J&K Bank, Maruti Suzuki India ink MoU for inventory funding to authorised dealers

Jammu, Jan 25: Jammu and Kashmir Bank today signed a Memorandum of Understanding (MoU) with Maruti Suzuki India Limited (MSIL) under a Supply Chain Finance arrangement that will allow the Bank to finance MSIL's authorised dealers against some or all of their inventory.

This tie-up will empower 4000 Maruti Suzuki sales outlets across the country with a comprehensive inventory funding option through J&K Bank for their working capital requirements.

Co-chaired by Bank's MD & CEO Baldev Prakash and MSIL's Senior Executive Officer Marketing & Sales Shashank Srivastav, the MOU signing ceremony held at Zonal Office Jammu witnessed General Manager Ashutosh Sareen signing the papers on Bank's behalf while Head Marketing Finance Rohit Kohli put in his signatures for MSIL in presence of Bank's Executive Director Sudhir Gupta, General Managers, Divisional Heads, Zonal Heads, Cluster Heads, marketing teams besides senior officials of the Bank with some of them joining the event through video-conferencing. MSIL’s General Manager Vishal Sharma, Commercial Business Head (Area North Zone) Muneesh Bali, Commercial Business Heads (NEXA) Vivek Anand and Aman Mehra from Maruti Finance were also present on the occasion.

On the occasion, J&K Bank MD & CEO and MSIL's Senior Executive Officer Marketing jointly launched J&K Bank's pre-approved personal loans for car finance facility through Maruti Suzuki Smart Finance (MSSF) portal. The tie-up between the two organisations will provide vehicle purchasers J&K Bank as a financier in their options through MSSF portal.

Commenting upon the tie-up, MD & CEO Baldev Prakash said, "As the premier financial institution of J&K and Ladakh, we are delighted to partner with Maruti Suzuki India Limited (MSIL) - one of the leading car manufacturers in the country. The MoU is surely a big and well-deliberated step towards providing vital inventory funding support to Maruti Suzuki's extensive dealer network seamlessly across the country, reinforcing our dedication to empowering businesses through innovative financial products. The introduction of robust inventory funding mechanism will surely ensure proper end use of funds as well.”

“And for us this partnership is very strategic because while being a win-win for both the partners, it reflects and reinforces our commitment towards facilitating customer convenience and fuelling business growth across our operational geographies", he added. While terming the tie-up as one of the steps towards digitization of services, he stated that Bank's integration with MSSF portal will bolster inventory funding and car finance portfolios not only in UTs of J&K and Ladakh but in Rest of India as well.