PNB partners with Amul to support finance dealership network

New Delhi: State-owned Punjab National Bank (PNB) on Saturday said it has partnered with Gujarat Cooperative Milk Marketing Federation Ltd (GCMMFL), better known as Amul, to offer financial services to federation's supply network pan-India under the MUDRA scheme.

A memorandum of understanding to this effect was signed between PNB and GCMMFL (Amul) on July 1, the bank said in a statement.

Through small ticket financing under MUDRA, the bank will be financing Amul's retailers, wholesale dealers/area milk distributors and exclusive Amul preferred outlets-milk parlours, it said.

Other services will include integrating various digital channels like QR codes, POS (point of sale), UPI (Unified Payment Interface), etc., supply chain finance and EMI collection digitally, and providing working capital limits, among others, it said.

By the association, both the partners are aiming to provide support to more than 11 lakh retailers, wholesale dealers and others, it added.

(With PTI inputs)

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)