Punjab National Bank enters into Tie up with NCDEX-SPOT(NSPOT) and LTC Commercial Co. Pvt. Ltd,
PSU

Punjab National Bank enters into Tie up with NCDEX-SPOT(NSPOT) and LTC Commercial Co. Pvt. Ltd,

India bureaucracy

New Delhi, July 13 : Punjab National Bank has entered into Tie up with NCDEX-SPOT(NSPOT) and LTC Commercial Co. Pvt. Ltd, a warehouse service provider (WSP) for financing under pledge of electronic/ demat warehouse receipts. In this regard, a MoU was signed  on 27.06.2013 at PNB HO. The MoU was signed by S.S.Bhatia General Manager, MSME, Yashwant Singh Asstt. Vice President, NSPOT and Rajesh Saraswat Managing Director, LTC Commercial Co. Pvt. Ltd.

Under this arrangement, credit facilities will be provided by our Bank to farmers, processors and traders etc. in association with NSPOT and WSP. The borrowers will be able to avail loan from the bank against their produce / stocks in electronic / demat form. This online initiative will bring transparency, efficiency and economy in lending operations and shall be beneficial to all stake holders. This arrangement will deepen the reach of our Bank in agricultural commodity finance and shall boost our advances under agriculture and SME.