Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
21 October, 2018 08:50 IST
State Bank of India, Escorts sign MoU for financing tractors
Source: IRIS | 23 Oct, 2017, 04.54PM
Comments  |  Post Comment

State Bank of India (SBI) signed an agreement with Escorts to finance farmers for purchase of Escorts Tractors.
S. Adikesavan, Chief General Manager, Agri Business Unit, SBI, said, ''Farm mechanization is essential for sustaining agricultural growth especially in the context of diminishing agricultural labour. However, large communities of small and marginal farmers are still not in a position to take full benefit of farm mechanization because of lack of awareness, low availability of finance, fragmented land holding etc. As a result of our tie-up with Escorts Limited, a large number of small and marginal farmers will have access to necessary finance for the purchase of heavy duty tractors. SBI has an extensive network that allows us to reach rural borrowers in every corner of India.''
SBI, with a 211 year history, is the largest Public Sector Bank (Q,N,C,F)* in India, which provides a wide range of banking services and financial products in every sector. SBI has an extensive network presently comprising of over twenty four thousand branches across India and serves over 10 million rural customers.
SBI has deep rooted relationships with the farmer community and has an extensive portfolio in Agriculture Banking with over 500 products, specially designed to benefit farmers and other rural borrowers. 
The aim of the tie-up with Escorts Limited is to promote, market and make accessible, organized finance facility, with superior features, at competitive interest rates to Farmers across the country who wish purchase POWERTRAC and FARMTRAC Tractors manufactured by Escorts. 

Shares of the bank gained Rs 3.25, or 1.34%, to settle at Rs 245.75. The total volume of shares traded was 504,363 at the BSE (Monday).

Comments Post comment 
 Post Comment
Name Email
Security Code type    into this box
Company Update
Lupin's Pithampur unit-3 inspected by USFDA - 19-Oct-2018 16:01
Surya Roshni bags order worth Rs 503.4 mn - 19-Oct-2018 11:22
Glenmark Pharma to present data on investigational treatment for Atopic Dermatitis - 19-Oct-2018 09:55
Zydus Cadila receives tentative approval for Colchicine tablets - 18-Oct-2018 16:21
Ramco Systems partners with Airbus Helicopters SAS - 18-Oct-2018 10:26
ABB secures order worth Rs 1.15 bn from Indian Railways - 18-Oct-2018 10:20
Zydus Cadila gets nod for Clobetasol propionate cream - 17-Oct-2018 15:19
Aurionpro Solutions to acquire majority stake in Singapore based SC Soft - 17-Oct-2018 13:26
Adani Group partners with Total to provide multi-energy offering - 17-Oct-2018 13:16
Sterlite Tech wins Rs 35 bn contract for Indian Navy's digital network - 16-Oct-2018 11:03
Lupin receives tentative approval for generic Lurasidone HCl tablets - 16-Oct-2018 09:42
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer