Dibakar Yadav || New Delhi || 2nd May 2022
J&K Bank has committed to functioning as the preferred financier for Mahindra & Mahindra’s Farm Equipment Sector, which is India’s biggest tractor manufacturer, throughout the country, with a key focus on J & K as well as Ladakh.
According to the agreement, J&K Bank will provide potential buyers with cheap and trouble-free funding options for Mahindra-labeled tractors and farm machinery at its business operations in Jammu, Kashmir, and Ladakh.
J&K Bank Vice President Imtiyaz Ahmad Bhat announced the contract on behalf of the bank, while Sunil Johnson, M&M-FES National Sales Head, signed on behalf of Mahindra.
In keeping with their customer-centric strategy, they have engaged in this tie-up with the nation’s premier tractor and farm equipment manufacturer to improve lending to the farm equipment industry, thus enabling ease of cultivation for individuals in the agricultural sector, said Syed Rais Maqbool, President, J & K Bank.
Their customers will be entitled to relevant M & M discounts and the bank’s competitive rate of interest under the agreement.
He said that he is hopeful that the arrangement will allow both the bank as well as M & M to capitalise on the inherent advantages of each other’s brand and chain of outlets nationwide, with a special emphasis on J & K and Ladakh, where they have 851 business units.
M&M’s Hemant Sikka who is the President – Farm Equipment Sector said that with access to credit facilities seen as a major obstacle for farmers in adopting automation on their farmlands, they at Mahindra embarked on the tie-up with J & K Bank to assist producers buy the latest Mahindra farm equipment in the region.
They also intend to expand access to cheap credit through new and appealing lending solutions that will help farmers obtain the newest farm equipment to enhance their yields, owing to J&K Bank’s extensive network.