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Bank of Baroda launches initiatives to improve tractor financing
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SME Times News Bureau | 19 Sep, 2020
The Bank of Baroda on Friday announced three new initiatives towards improving credit penetration in farm mechanisation.
The
initiatives are focused on providing better financial service to
farmers and empowering them towards farm mechanisation, the bank said in
a statement.
Executive Director Vikramaditya Singh Khichi
said: "Agriculture sector is the only resilient sector with least impact
by the Covid pandemic. With more than normal monsoon, the economy is
expected to revive through contribution from the agriculture sector."
"At
Bank of Baroda, we strive to make our products competitive and improve
our processes keeping the customers at the centre. The new cluster model
will help in maintaining TAT for customers and improvise the credit
quality," he added.
The bank has replicated 'Cluster Model for
Tractor Financing' presently operational in its Lucknow Zone in its
Ahmedabad, Baroda, Rajkot, Jaipur, Bhopal, Pune, Hyderabad, Bengaluru,
Mangaluru, Meerut and Chandigarh zones too.
The 'Cluster Model
for Tractor Financing' will ensure a focused approach at all levels with
dedicated officers being assigned specific roles to ensure a
qualitative and compliance-oriented growth of the segment, apart from
reducing the turnaround time, it said.
Secondly, the Bank of
Baroda entered into an MoU with Baroda-based Tractor OEM Gromax Agri
Equipment Ltd (GAEL), the erstwhile Mahindra Gujarat Tractor Ltd, and an
entity of Mahindra Group. The Gujarat government also has a 40 per cent
stake in GAEL, which has its registered office and high-tech
manufacturing plant in Vadodara.
This MOU will help Bank of
Baroda customers to get discounts up to Rs 1 lakh on purchase of
tractors directly from the company outlets. Further, on purchase in
other states, except Gujarat, a discount up to Rs 15,000 will be given
by GAEL in the form of payment of first EMI for its '45 HP' and '50 HP'
models.
Thirdly, Bank of Baroda celebrated 'Maha-Disbursement
Day' for tractor finance and sanctioned over 600 loans in a single day
through the Cluster Model wherein few loans have been sanctioned using
the Central Processing Centre (CPC). Sanction letters were handed over
to eligible farmers at various locations across the country, the
statement said.
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| As on 12 Oct, 2024 |
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