State-owned Punjab National Bank (PNB) has entered into a memorandum of understanding (MoU) with IL&FS Cluster Development Initiative (ILFS CDI) in order to provide momentum to financing of industrial infrastructure projects.

Under the MoU, PNB would finance infrastructural projects worth Rs 2000 crore, covering various manufacturing sectors. These projects include common infrastructure facilities like effluent treatment plants, hazardous waste disposal, water supply, greenfield industrial parks, upgradation of existing industrial estates, quality control labs, design centres etc.

Under the deal, ILFS CDI will be responsible for sourcing of the projects, project structuring, project development, engineering and procurement, project management and project monitoring. PNB will finance the projects.

In a separate release, PNB has ruled out revising deposit rates upwards in the immediate future. Recently, Country’s largest bank, State Bank of India has raised deposit rates effective this month.