J&K Bank signs MoU with JCB India to provide infra machinery
Jammu and Kashmir Bank today said it has signed a memorandum of understanding (MoU) with JCB India Ltd, a leading infrastructure equipment manufacturer company, to provide latest infrastructure development machinery in the state on soft loan terms.
March 22, 2011 / 21:30 IST
Jammu and Kashmir Bank today said it has signed a memorandum of understanding (MoU) with JCB India Ltd, a leading infrastructure equipment manufacturer company, to provide latest infrastructure development machinery in the state on soft loan terms.
J&K Bank Vice-President (Strategy and Business Development) RK Shah signed the agreement on behalf of the Bank, while JCB India Ltd Vice-President (Equipment Finances) Ramesh Dorairajan was the signatory on behalf of JCB India Ltd."We are very glad to be associated with JCB India and hope this collaboration helps reach aspiring buyers across the state," Shah said after signing the MoU at the bank's Corporate Headquarters.Asserting that the agreement would work like a catalyst in infrastructural growth of the Jammu and Kashmir, Shah said the bank would be extending the finance to JCB equipment buyers under J&K Bank Construction Equipment Finance scheme.The bank branches have been directed to promptly process the applications and disburse the loan within 72 working hours, he added.J&K Bank President Tafazal Hussain, who was also present at the function, said the purpose of entering into such tie-ups was to realise the vision to see the state evolve as a highly developed and economically self-reliant state."J&K Bank, committed to state''s development, wants to be part of every success story being encrypted on the financial landscape of the state, by employing its resources and utilising its massive branch network," Hussain added.Dorairajan said: "The collaboration with J&K Bank will enhance JCB equipment sale in the State. We approached J&K Bank keeping in mind retail buyers who constitute a large proportion of sales and hail from different areas in the State.This segment of buyers will play a big role in reviving the economy and with the help of Bank's huge network these customers will have access to easier finance." Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
