Maruti Suzuki India Limited has signed an agreement with the Bank of Maharashtra with an aim to offer inventory financing to its dealers. Under this partnership, the Bank of Maharashtra’s Mahabank Channel Financing Scheme will be providing comprehensive financing opportunities for Maruti Suzuki’s dealer partners across the country.
On this occasion, Shashank Srivastava, Senior Executive Director, Marketing and Sales, MSIL, commented, “We are thankful that this collaboration with Bank of Maharashtra will offer new-age banking and finance solutions for our dealer partners. There is a business requirement to induct more finance partners for dealer inventory funding keeping in mind long-term business requirements and contingencies.”
The Bank of Maharashtra is one of the leading public sector banks. It has its headquarters in Pune. Besides this, there are around 2000 branches of the bank spread across India with the largest network of branches in Maharashtra serving 29 million customers. Through this collaboration, the Bank of Maharashtra will be offering facilities like a vast 2,000 branch network across India, flexible limits, competitive pricing, digitized & real-time transaction, and convenient re-payment tenures, to all the Maruti Suzuki India Limited dealer partners. Basically, this tie-up is going to provide one-stop services under supply chain management.
“We are extremely pleased to partner with MSIL, the largest passenger vehicle manufacturer in India, with an aim to provide enhanced digital lending services to its dealers and thereby produce a great synergistic effect. The tie-up will allow us to further consolidate the business to provide one-stop services under supply chain finance. We are optimistic that this partnership will help in leveraging business opportunities in the MSME category and increase market penetration for MSIL,” as commented by AS Rajeev, Managing Director & CEO, Bank of Maharashtra.