According to an official statement, a Memorandum of Understanding (MoU) has been signed between Punjab National Bank and Central Warehousing Corporation to facilitate financing under e-NWR (Electronic Negotiable Warehousing Receipt).
According to the official statement, the partnership aims to provide farmers/food processors/traders with easy access to finance in exchange for the pledge of agricultural commodities stored in CWC warehouses.
Kanwal Jit Shorey, General Manager of Punjab National Bank, and Rajiv Kumar Bansal, Group General Manager (Comm.) of CWC signed the agreement in the presence of KS Rana, DGM and Neeraj Jakhmola, CM of PNB, and RR Aggarwal (GGM- Finance, CWC), Amit Puri (GM Finance, CWC), and Ashwin Kumar (AGM, CWC).
"Agriculture is an important sector of the country's economy, and the government has been focusing on increasing the income of the farmers who drive this segment. Farmers' distress sales have been a major impediment to increasing farm income. The bank has entered into this new MoU to address this," according to the statement.
The Central Warehousing Corporation is a statutory body created by the Ministry of Consumer Affairs, Food & Public Distribution, Government of India, under the 'Warehousing Corporations Act, 1962.
Its mission is to provide dependable, cost-effective, value-added, integrated warehousing and logistics solutions while remaining socially accountable and environmentally conscious. It is a public warehouse operator created by the government of India in 1957 to support agricultural logistics.
