MoU will give a boost to agri business and will help farmers in availing hassle-free credit facilities for buying tractors
In order to boost agriculture finance, state-owned Bank of Baroda (BoB) announced that it has entered into an MoU with Mahindra and Mahindra for tractor finance business.
The lender, through its over 5,000 rural and semi-urban branch network, will provide tractor loan facility to customers of Mahindra and Mahindra.
Vikramaditya Singh Khichi, Executive Director, Bank of Baroda said, “This memorandum of understanding (MoU) will give a boost to agri business and will help farmers in availing hassle-free credit facilities for buying tractors”.
He also added that the tractor financing scheme was first piloted in the UP zone for a year and it has been successful. This is being expanded into 11 zones of the bank. The bank has tied up with Gromax under the Mahindra stable as the preferred brand.
Besides, Khichi said, the bank is focussing on dairy sector self-help groups and farmer producer organisations for expanding the agriculture finance portfolio.
