May 21, 2024
Axis Bank, one of the leading private sector banks in India signed a Memorandum of Understanding (MOU) with VST Tillers Tractors Limited (VST), India’s leading farm equipment manufacturer, to offer financial solutions to the farmers for purchasing tractors and farm mechanisation products. As per the agreement, Axis Bank will provide financial solutions to VST’s prospective customers through its extensive network of 5370+ branches spread across geography.
The MOU was signed by Mr. Rajesh Dhage, Business Head of Farm Mechanization, Axis Bank, and Mr. Antony Cherukara, CEO of VST Tillers Tractors Ltd in the gracious presence of Mr. Ramasawmy Gopalakrishnan, Head - Retail Assets for Bharat Banking, Axis Bank, and Mr. V T Ravindra, Managing Director of VST Tillers Tractors Ltd.
Axis Bank will leverage its extensive footprint to reach out to the farmer community to ensure that they have an easy access to credit facility for adapting farm mechanization. This partnership will enable farmers to avail hassle-free, affordable, and flexible credit facilities to transform the agricultural sector. The Bank will offer flexible repayment options, swift sanctions, and special benefits on EMI options to encourage the farmers to opt for adapting farm mechanization.
Mr. Munish Sharda, Executive Director and Head – Bharat Banking, Axis Bank, said, “It has been our constant endeavour to engage and empower rural communities and marginal farmers by providing them with the most suitable financial solutions. By partnering with VST Tillers & Tractors, we have combined forces to address various financial challenges faced by these communities, while encouraging them to adopt effective farming techniques. As we strengthen our alliance with numerous partners and pioneers from rural India, we are confident of making a positive and meaningful impact in the lives of millions of farmers across the nation.”
Speaking on the occasion of signing the MOU, Mr. Antony Cherukara, CEO, VST Tillers Tractors Ltd. said, “We are delighted to partner with one of the leading banks in the country and make our innovative farm equipments more accessible and affordable to farmers. Our partnership is aligned with our joint goal of enabling farmers in rural India to mechanize farming and thereby increase productivity. At VST, it is our constant endeavour to facilitate the ease of farming, by bringing down the overall time and cost of farming and improving output and farm income. We are sure that this MoU will especially help small and marginal farmers in availing hassle-free credit facilities for buying our products.”
Both organizations share a common vision of empowering farmer community by providing hassle-free solutions and encouraging entrepreneurship in the agricultural sector. Axis Bank will offer easy finance options, with minimal documentation, to encourage farmers to adopt innovative techniques for enhancing their productivity and thereby, increase their income. This collaboration is an important step towards supporting and empowering the agricultural sector.
