WDRA and Punjab & Sind Bank sign MoU to facilitate low interest rate loans to farmers

Under the MoU, PSB is offering loans against electronic Negotiable Warehouse Receipts with no collateral and attractive rate of interest.

To facilitate farmers and traders in providing low interest rate loans, Warehousing Development Regulatory Authority (WDRA) signed Memorandum of Understanding (MoU) with a Punjab & Sind Bank (PSB). The MoU was signed with the intent of promoting awareness to fund against e-NWRs (electronic Negotiable Warehouse Receipt). The MoU is aimed to provide information to depositors of the benefits, besides doing further outreach activities to improve agricultural pledge finance in India.

PSB is offering loans against e-NWRs with no collateral and attractive rate of interest. Under agriculture sector, up to Rs. 75 lakh and for other category borrowers, up to Rs. 5 crores loans are extended.

During the event, a presentation was made by WDRA on the importance of post-harvest pledge financing using electronic Negotiable Warehouse Receipts (e-NWRs) for improving rural credit. The bank representatives also highlighted the challenges faced by the lending institutions in this sector. WDRA assured their full regulatory support in improving the fiduciary trust among stakeholders.

 MoU was exchanged by T.K. Manoj Kumar, Chairperson, WDRA, Swarup Kumar Saha, MD&CEO, PSB in the head office of PSB. This event is attended by Dr Ram Jass Yadav, ED, PSB, Sh. Ravi Mehra, ED, PSB from PSB and Naveen Barolia, Dy. Director (M&C), Sai Pradeep Gopisetty, Asst. Director (SA&O) from WDRA.

Under the MoU, PSB is offering loans