Categories: Banking

PNB Signs MoU With Central Warehousing Corporation To Facilitate Finance To Farmers

Punjab National Bank, nation’s public sector bank and Central Warehousing Corporation have signed a Memorandum of Understanding to facilitate financing under e-NWR (Electronic Negotiable Warehousing Receipt).

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Aim of this MoU:

The partnership is aimed at providing easy access to finance to farmers/ food processors/ traders against the pledge of agriculture commodities stored in CWC warehouses.

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.

About Central Warehousing Corporation:

It is a statutory body which was established under ‘The Warehousing Corporations Act, 1962’.
Its aim is to provide reliable, cost-effective, value-added, integrated warehousing and logistics solution in a socially responsible and environment friendly manner.
Warehousing activities of CWC includes food grain warehouses, industrial warehousing, custom bonded warehouses, container freight stations, inland clearance depots and air cargo complexes.

Electronic Negotiable Warehouse Receipt (e-NWR):

Warehousing Development and Regulatory Authority (WDRA) launched the web portal “Electronic Negotiable Warehouse Receipt (e-NWR) System” in 2017.
The web portal was launched for simplifying the Warehouse Registration Rules, digitizing the entire process of registration, monitoring, and surveillance as well as the creation and management of Negotiable Warehouse Receipts (NWRs) in electronic form.
The e-NWRs are recorded and maintained in digital form by two repositories approved by the WDRA. These are the National E-Repository Limited and CDSL Commodity Repository Limited. This was an important decision to formalize the agricultural economy.

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