State Bank of India (SBI) signed a Memorandum of understanding (MoU) with Faridabad headquartered India’s leading tractors and heavy vehicles brand, Escorts Limited to finance farmers for purchase of Escorts Tractors.
The MoU was signed by S Adikesavan, Chief General Manager – Agri Business, SBI and Virendra Kumar Puri, Head Sales Excellence & Business Administration, Escorts Limited. On the occasion Mr Adikesavan said, “Farm mechanization is essential for sustaining agricultural growth especially in the context of diminishing agricultural labour. However, large communities of small and marginal farmers are still not in a position to take full benefit of farm mechanization because of lack of awareness, low availability of finance, fragmented land holding etc.”
“As a result of our tie-up with Escorts Limited, a large number of small and marginal farmers will have access to necessary finance for the purchase of heavy duty tractors. SBI has an extensive network that allows us to reach rural borrowers in every corner of India,” he added. The aim of the tie-up with Escorts Limited is to promote, market and make accessible, organized finance facility, with superior features, at competitive interest rates to Farmers across the country who wish purchase
POWERTRAC and FARMTRAC Tractors manufactured by Escorts Limited. Escorts Group is among India’s leading engineering conglomerates operating in the high growth sectors of agri-machinery, construction & material handling equipment, railway equipment and auto components.