Chennai: State-owned Punjab National Bank (PNB) said it has inked a pact with Indian Oil Corporation to provide up to Rs 2 crore to the oil company’s dealers.
PNB signed a memorandum of understanding with India Oil Corporation Ltd to cater to the financing needs of the IndianOil dealers, the bank said in a release.
The MoU would benefit dealers with credit facilities at lower interest rates, nil margin, and with minimum or zero collateral requirements through the PNB e-Dealer scheme, it said.