J&K Bank Signs MoU with VE Commercial Vehicles Ltd

Business Reporter

Srinagar – J&K Bank reached an agreement with VE Commercial Vehicles Limited (Joint venture between Volvo group and Eicher Motors) to finance its commercial vehicles in India.

The Memorandum of Understanding (MoU) was signed by the Bank’s President (S&BD) S K Bhat and G Sekar, who is Senior Vice President, Sale and Marketing, VECV at Bank’s Corporate Headquarters here in presence of Bank’s Executive President (EP) Tafazal Hussain, Vice President Rajni Saraf and other officers.

Present on the occasion EP Tafazal Hussain said, “The purpose of entering into such tie-ups is to realize the vision to see the state evolve as a highly developed and economically self-reliant state”.

After putting in his signatures S K Bhat Said “We are very glad to be associated with VE Commercial Vehicles Limited and hope this collaboration helps us to reach aspiring buyers of commercial vehicles across the state,”

G Sekar said, “In our quest for deeper engagement with our customers, we are privileged to partner with J&K bank to market and make accessible organized finance facility through its extensive distribution network especially across the state.”

However, the Bank’s heritage and pan-India reach will match VECV’s philosophy and objective of attempting to reach & help customers across the length & the breadth of the country, he added.

The finances would be available at competitive interest rates to customers across the country including semi urban and rural areas.

The benefits of this agreement would further percolate down in terms of reaching out to customers wherever there is a Business Unit of J&K Bank.

J&K Bank and VECV will undertake effective and appropriate promotional activities with respect to the competitive innovative schemes and packages for financing vehicles on an on-going basis.

J & K Bank will be one of VECV’s preferred financiers for financing customers for purchasing its vehicles. The Preferred Status to the Bank will mean working in close co-ordination with VECV dealers for generating commercial vehicle business and also using each other’s customer data base and premises for sales promotion activities.

VECV is eying to double its sales volume from existing 300 vehicles in the current financial year though proactive support from J&K Bank

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