Punjab National Bank has signed an MOU with NCDEX- SPOT Exchange and three of its accredited warehouse service providers, namely Kalyx Warehousing, Navjyoti Commodities Management Services and Capaxo logistics in Delhi for financing under the scheme for Financing against Pledge of Warehouse Receipts in electronic form. SS Bhatia, GM, MSME, HO signed on the behalf of Punjab National Bank, Yashwant Singh, assistant vice president signed on behalf of NCDEX Spot Exchange and three WSP’s were represented by their directors. T Ramchandani, vice president NCDEX Spot Exchange was also present on the occasion.
SS Bhatia informed that the farmers, aggregators, processors, traders and exporters will be highly benefited as this will give them freedom to decide the appropriate time to sell their product to get a better price. The farmers shall be saved from distress sale of their produce at the time of crop harvesting. Financing under this sector will boost agriculture and MSME credit of Punjab National Bank and the bank is expecting a fresh business of `500 crores under this tie up during the next one year.