 "PNB, Punjab national bank")
Warehousing Development Regulatory Authority (WDRA) has signed an MoU with PNB to facilitate loans to farmers and traders against negotiable warehouse receipts.
According to an official statement, the Memorandum of Understanding (MoU) was exchanged in the presence of T K Manoj Kumar, Chairperson, WDRA; Mukesh Kumar Jain, Member, WDRA; Atul Kumar Goel, MD & CEO, PNB; Sunil kumar Chug, CGM, PNB and other senior officers of WDRA and PNB.
The MoU was signed to promote awareness about finance against e-NWRs (electronic Negotiable Warehouse Receipt) with features such as no additional collateral and attractive interest rates.
The MoU is aimed at providing information to depositors of the benefits, besides doing further outreach activities to improve agricultural pledge finance in India.
"It is envisaged that the product will have far reaching consequences with regard to acceptance of e-NWRs among small and marginal farmers," the statement said.
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