Public sector lender Punjab National Bank has entered into a partnership with Central Warehousing Corporation to facilitate financing under Electronic Negotiable Warehousing Receipt (e-NWR). The deal is aimed at providing easy access to finance to farmers/food processors/traders against the pledge of agriculture commodities stored in CWC warehouses, PNB said in a statement.

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General Manager, Kanwal Jit Shorey signed the agreement on behalf of Punjab National Bank and Rajiv Kumar Bansal, Group General Manager (Comm.) on behalf of CWC 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 (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.

The e-NWR financing is considered to be a game changer in shaping the rural economy by preventing distress sale by farmers and helping them in realising better price for their produce.

The system has several benefits, being the only negotiable warehousing instrument.

(Edited by : Anshul)

First Published:Mar 10, 2023 4:16 PM IST