Punjab National Bank (PNB) and Action Construction Equipment Ltd (ACE) have tied up for augmenting tractors/agricultural implements financing to the farmers across the country through PNB's branch network.

A memorandum of understanding (MoU) to this effect was signed by B.M.Padha, Corporate General Managet, Priority Sector & Financial Inclusion Division, PNB and Ashok Kumar Tomar, COO, ACE(Agriculture Division) in the presence of Tirlochan Singh, Country Head, Retail Finance, ACE and other dignitaries.

This tie-up will enable PNB to facilitate the availability of quality farm machinery equipment to its farmer base at an interest rate of 9.2 percent per annum. For ACE, the tie-up will enable to tap into PNB's branch network and customer base and thus further strengthen its presence in India.

On the occasion, Padha emphasised the importance of farm mechanisation in Indian agriculture scenario and PNB's "highly competitive" pricing of Agriculture loans.

He also highlighted that financing of farm machinery may take a boost during ongoing PNB Agri Rabi Bonanza.

Tomar informed that farmers can avail ACE farm machinery financed through PNB at discounted price, a PNB release said.

Srivats.kr@thehindu.co.in

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