June 4, 2024: Punjab National Bank (PNB), a public sector bank, and India Infrastructure Finance Company Ltd (IIFCL), a state-owned entity, on June 3, 2024, signed a Memorandum of Understanding (MoU) to provide long-term financial support for viable infrastructure projects.
Under this agreement, both institutions will collaborate to fund infrastructure projects, participating together under consortium or multiple lending arrangements. They will provide financial support to prospective borrowers following due diligence on a case-by-case basis.
The MoU signing ceremony was attended by Atul Kumar Goel, MD and CEO of PNB, and Padmanabhan Raja Jaishankar, MD of IIFCL. This partnership is anticipated to open new lending avenues for the country’s infrastructure projects.
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