Punjab National Bank signed MOU with International Tractors Limited (ITL)
Punjab National Bank signed MOU with International Tractors Limited (ITL)
Punjab National Bank, a pioneer in Agriculture Credit signed a MOU with International Tractors Limited, one of the leading manufacturers of Tractors/Agricultural Implements, for augmenting Tractors/ Agricultural Implements financing to the farmers across the Country.
Dr. Rakesh Gupta, General Manager, Priority Sector & Lead Bank Division signed the MOU on behalf of the Bank while ITL,was represented by Sh.Manish Rai,Head Commercial-ITL
Speaking on the occasion, Dr. Rakesh Gupta highlighted the importance of farm mechanisation in the era of commercial agriculture.
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 agricultural implements.
Sh.R.K .Singh, President-Marketing-ITL & Sh.Manish Rai,Head Commercial-ITL added that ITL will offer an incentive of Rs. 6000/- to the farmers financed by PNB. In addition to the above incentive, ITL 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 as under:
Category Eligibility Criteria Amount of incentive
Matriculation 60% & above marks Rs 5000
Inter/10+2 60% & above marks Rs 8000
Graduation 60% & above marks Rs 10000
Girl students however shall get an additional incentive of Rs.1000/- under each of the above category.
Shri Rai assured Bank for providing all support through ITL in mobilising Bank business.
