Karnataka Bank partners with JCB India for equipment financing business

18 Jul 2022 , 11:54 AM

Karnataka Bank has signed Memorandum of Understanding (MOU) with JCB India Ltd, a manufacturer of earthmoving and construction equipment in India. The tie up arrangement with JCB India Ltd is expected to boost the lending avenues under the Bank’s MSME portfolio.

Under this MoU, JCB will be nominating Karnataka Bank as its “preferred financier” where in Individuals/Contractors/Company /Partnership firms/LLP etc., can avail loans from the Bank at competitive interest rates for purchasing a wide range of equipment from the product line of JCB India Ltd.

Speaking after signing the MoU, Mahabaleshwara M.S, Managing Director & CEO, Karnataka Bank, said, “In line with our focus on credit growth, Bank is at the forefront of financing MSMEs and we are indeed delighted to have signed MoU with JCB as they mirror similar values of excellence, integrity and sustainable development.

Our Bank is providing various finance schemes for purchase of machineries/ equipments to our customers with attractive rate of interest and speedy sanction of loans through digital platform. At Karnataka Bank, we are strongly committed to provide attractive finance schemes through collaborations of this kind.”

Present on the occasion were Shri. Balachandra Y V, Chief Operating Officer, Shri. Gokuldas Pai, Chief Business Officer, Shri. Vinaya Bhat P J, General Manager, Credit Marketing and other Executives of Karnataka Bank and Mr. Anuj Tomar, AVP – Retail finance Head, Mr A.V Raghunath, Regional Manager – South & Central and Other Executives of JCB India Ltd.

At around 11:56 AM, Karnataka Bank was trading at Rs69.80 per share up by Rs0.65 or 0.94% from its previous closing of Rs69.15 per share on the BSE.