Construction Industry News
Karnataka Bank has signed a Memorandum of Understanding (MOU) with JCB India, a leading manufacturer of earth-moving and construction equipment in India. The partnership agreement with JCB India is expected to boost lending under the bank's SME portfolio.
Under this MoU, JCB will nominate Karnataka Bank as its financial partner where individuals/contractors/enterprises/partnerships/LLP, etc., can obtain loans from the bank at competitive interest rates for the purchase of a wide range of world-class equipment the product line of JCB India.
Following the signing of 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 SME financing and we are indeed pleased to have signed an MoU with JCB because they reflect similar values of excellence, integrity and sustainable development.Our bank offers various financing schemes for the purchase of machinery/equipment to our customers through a digital platform with an attractive interest rate and fast repayment of loans.At Karnataka Bank, we are strongly committed to to offer attractive financing arrangements through this type of collaboration.”
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 to finance JCB machines for our customers. The government's focus on developing infrastructure continues to stay strong, there will be several opportunities to create synergies between the teams of JCB India and Karnataka Bank, but more importantly, it will give our customers more financing options when purchasing JCB machines, both urban and rural India."
