J&K Bank Signs MoU with Escorts Kubota to Boost Farm Mechanization
J&K Bank & Escorts Kubota Farm Mechanisation MoU: Farmers to Get Rs 15,000 Off All Tractors. China constitutes nearly 15% of the worldwide marine catch and also occupies the top ranks with over 500,000 vessels. PSMA stands for the Port State Measures Agreement, and it seeks to combat illegal fishing by denying access to markets for fish that have been caught illegally. In what marks a major stride for promoting farm mechanisation and credit accessibility for farmers across the country, J&K Bank recently entered into a Memorandum of Understanding (MoU) with Escorts Kubota (P) Ltd. (EKL), a prominent manufacturer and supplier of hydraulic mobile cranes, earth-moving equipment, farm tractors, and engines.
Tractor Buyers Get ₹15,000 Off Through J&K Bank and Escorts Kubota Deal
The MoU was signed at the corporate headquarters of the bank by Deputy General Manager (Agri/MSME) of J&K Bank, Rakesh Magotra, and General Manager of Escorts Kubota Ltd., Kamlesh Yadav. All J&K-based dealers of EKL also witnessed the signing ceremony. As per the agreement, J&K Bank will be one of the preferred financiers (non-exclusive) for customers looking for financing for the purchase of farm equipment from Escorts Kubota. Under the partnership, customers getting finance through J&K Bank would get an upfront discount of Rs 15,000 on all tractor models of Escorts Kubota Ltd.
J&K Bank, Escorts Kubota Tie-Up to Boost Agri Credit and Equipment Access in Kashmir
On the development, J&K Bank’s General Manager (Credit), Ashutosh Sareen, said, “This tie-up with EKL is in line with our focus on facilitating financing solutions for farm equipment as part of our larger effort to bridge the credit gap in the agri space in the valley, and this is also an effort from our end towards empowering the farming community with easy availability of field equipment.” “Our focus is to provide holistic financial solutions to the agriculture sector, especially in Jammu and Kashmir, which is in line with the government’s emphasis on agricultural development and enhancing the farmers’ income.”
Empower Farmers with Credit and Modern Equipment
Commenting on the association, Whole Time Director & CFO (EKL), Bharat Madan, said, “This partnership with J&K Bank is another testament to Escorts Kubota’s commitment towards providing its farmers simple and affordable credit solutions. We are focused on aiding rural progress and aiding the agricultural sphere by simplifying financing in the country.”
Neeraj Mehra, chief officer of EKL’s Tractor Business Division, said, “Kisaano ko credit ke alaava, iss initiative ke jariye, kheti-badi ke liye naye-audhyogik saazsamaan ka istemal karne mein bhi madad milegi, jisse unki kheti ki productivity badhegi.” Besides, the wide spread of J&K Bank facilitates the credit reaching the far-flung areas of the region, enabling resilience among farmers, especially in Jammu and Kashmir,” he said.
Offers Farmers Easy Credit and Special Discounts
Rakesh Magotra, DGM (Agri/MSME), further said, “We constantly endeavour that our customers derive maximum benefit from our association with reputed companies. The association also aims to deliver benefits of cost savings directly through new incentives/discounts on select products, in addition to hassle-free credit.” Commenting on the agreement, Bharat Madan, Whole-time Director & CFO (EKL) at Escorts Kubota, said, “This partnership with J&K Bank reiterates Escorts Kubota’s commitment towards ensuring that farmers have access to affordable credit solutions. Our goal is to help rural development and reinforce the agricultural segment of this country by making financing easier.”
Boost Farmer Productivity with Credit & Equipment Access
Neeraj Mehra, head of the EKL tractor business unit, emphasised the wider ramifications of the initiative, adding, “This initiative not only gives credit to the farmers but also allows them to invest in modern equipment that can further boost the productivity of their operations. Also, J&K Bank’s wider reach helps credit to reach the remotest locations, building resilience in farmers, especially in parts of Jammu and Kashmir.”
DGM (Agri/MSME) Rakesh Magotra said, “We always try to ensure our customers get benefits as we partner with reputed companies. This partnership with Escorts Kubota Ltd aims to provide hassle-free credit along with financial benefits such as exclusive discounts.”
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