WDRA Partners with Punjab & Sind Bank to Provide Low-Interest Loans to Farmers and Traders
GG News Bureau
New Delhi, 10th Feb. In a bid to support farmers and traders by offering low-interest rate loans, the Warehousing Development Regulatory Authority (WDRA) has signed a Memorandum of Understanding (MoU) with Punjab & Sind Bank (PSB).
The MoU exchange ceremony took place at the head office of PSB on 05.02.2024, where Shri T.K. Manoj Kumar, Chairperson of WDRA, and Sh. Swarup Kumar Saha, MD&CEO of PSB, formalized the agreement.
The event was attended by dignitaries including Dr. Ram Jass Yadav and Sh. Ravi Mehra, Executive Directors of PSB, as well as Sh. Naveen Barolia and Sh. Sai Pradeep Gopisetty, Dy. Director (M&C) and Asst. Director (SA&O) respectively, from WDRA.
The primary objective of the MoU is to raise awareness about funding against e-NWRs (electronic Negotiable Warehouse Receipt) and to promote agricultural pledge finance in India.
PSB will offer loans against e-NWRs with no collateral and attractive interest rates. For the agriculture sector, loans of up to Rs. 75 lakh will be provided, and for other borrowers, loans of up to Rs. 5 crores will be extended.
During the event, WDRA delivered a presentation highlighting the importance of post-harvest pledge financing using e-NWRs to enhance rural credit.
Representatives from PSB also discussed the challenges faced by lending institutions in this sector. WDRA assured their complete regulatory support to enhance trust among stakeholders.
This collaboration between WDRA and PSB is expected to facilitate access to finance for farmers and traders, thereby supporting agricultural growth and rural development in India.
