PNB signs MoU with Central Warehousing Corporation (CWC) to facilitate farmers' financing

Tags: Economy/Finance National News

On 9 March 2023 Punjab National Bank (PNB) and Central Warehousing Corporation (CWC) signed a Memorandum of Understanding (MoU) to facilitate financing undere-NWR (Electronic Negotiable Warehousing Receipt).

News Overview

• The main objective of this partnership is to provide easy finance to farmers, processors and traders against the pledge of agricultural produce stored in Central Warehousing Corporation (CWC) godowns.

About Punjab National Bank (PNB)

• It is an Indian public sector bank based in New Delhi and it is the third largest public sector bank in India.

• PNB has a banking subsidiary in the UK as well as branches in Dubai, Kabul, Kowloon and Hong Kong.

• Established - May 1894

• Founder - Dayal Singh Majithia, Lala Lajpat Rai

• Tagline - "The Name You Can Bank Upon"

• MD & CEO -  Atul Kumar Goel

About Central Warehousing Corporation (CWC)

• It aims to provide reliable, cost-effective, value-added, integrated warehousing and logistics services in a socially responsible and environment-friendly manner.

• Established: 9 March 1957