Federal Bank announced that it has partnered with JCB India to expand its loan portfolio and fund potential buyers of heavy construction equipment. The private sector lender said it has inked a memorandum of understanding (MOU) with JCB India, a leading manufacturer of earthmoving and construction equipment.
Bank Maha Pack includes Live Batches, Test Series, Video Lectures & eBooks
According to a press statement from Federal Bank, this collaboration would increase the financing alternatives for JCB consumers in India.
With the government’s focus on infrastructure development continuing to remain strong, there will be various opportunities to create synergies between the teams from JCB India and Federal Bank, Deepak Shetty, CEO and Managing Director of JCB India, said. “Importantly, it will give greater financing options to our customers while purchasing JCB machines both in urban and rural India,” he added.
Shyam Srinivasan, Managing Director and CEO of Federal Bank, said the lender has officially become the financing partner for JCB India. “This partnership would prove to be hugely beneficial to a segment of customers who are looking for easy finance options to take their business forward. We are confident this association will help remove barriers between Bharat and Atmanirbhar Bharat,” he added.
Under the arrangement, Federal Bank is the preferred finance partner of the construction equipment manufacturer, where JCB’s customers can avail loans from the lender at competitive interest rates.
Find More News Related to Banking
The Union Minister for Education, Dharmendra Pradhan, along with Minister of Labour and Employment, Youth…
On 22nd November evening, Jay Shah, the ICC president-elect and current chief of the BCCI…
The Reserve Bank of India (RBI) has raised the transaction limit for UPI 123Pay from…
Many countries around the world are known by special names that reflect their unique identity,…
The Indian Space Research Organisation (ISRO) has entered into a significant collaboration with the Australian…
A potential cyclone named 'Fengal,' suggested by Saudi Arabia, is forming in the Bay of…