A Memorandum of Understanding (MOU) was signed between State Bank of India (SBI) and TVS Motor Company. Under this agreement SBI will be providing funds to over 600 dealers of TVS Motor Company across the country, at attractive interest rates. This will help the dealers to increase their working capital, enhance vehicle stocks and consequently increase retail sales.
The bank is initiating inventory funding program by the “Supply Chain Finance Unit” and the program is available on an electronic platform for its approved clientele having features such as online fund transfers, online repayment, real time viewing of account status etc. With this system time of transactions between the bank and its clients will get reduced.
“This association with SBI, is in line with our overall strategic business plan towards strengthening the working capital of our dealers. Their access to such funds at attractive interest rates will help them in growing their dealership and offer better retail services to the customer” said President (Marketing), TVS Motor Company, H S Goindi.
Manas Kumar Nag Chief General Manager - SME (BU), State Bank of India said,
“Through the signing of an MOU with TVS Motor Company, State Bank of India has made inroads into the two wheeler industry and this is a realization of yet another accomplishment of our overall strategy to step up loan disbursals under Supply Chain Finance and garner a significant market share.”
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