PNB Signs ₹21,000 Crore Mou With Rajasthan Govt To Drive Growth Under 'Rising Rajasthan' Initiative

(MENAFN- Live Mint) Punjab National Bank (PNB) announced on Saturday that it has signed an MoU with the Government of Rajasthan with an objective of supporting the state's socio-economic development.

Under this agreement, PNB has pledged to facilitate an investment of ₹21,000 crore under the state government's 'Rising Rajasthan' initiative, reported ANI.

PNB statement

Speaking of the development, PNB's Managing Director and Chief Executive Officer, Ashok Chandra, said,“It is a matter of pride for us to participate in Rajasthan's development journey. With our extensive branch network, strong digital capabilities, and diverse products,” adding that the public-sector bank is committed in making an active contribution to the state's socio-economic progress.

Also Read | PNB plans sale of 100 NPAs, aims for 40-50% recovery in FY26, says CEO Chandra

He further stated that this understanding will provide a specified framework for financing eligible projects in the state and is part of PNB's mission to accelerate socio-economic development at the national level.

Rajasthan CM comments on the agreement

Rajasthan Chief Minister Bhajanlal Sharma took to X to declare the agreement as he wrote,“A Memorandum of Understanding (MoU) was signed between the Finance Department and Punjab National Bank at the Chief Minister's residence.”

“Under this MoU, Punjab National Bank will provide financial assistance for various development projects of the state government. This memorandum is a decisive step towards realizing the goal of 'Developed Rajasthan,” he added along with posting pictures from the dedicated meeting.

PNB CEO's Jaipur visit

During his visit to Jaipur for signing the agreement, PNB CEO Ashok Chandra also handed over 2,000 loan sanction letters to women entrepreneurs at a self-help group (SHG) loan distribution ceremony, which saw the participation of nearly 3,000 SHG members. He encouraged MSMEs to make greater use of PNB's digital platforms for easier access to government schemes, reported by PTI.

The PNB chief also held a town hall with employees, stressing digital adoption, financial inclusion and fraud prevention.

In the same one-day visit to the city, Chandra also inspected some of PNB's major branches and ATMs in the region.

Also Read | PNB, Bank of India cut MCLR-based lending rates. Check revised rates here Also Read | PNB credit card business to get a fresh push onwards

He directly interacted with customers of the bank under the 'Customer Outreach Programme' and reiterated the bank's commitment to digital bankin initiatives and financial inclusion, ANI reported.

Expressing his commitment towards the bank's 18.5 crore customers, he emphasised that excellence in service and customer satisfaction are at the core of their banking operations, the ANI news report said.

(With agency inputs)

MENAFN07092025007365015876ID1110026541