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19 January, 2018 03:24 IST
State Bank of India, Escorts sign MoU for financing tractors
Source: IRIS | 23 Oct, 2017, 04.54PM
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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).

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