Punjab National Bank partners with Amul to support finance dealership network

New Delhi [India], July 1 : Punjab National Bank (PNB) on Saturday partnered with Gujarat Cooperative Milk Marketing Federation Ltd (GCMMFL), known as "Amul" to offer financial services to the Federation's supply network pan India under the MUDRA scheme.

An MoU to this effect was signed between PNB and GCMMFL (Amul) on July 1, 2023, at PNB's corporate office at Dwarka, New Delhi in the presence of Jayen Mehta, MD, GCMMFL, M Paramasivam, Executive Director, PNB, Sunil Kumar Chugh, CGM (PNB), Sunil Goyal, CGM (PNB), Atul Agarwal, SGM and CFO, GCMMFL and other senior officials of PNB and Amul, the release stated.

The Bank will be financing Amul's retailers, wholesale dealers/area milk distributors and exclusive Amul preferred outlets-milk parlours via small ticket financing under MUDRA.

According to the release, "Other services include integrating various digital channels like QR Codes, POS, UPI, etc, supply chain finance and EMI collection digitally; providing working capital limits and more. By the association, both partners aim to provide support to more than 11 lakh retailers, wholesale dealers, etc."

Sharing his thoughts on the partnership, M Paramasivam, ED, PNB said, "We are happy to be partnering with one of India's largest food product marketing organizations. This association will not only accelerate Amul's supply chain but also, open unique opportunities for the Bank by expanding its customer base."

Speaking on the occasion, Jayen Mehta, MD, GCMMFL (Amul) hailed the tie-up as a milestone that will help both Amul and PNB in creating more employment and livelihood in the country. He also expressed that this association will cater to the whole value chain of Amul in the long run, starting from cows to consumers and create win-win opportunities for all stakeholders.