities of India. The CWC knowledgeable concerning the MoU by way of a tweet. CWC stated, “Central Warehousing Company and Punjab Nationwide Financial institution have entered into MoU on March 7, 2023, to advertise pledge finance in opposition to e-NWRS for shares/items saved in WDRA accredited warehouses of CWC throughout the Nation, to supply MSME/Agriculture enterprise for strengthening of e-NWR ecosystem.”
CWC entered into MoU with PNB for selling e-NWR pledge Financing pic.twitter.com/wwV0RFASKE
— Central Warehousing Company (@cwc_warehouse) March 9, 2023
The CWC has 348 basic warehouses registered with the Warehousing Growth and Regulatory Authority. Along with providing farmers a 30 per cent storage payment low cost, CWC additionally imparts coaching in post-harvest know-how and assists farmers in avoiding misery gross sales by way of pledge financing in opposition to e-NWR, CWC added.
