Punjab National Bank (PNB), a state-owned bank, announced on Saturday its collaboration with Gujarat Cooperative Milk Marketing Federation Ltd (GCMMFL), widely known as Amul. This partnership aims to offer financial services to Amul’s supply network across India under the MUDRA scheme.
On July 1, PNB and GCMMFL (Amul) signed a memorandum of understanding, as stated in a bank press release.
PNB will provide small-scale financing through MUDRA to support Amul’s retailers, wholesale dealers/area milk distributors, and exclusive Amul preferred outlets such as milk parlors.
The partnership will also involve the integration of various digital channels like QR codes, point of sale (POS) systems, and Unified Payment Interface (UPI). Additionally, it will facilitate supply chain finance and digital collection of Equated Monthly Installments (EMIs). Moreover, PNB will offer working capital limits and other relevant services.
The collaboration between PNB and Amul aims to extend support to over 1.1 million retailers, wholesale dealers, and other stakeholders.