To facilitate farmers and traders with low-interest rate loans, the Warehousing Development Regulatory Authority (WDRA) has signed a Memorandum of Understanding (MoU) with Punjab & Sind Bank (PSB).
The MoU was exchanged between Shri T K Manoj Kumar- Chairperson, WDRA and Shri Swarup Kumar Saha – MD & CEO, PSB at the head office of PSB. The event was attended by Dr. Ram Jass Yadav – Executive Directors, PSB , Shri Ravi Mehra – Executive Directors, PSB, Shri Naveen Barolia – Dy. Director (M&C), Shri Sai Pradeep Gopisetty – Asst. Director (SA&O), WDRA.
The MoU was signed with the aim of promoting awareness and funding against electronic Negotiable Warehouse Receipts (e-NWRs). Its objective is to provide information to depositors about the benefits and conduct outreach activities to enhance agricultural pledge finance in India.
PSB is offering loans against e-NWRs with no collateral and attractive interest rates. Loans up to Rs. 75 lakh are extended for the agriculture sector, and for other category borrowers, loans up to Rs. 5 crores are available.
During the event, WDRA presented on the significance of post-harvest pledge financing using electronic Negotiable Warehouse Receipts (e-NWRs) to improve rural credit. The bank representatives highlighted the challenges faced by lending institutions in this sector. WDRA assured full regulatory support to enhance fiduciary trust among stakeholders.
