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PNB joins hands with ITL to finance tractors and agricultural implements

13 Jun 2014 Evaluate

Punjab National Bank (PNB), the country’s largest lender has joined hands with Farm equipment maker International Tractors (ITL) for financing of tractors and agricultural implements. Under this partnership, ITL will offer an incentive of Rs 6,000 to farmers financed by Punjab National Bank (PNB).

Also, ITL will offer first year subscription of Rs 800 on behalf of the borrower who opts to become member under PNB Farmers' Welfare Fund Scheme.  Apart from financing the new tractors, PNB also provides finance for purchase of old tractors as well as for repair and renovation of tractors.

The bank posted a fall of 28.69% in its net profit at Rs 806.35 crore for the quarter ended March 31, 2014 as compared to Rs 1130.80 crore for the same quarter in the previous year. However, total income of the bank increased by 8.18% at Rs 12498.23 crore for quarter under review as compared to Rs 11552.84 crore for the quarter ended March 31, 2013.

Peers
Company Name CMP
State Bank Of India 952.80
PNB 114.30
Bank Of Baroda 234.55
Canara Bank 119.00
Union Bank Of India 173.00
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