Mahindra signs MoU with Satpura Narmada Kshetriya Gramin Bank
Standing Left to Right: - Mr. P. K. Gupta, Chairman – SNKGB, Mr. Jacob Varghese, Sr. G.M Sales West Zone – Mahindra & Mahindra Ltd.
May 21, 2012: Mahindra & Mahindra Ltd. (M&M), India’s leading SUV manufacturer, today signed a Preferred Financier agreement with Satpura Narmada Kshetriya Gramin Bank (SNKGB), the largest Gramin bank in Madhya Pradesh. Under the aegis of this tie-up, M&M customers will be able to avail of vehicle finance services from any of the 348+ branches of SNKGB. The MOU was signed by Mr. Devanand Mandgaonkar, General Manager of Satpura Narmada Kshetriya Gramin Bank and Mr. Jacob Varghese, Sr. GM - Sales (West Zone), Mahindra & Mahindra Ltd., in the presence of Mr. S.K. Shrivastava, (Chief Manager) SNKGB and Mr. Naveen Bathla (D.G.M Channel Finance & D.B.D) Mahindra & Mahindra Ltd..
The tie-up will enable both M&M and Satpura Narmada Kshetriya Gramin Bank to leverage on the inherent strengths of each other’s vast network of over 59 dealer outlets and 348+ branches respectively in Madhya Pradesh.
Speaking on the occasion Mr. Devanand Mandgaonkar mentioned, “SNKGB is expanding its operations in commercial and passenger vehicle financing. It has been making niche offerings to its customers and this arrangement with M & M will be one such special initiative. Customers of SNKGB will benefit from this tie-up since they will have privileged access to the specialized services of M&M. SNKGB is coming out with an attractive package for purchasers of M & M vehicles. The Bank will provide loans for purchase of the vehicles at a comparatively low EMI at rates starting as low as 11% for personal products and 12% for commercial products. This partnership will definitely benefit customers.”
Speaking on the tie-up, Mr. Jacob Varghese, Sr. GM - Sales (West Zone), Automotive Division, Mahindra & Mahindra Ltd., said, “At Mahindra, we relentlessly look at options to provide the best schemes to our customers and give them the power of choice. This strategic tie-up is a step in the same direction. Satpura Narmada Kshetriya Gramin Bank offers innovative products and services supported by advanced technologies in the banking sector, at affordable rates. With highly competitive schemes for car loans and commercial vehicles with 80% on-road funding, we are hopeful of a good response from our dealers and customers”
Speaking on the occasion, Mr. Naveen Bathla, DGM - Channel Finance & DBD, Automotive Division, Mahindra & Mahindra Ltd. said “We see great synergy in this tie-up with SNKGB, as this alliance will open up new markets and customers for both the bank and M&M. With an extensive reach of over 348 branches in 20 districts of Madhya Pradesh, SNKGB will help Mahindra reach out to additional customers and address their needs for personal as well as commercial applications. We intend to roll-out the tie-up by conducting Dealer – Branch Manager Meets in all the districts in a short span of time and thus, optimize the benefit from this partnership.”
About The Mahindra Group
The Mahindra Group focuses on enabling people to rise. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. Mahindra has a presence in the automotive industry, agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers.
A US $14.4 billion multinational group based in Mumbai, India, Mahindra employs more than 144,000 people in over 100 countries.
In 2011, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. Dun & Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its list of India’s Top 500 Companies. In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow.
In 2011, Mahindra acquired a majority stake in Korea’s SsangYong Motor Company.
For further information, please visit www.mahindra.com
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For further enquiries please contact:
Ms. Roma Balwani
Senior VP & Group Head - Corporate Communication
Mahindra & Mahindra Ltd
Phone: (+91-22) 24975176
Email: balwani.roma@mahindra.com
About Satpura Narmada Kshetriya Gramin Bank
SNKGB is a reputed public sector Regional Rural Bank sponsored by Central Bank of India which provides a wide range of banking services and financial products including, inter alia, finance for purchase of motor vehicles. SNKGB has a large network comprising of over 348 branches in 20 districts of Madhya Pradesh, i.e. Chhindwara, Seoni, Betul, Mandla, Balaghat, Dindori, Shahdol, Umaria, Anooppur, Hoshangabad, Raisen, Harda, Ratlam, Mandsaur, Neemuch, Gwalior, Bhind, Morena, Datia, Sheopur.
Please visit www.snkgb.co.in
For further enquiries please contact:
Name: Mr. Sunil. Shrivastava
Designation: Chief Manager
Satpura Narmada Kshetriya Gramin Bank
Phone: 07162- 247485
E-mail: snkgb_credit@rediffmail.com