Indian Bank Signs MoU with Escorts Kubota for Dealer & Farmer Loans
Chennai, xx January 2025 Indian Bank, a top Public Sector Bank in India, signed a Memorandum of Understanding (MoU) with Escorts Kubota Limited (EKL), one of the leading tractor and construction equipment manufacturers in India, to offer financing solutions towards supporting its dealers and tractor customers. The inaugural was held in the presence of Mr. Ashutosh Choudhary- Executive Director, Indian Bank, and Mr. Bharat Madan, Whole-time Director & CFO, EKL Through this partnership, EKL dealers get to access hassle-free working capital and prospective customers get to avail tractor loans in life at affordable interest rates. The funding solutions will cover the complete EKL tractor lineup, which includes Powertrac, Farmtrac, and Kubota tractors.
Indian Bank’s digital platform
Indian Bank’s digital platform will enable EKL dealers to avail of such benefits. The association is expected to empower EKL dealers access customized financial solutions to meet their working capital requirements, be able to manage the inventory efficiently and fuel the business expansion. Farmers will be able to avail of credit by onboarding themselves through the website of the Indian Bank or approaching its branches. India Bank has a wide reach of 5800+ branch networks in the country.
Financing options
Commenting on the signing ofthe MoU,, Mr. Ashutosh Choudhury, Executive Director, of Indian Bank said, “The deal with Escorts Kubota Limited will help us offer speedy and seamless financing options to a larger pool of dealers, farmers & prospective customers. This partnership is a testament to the bank’s commitment towards bringing financial inclusion and digitally powering India. The Bank’s digital business crossed ₹1 lakh crores in FY’25 and its dealer and tractor financing solutions powered by digital & branch assisted journey will add to ease & access to financing.”
Adding to this, Mr. Saurabh Dalmia, CMS Vertical Head, Indian Bank said, Indian Bank’sSupply Chain Financee solution will serve as a robust enabler in building Escorts Kubota’s dealer network, and will help them reduce their inventory financing cost.
Dealers and Farmers
Commenting on the collaboration, Mr. Bharat Madan, Whole-time Director & CFO, EKL said, “This tie-up with Indian Bank is a testament to Escorts Kubota’s dedication to providing affordable and efficient credit solutions for our dealers and farmers. “We intend to drive rural prosperity, strengthen the agricultural value chain, facilitate SME empowerment, and contribute to the overall development of the rural economy in India with the help of enhanced access to financing.”
Tractor Business Division
Commenting on the association, Mr. Neeraj Mehra, Chief Officer, Tractor Business Division- EKL said, “This partnership is another step towards empowering our dealers and farmers in the form of adopting customer specific plans for the entire range of EKL tractors through customized financing solution. With a large network and strong last-mile coverage, Indian Bank will enable smooth and effective access to credit. This partnership reinforces Escorts Kubota’s commitment to the prosperity of dealers and farmers throughout the country.”
Mr Ajay Agarwal (FGM Delhi, Indian Bank) and Mr Surbhit Jain (Head – Channel & Retail Finance, EKL) were also present during the occasion.
About Indian Bank
Founded on 15th August 1907, Indian Bank is the major Public Sector Bank in India, and 73.84% Government of India is the shareholders of Indian Bank as on 30th June’ 2024. It is the first public sector bank to install an ATM in Madras in 1989, operates 5,846 branches(3 Digital Banking Units) in different regions: 1,983 in rural, 1,531 in semi-urban, 1,173 in urban and 1,159 in metros. The Bank also operates 3 overseas branches and 1 International Banking Unit (IBU) facility. To redefine customer experiences and optimize services, under Project WAVE, the digital transformation of Indian Bank is in full swing. Under Supply Chain Finance, the Bank offers an end-to-end financing solution using Online platform to address working capital requirements of Dealers and Vendors. In the previous time period, the Supply Chain Finance product of the Bank has made significant strides and on-boarded many leading companies of the automobile and other companies
About Escorts Kubota Limited (EKL)
Escorts Kubota Limited (EKL), a 60-year-old leading engineering conglomerate that has been driving India’s socio-economic development with path-breaking contributions in strategic industrial sectors. EKL is, inter alia, engaged in the manufacturing and sale of agricultural and construction equipment. EKL is powered by the strength of its popular brands that have established it to be a pioneer in agricultural and construction equipment segments, offering innovative products from brands like Farmtrac, Powertrac and the Korea based Kubota range of tractors amongst others. Through its well-established dealer base, EKL is still delivering high performance solutions to clients all over India and elsewhere around the world. Visit escortskubota. com for more.
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