Correct Answer : Punjab National Bank
Punjab National Bank, nation’s public sector bank and Central Warehousing Corporation have signed a Memorandum of Understanding to facilitate financing under e-NWR (Electronic Negotiable Warehousing Receipt).
The partnership is aimed at providing easy access to finance to farmers/ food processors/ traders against the pledge of agriculture commodities stored in CWC warehouses.
General Manager, Kanwal Jit Shorey signed the agreement on behalf of Punjab National Bank and Shri Rajiv Kumar Bansal, Group General Manager (Comm.) on behalf of CWC in the presence of K.S. Rana, DGM & Shri Neeraj Jakhmola, CM of PNB and Shri R.R. Aggarwal (GGM- Finance, CWC), Shri Amit Puri (GM Finance, CWC) & Shri Ashwin (AGM, CWC).
Agriculture is an important sector of the country’s economy and government has been focusing on increasing the income of the farmers who drive this segment. One of the main constraints in increasing farm income has been distress sale by the farmers. With a view to curbing the same, the bank has entered this new MoU, PNB said in a statement..
Source : CNBC
