Public sector lender Punjab National Bank and Action Construction Equipment Ltd (ACE) have tied up for financing of farm machinery through the bank's branch network across the country.
"The tie-up between the two largest players in their respective fields will enable PNB to facilitate the availability of quality farm machinery equipment to its huge farmer base at very low rate of interest i.e., at present 9.20 per cent," Punjab National Bank (PNB) said in a statement.
"For ACE, the tie-up will enable it to tap into PNB's huge network and customer base and thus further strengthening its presence in India," it added.
A memorandum of understanding was signed by the officials of the two companies.
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