Escorts Ltd has reinforced its relationship with IndusInd Bank with a formal memorandum of understanding that will pave the way for both companies to provide financial offerings to customers.
Both entities will work together in understanding the financial needs of customers and jointly come up with various financial programmes to enable customers invest in modern farm machinery to enhance their farm productivity and income. The deal was formalised by Shenu Agarwal, CEO of Escorts Agri Machinery, and Shiban Kaul, Executive Vice President of Induslnd Bank.
Agarwal said the rural industry is growing at a record pace and customers are shifting towards technologically-advanced agricultural practices.
"Our role here is to provide them with the best of products and make the process of purchase as simple as possible," he said.
S V Parthasarathy, Head of Consumer Finance Division at IndusInd Bank, said with this partnership, farmers will have easy access to loans at attractive interest rates.
"Our association will bring transparency, seamlessness and convenience to support farmers in their endeavour to nourish the nation," he said.
The Escorts Group is among India's leading engineering conglomerates operating in high growth sectors of agri machinery, material handling and construction equipment, and railway equipment.
IndusInd Bank has 2,015 branches/banking outlets and 2,872 ATMs spread across geographical locations of the country.
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