PSB & WDRA signed MoU to offer Low-Interest Rate to Farmers

Current Context: The Warehousing Development Regulatory Authority (WDRA) and Punjab & Sind Bank (PSB) have signed a Memorandum of Understanding (MoU) to facilitate low-interest rate loans to farmers on 5th February 2024 at the head office of PSB.

• Under this MoU, PSB is offering loans against electronic Negotiable Warehouse Receipts (e-NWRs) with no requirement for collateral and at attractive interest rates.
• This initiative is aimed at improving agricultural pledge finance in India.
• Farmers can avail loans of up to Rs. 75 lakh, while borrowers from other categories can access loans of up to Rs. 5 crores under the agriculture sector.
• This is a significant step towards supporting farmers and traders, and improving rural credit in India.

Question:

Q.1 Who signed a Memorandum of Understanding (MoU) to facilitate low interest rate loans to farmers?
a. Reserve Bank of India and Punjab National Bank
b. Warehousing Development Regulatory Authority (WDRA) and Punjab & Sind Bank (PSB)
c. Agricultural Insurance Company of India Limited and State Bank of India
d. Food Corporation of India and HDFC Bank