*Launches pre-approved car loan facility
Excelsior Correspondent
JAMMU, Jan 25: The Jammu & Kashmir Bank today signed a Memorandum of Understanding (MoU) with Maruti Suzuki India Limited (MSIL) Under Supply Chain Finance arrangement that will allow the Bank to finance MSIL’s authorized dealers against some or all of their inventory.
This tie-up will empower 4000+ Maruti Suzuki sales outlets across the country with comprehensive inventory funding option through J&K Bank for their working capital requirements.
Co-chaired by Bank’s MD & CEO, Baldev Prakash and MSIL’s Senior Executive Officer Marketing & Sales, Shashank Srivastav, the MOU signing ceremony held at Zonal office, Jammu, and witnessed General Manager Ashutosh Sareen signing the papers on Bank’s behalf while Head Marketing Finance Rohit Kohli put in his signatures for MSIL in presence of Bank’s Executive Director Sudhir Gupta, General Managers, Divisional Heads, Zonal Heads, Cluster Heads besides senior officials of the Bank with some of them joining the event through video-conferencing.
MSIL’s General Manager Vishal Sharma, Commercial Business Head (Area North Zone) Muneesh Bali, Commercial Business Heads (NEXA) Vivek Anand and Aman Mehra from Maruti Finance were also present on the occasion.
J&K Bank MD & CEO and MSIL’s Senior Executive Officer Marketing jointly launched J&K Bank’s pre-approved personal loans for car finance facility through Maruti Suzuki Smart Finance (MSSF) portal on the occasion. The tie-up between the two organizations will provide vehicle purchasers J&K Bank as financier in their options through MSSF portal.
Commenting on the tie-up, MD & CEO Baldev Prakash said, “As the premier financial institution of J&K and Ladakh, we are delighted to partner with Maruti Suzuki India Limited (MSIL) – one of the leading car manufacturers in the country. The MoU is surely a big and well-deliberated step towards providing vital inventory funding support to Maruti Suzuki’s extensive dealer network across the country, reinforcing our dedication to empowering businesses through innovative financial products.”
While terming the tie-up as one of the steps towards digitization of services, the MD stated that Bank’s integration with MSSF portal will bolster inventory funding and car finance portfolios not only in UTs of J&K and Ladakh but in rest of India as well.
Speaking on the partnership, Shashank Srivastava said, “We take pride in the robust dealer network which truly form the bedrock of our business. We are committed to support our dealer in ensuring their readiness as per evolving customer and market needs. We are elated to announce our collaboration with J&K Bank, focusing on innovative financing solutions for inventory funding.”
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