Sonalika International, one of India?s leading tractor manufacturers in yet another attempt to mechanize the farming in India has signed a MOU with Punjab National Bank, a pioneer in agriculture credit with International for augmenting tractors, agricultural implements financing to the farmers across the country.
Manish Rai, Head Commercial-ITL signed the MOU on behalf of ITL while the bank was represented by Dr. Rakesh Gupta, General Manager, Priority Sector and Lead Bank Division.
Speaking on the occasion, R.K .Singh, President-Marketing-ITL and Manish Rai, Head Commercial-ITL said 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 members under PNB Farmers? Welfare Fund Scheme. Rai assured Bank for providing all support through ITL in mobilizing Bank business.
Dr. Rakesh Gupta highlighted the importance of farm mechanization in the era of commercial agriculture. He 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. He said that the 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.
Dr. Gupta added that Farmer Welfare Trust also gives scholarship to meritorious children of tractor loanees who are members of PNB Farmer?s Welfare Fund Scheme which would be Rs 5000 for children who secure 60 per cent and above marks in matriculation, Rs 8000 to inter or ten plus two students with 60 per cent marks and Rs 10,000 to graduates with 60 per cent marks. Girl students however shall get an additional incentive of Rs.1000 under each of the above category.