PNB SIGNS MOU WITH NCDEX- SPOT EXCHANGE LTD AND 3 OF ITS …

PNB SIGNS MOU WITH NCDEX- SPOT EXCHANGE LTD AND 3 OF ITS ACCREDITED WAREHOUSE SERVICE PROVIDERS

New Delhi: Punjab National Bank has signed an MOU with NCDEX- SPOT Exchange Ltd and three of its accredited warehouse service providers, namely Kalyx Warehousing Pvt. Ltd, Navjyoti Commodities Management Services Ltd and Capaxo Logistics (P) Ltd at New Delhi for the financing under the scheme for Financing against Pledge of Warehouse Receipts in electronic form being operationalised on pilot basis initially in select branches in the states of MP, Rajasthan & Maharastra and Chhatisgarh.

Sh. S.S. Bhatia, General Manager, MSME, HO signed on the behalf of Punjab National Bank, Sh. Yashwant Singh, Asstt. Vice President signed on behalf of NCDEX Spot Exchange Ltd. and three WSP’s were represented by their Directors. Sh. T. Ramchandani, Vice President NCDEX Spot Exchange Ltd. was also present on the occasion.

Sh. S.S. Bhatia, General Manager, MSME, informed that the farmers, aggregators, processors, traders and exporters will be highly benefited as this will give them freedom to decide the appropriate time to sell their product to get better price. The farmers shall be saved from distress sale of their produce at the time of crop harvesting. Financing under this sector will boost agriculture and MSME credit of Punjab National Bank and the Bank is expecting a fresh business of Rs.500 crores under this tie up during the next one year.

PHOTO CAPTION:

Sh. S.S. Bhatia, General Manager, PNB,  exchanging documents  with Shri T.Ramchandani, Vice President , NCDEX-SPOT Exchange Ltd. on the occassion of signing of MoU.   Shri Sameer Bajpai, AGM, PNB and Shri Kamlesh Mathur, Director, Logistics Pvt Ltd. are also seen in the picture.