Punjab National Bank (PNB), a leading public sector bank, has signed a memorandum of understanding with India Infrastructure Finance Company Ltd (IIFCL), a state-owned company, to collaborate in financing of infrastructure projects.
Under this collaboration, the parties can mutually participate under consortium/multiple lending arrangement to provide financial support to the prospective borrowers subject to due diligence and on case-to-case basis.
The MoU was exchanged between Atul Kumar Goel, MD & CEO of PNB and Padmanabhan Raja Jaishankar, Managing Director of IIFCL in the capital on Monday.
This MOU is expected to be a milestone in finding new avenues of lending to the infrastructure projects of the country.