Hyderabad, Aug 6 (IANS): The National Fisheries Development Board (NFDB) has tied up with the Punjab National Bank (PNB) to facilitate funding requirements of the fisheries and allied sectors.

Under the MoU signed on Thursday, PNB's zonal office in Hyderabad will be the nodal office for all the technically approved proposals received by the NFDB across the country.

"The MoU with PNB will harness the untapped potential of the fisheries sector in tying up the individuals/private entrepreneurs of both FIDF and entrepreneur models under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) for availing bank loan from PNB, pan India," said Suvarna, Chief Executive, NFDB.

The Fisheries and Aquaculture Infrastructure Development Fund (FIDF) set up in 2018-19 is being implemented with a total fund size of Rs 7,522.48 crore, comprising Rs 5,266.40 crore to be raised by the nodal lending entities like NABARD, NCDC and all scheduled banks.