State Bank of India and Escorts Limited sign MoU for financing Tractors

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Mumbai, October 23, 2017: State Bank of India (SBI) signed an agreement with Escorts Limited to finance farmers for purchase of Escorts Tractors.

The MOU was signed by Mr. S. Adikesavan, Chief General Manager – Agri Business, SBI and Mr. Virendra Kumar Puri, Head Sales Excellence & Business Administration, Escorts Limited.

Mr. S. Adikesavan, Chief General Manager – Agri Business Unit, SBI, 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.”

SBI, with a 211 year history, is the largest Public Sector Bank in India, which provides a wide range of banking services and financial products in every sector. SBI has an extensive network presently comprising of over twenty four thousand branches across India and serves over 1 Crore rural customers.

SBI has deep rooted relationships with the farmer community and has an extensive portfolio in Agriculture Banking with over 500 products, specially designed to benefit farmers and other rural borrowers.

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.

Escorts Ltd. is a leading tractor and construction equipment manufacturer with TS-16949 certification for process-excellence and has state of the art plants located at Faridabad, Haryana.

Subsequent collaboration with FORD, UK has placed Escorts among the leading manufacturers of Tractors in India, current production capacity is more than 1 lac tractors annually and a wide distribution network of 650+ dealers.