MOU SIGNED BETWEEN PNB AND MAHINDRA GUJARAT TRACTORS LTD
New Delhi: Punjab National Bank, a pioneer in Agriculture Credit signed a MOU with Mahindra Gujarat Tractors Ltd, one of the leading manufacturer of Tractors/Agriculture Implements, for augmenting Tractors/Agriculture Implements financing to the farmers across the Country.
Dr. Rakesh Gupta, General Manager, PNB signed the MOU on behalf of the Bank while MGTL,was represented by Om Tyagi, Chief Executive Officer.
Dr. Gupta also informed that apart from financing the new tractors, PNB is also providing finance for the purchase of the old tractors as well as for repair & renovation of tractors.
Dr. Gupta further added that, PNB has launched “PNB Dealer Suvidha Scheme” for providing credit facilities to the tractor dealers for both sale and service of tractors and for providing custom hiring services (sowing, harvesting, threshing, etc) to the farmers who cannot make one time investment on expensive agriculture implements.
Shri Tyagi, Chief Executive Officer, MGTL added that MGTL will offer an incentive of Rs. 8000/- to the farmers financed by PNB. In addition to the above incentive, MGTL will offer first year subscription of Rs.800/- on behalf of the tractor borrower who opt to become member under PNB Farmers’ Welfare Fund Scheme.
Dr. Gupta added that Farmer Welfare Trust also gives scholarship to meritorious children of tractor loanees who are members of PNB FARMERS’ WELFARE FUND SCHEME
