J&K Bank Signs Memorandum of Understanding with Mahindra & Mahindra for Affordable Farm Equipment Financing


J&K Bank Signs Memorandum of Understanding with Mahindra & Mahindra for Affordable Farm Equipment Financing

Vice President Imtiyaz Ahmad Bhat signed the agreement on behalf of J&K Bank

posted on April 30, 2022 | Author RK Online Office



J&K Bank has signed a Memorandum of Understanding with Mahindra & Mahindra’s Farm Equipment Sector (FES) – India’s leading tractor manufacturer – as the preferred financier across the country, with a particular focus on J&K and Ladakh.

As per the agreement, J&K Bank will provide affordable and hassle-free finance facilities to prospective customers on Mahindra branded tractors and agricultural machinery in its business units, especially in Jammu, Kashmir and Ladakh.

Vice President Imtiyaz Ahmad Bhat signed the agreement on behalf of J&K Bank while Sunil Johnson, National Sales Manager, provided his signatures as a representative of M&M-FES.

The signing ceremony was held last week in the presence of the Bank’s President, Syed Rais Maqbool, Assistant Vice President Suhail Ahmad Lone, Dealership M&M’ FES Working Capital Management, Tanmai Saksena, area retail finance manager Rajan Arora and other Bank officials.

Commenting on the collaboration, Chairman Syed Rais Maqbool said, “In line with our customer-centric strategy, we have entered into this combination with the country’s leading tractor and agricultural equipment manufacturer to enhance credit to the industry. agricultural equipment, thus facilitating farming for people belonging to the agricultural sector. The agreement will entitle our customers to appropriate discounts from M&M as well as the Bank’s competitive interest rate. »

“I hope the deal will enable both the Bank and M&M to leverage the inherent strengths of their brand and their network of outlets across India, with a focus on J&K and the Ladakh where we have 851 business units,” he added.

In his remarks on the deal, M&M – Farm Equipment President Hemant Sikka said: “As access to credit is a major impediment for farmers using mechanization on their farmland, we, in Mahindra, have entered into an agreement with J&K Bank to help farmers purchase the latest Mahindra agricultural equipment in the region.

Through J&K Bank’s extensive network, we also hope to provide greater access to affordable credit through innovative and attractive financing solutions that will help farmers acquire the latest agricultural equipment to increase their yields.

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