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Bank of Baroda inks pact with Mahindra & Mahindra for tractor finance biz

The lender, through its over 5,000 rural and semi-urban branch network, will provide tractor loan facility to customers of Mahindra and Mahindra

Topics
Bank of Baroda | Mahindra & Mahindra | Tractor

Press Trust of India  |  New Delhi 

tractor, agriculture, rural india
The tractor financing scheme was first piloted in the UP zone for a year and it has been successful, he said adding that this is being expanded into 11 zones of the bank.

To push agriculture finance, state-owned (BoB) on Friday said it has entered into a pact with Mahindra and Mahindra for business.

The lender, through its over 5,000 rural and semi-urban branch network, will provide loan facility to customers of Mahindra and Mahindra.

This memorandum of understanding (MoU) will give a boost to agri business and will help farmers in availing hassle-free credit facilities for buying tractors, BoB Executive Director Vikramaditya Singh Khichi said.

The financing scheme was first piloted in the UP zone for a year and it has been successful, he said adding that this is being expanded into 11 zones of the bank.

The bank has tied up with Gromax under the Mahindra stable as the preferred brand, he added.

Besides, he said, the bank is focussing on dairy sector self-help groups and farmer producer organisations for expanding the agriculture portfolio.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, October 16 2020. 23:12 IST
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