Punjab National Bank signs MoU with Ware housing Development & Regulatory Authority

New Delhi: Punjab National Bank, nation’s leading public sector bank and Warehousing Development & Regulatory Authority (WDRA) have entered into a Memorandum of Understanding on 13.03.2023 to promote financing against e-NWR (Electronic Negotiable Warehousing Receipt).

The partnership is aimed to provide information to farmers/ depositors of agriculture produce about the benefits of e-NWR besides doing further outreach activities to improve agricultural pledge finance in India.

The e-NWR financing is being envisaged to be a game changer in shaping the rural economy by preventing distress sale by farmers and helping them in realising better price for their produce.

The e-NWR system has several benefits, being the only negotiable warehousing instrument. The process is fully digitized and comes with benefits like online lien marking, non-issuance of e-NWR above the capacity of warehouse and issuance of e-NWR only when scientific storage norms as stipulated by WDRA are fulfilled.

During the event, a brief discussion on the importance of accreditation of warehouses with WDRA was also held which was followed by awareness session for officers of Zonal Offices, Circle Offices and different processing verticals of the Bank.

The MoU was signed in the presence of Sh. Atul Kumar Goel, Managing Director and CEO of Punjab National Bank and Sh. T. K. Manoj Kumar, IAS Retd, Chairperson WDRA. The other dignitaries present on the occasion were Sh. Mukesh Kumar Jain, Member, WDRA; Sh. Sunil Kumar Chugh, Chief General Manager, Punjab National Bank; Sh. Naveen Bairola, Deputy Director, WDRA; Sh. R.K. Vashishtha and Sh. KanwalJitShorey, General Managers, Punjab National Bank.