JCB, Karnataka Bank tie-up for equipment financing biz

Karnataka Bank has signed a memorandum of understanding (MOU) with JCB India, a leading manufacturer of earthmoving and construction equipment in India. The tie-up arrangement with JCB India is expected to boost the lending avenues under the Bank’s MSME portfolio. Under this MoU, JCB will be nominating Karnataka Bank as its finance partner where Individuals/contractors/company/partnership firms/LLP, etc., can avail loans from the bank at competitive interest rates for purchasing a wide range of world-class equipment from the product line of JCB India. Speaking after signing the MoU, Mahabaleshwara MS, Managing Director and CEO, Karnataka Bank, said, “In line with our focus on credit growth, the Bank is at the forefront of financing MSMEs and we are indeed delighted to have signed an MoU with JCB as they mirror similar values of excellence, integrity and sustainable development. Our Bank is providing various finance schemes for the purchase of machinery/equipment to our customers with an attractive rate of interest and speedy sanction of loans through a digital platform. At Karnataka Bank, we are strongly committed to providing attractive finance schemes through collaborations of this kind.” Present on the occasion were Balachandra YV, Chief Operating Officer; Gokuldas Pai, Chief Business Officer; Vinaya Bhat PJ, General Manager, Credit Marketing; Ravichandran S, General Manager, Credit Sanctions Department; other executives of Karnataka Bank, and senior officials of JCB India. Speaking at the Occasion, Deepak Shetty, CEO and Managing Director of JCB India, said, We are delighted to have signed this memorandum of understanding with Karnataka Bank for the financing of JCB machines for our customers. With the government's focus on infrastructure development continuing to remain strong, there will be various opportunities to create synergies between the teams from JCB India and Karnataka Bank. But more importantly, it will give greater financing options to our customers while purchasing JCB machines both in urban and rural India.”