Punjab National Bank enters tie up with Action Construction Equipment Ltd.(ACE)
Punjab National Bank, Country’s one of the largest public sector lender 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 to this effect was signed by Dr. B. M. Padha, Corporate General Manager, Priority Sector & Financial Inclusion Division, PNB and Mr. Ashok Kumar Tomar, COO, ACE (Agriculture Division) in the presence of Mr. Tirlochan Singh, Country Head, Retail Finance, ACE and other dignitaries.
- On the occasion, Dr. Padha emphasized the importance of farm mechanization 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. Mr. Ashok Kumar Tomar informed that farmers can avail the ACE Farm machinery financed through PNB at discounted price.
- The tie up between the two largest players in their respective fields will enable PNB to facilitate the availability of quality farm machinery equipment to its huge farmer base at very low rate of interest i.e., at present 9.20% P.A. For ACE, the tie up will enable it to tap into PNB’s huge network and customer base and thus further strengthening its presence in India.
