Mahindra & Mahindra signs MoU with Pandyan Grama Bank for Car Loans and Commercial Vehicle Finance

Madurai, May 22, 2012: Mahindra & Mahindra Ltd. (M&M), a part of the USD 14.4 billion Mahindra Group, announced a Preferred Financier agreement with Pandyan Grama Bank (a reputed Regional Rural Bank in the public sector formed under the Regional Rural Bank Act of 1976), today. The Memorandum of Understanding (MoU) was signed by both parties, and will enable M&M customers to avail of vehicle finance services from any of the 200+ branches of Pandyan Grama Bank. The tie-up will enable both M&M and Pandyan Grama Bank to leverage on the inherent strengths of each other’s vast network of 250+ dealerships as well as a 200+ branch network. 

The MOU was signed by Shri M. Xavier Thilagaraj, Chairman of Pandyan Grama Bank and Mr. Atul Sinha, Senior General Manager – Sales, South, Mahindra & Mahindra Ltd.

Speaking on the occasion, Shri Karthikeyan, General Manager, Pandyan Grama Bank, mentioned that those who are in need of commercial vehicle or passenger vehicle finance may contact the nearest branch of the bank for loan assistance.

Mr. Atul Sinha, Sr General Manager – Sales, South, Mahindra & Mahindra mentioned, “Pandyan Grama Bank” is one of the best RRBs in terms of total business. The bank received an award for  ‘Best Performance’ from NABARD and is a pioneer in micro finance and lending to Self Help Groups. Mahindra’s Auto Sector is proud to be associated with a bank of its stature, heritage and respect. With highly competitive schemes for car Loans and commercial vehicles, we are hopeful of a good response from our dealers and customers.”

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.

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About Pandyan Grama Bank

A Regional Rural Bank Established on 9th March 1977, with Head Quarters at Sattur, the bank later shifted to Virudhunagar, Tamil Nadu. Issued and Paid up Share Capital is Rs, 1 Crore, held by the Government of India (50%), the Government of Tamil Nadu (15%) and a Sponsor bank - Indian Overseas Bank (35%) which also  provides management expertise. The primary objective of the Bank is to finance farm and non-farm sectors and other employment generation programs.

PGB is a stand - alone RRB with 213 branches and 5 regional offices and staff strength of 916 across 15 districts of Tamil Nadu. Since its inseption, the bank has continuously recorded a profit.

• Bank has posted net profit of Rs. 36.40 crores after making provisions.
• NABARD has awarded ‘A’ rating to our bank for the best performance.
• Business mix reached Rs. 5772.53 crores, registering a growth of 24.58 %.
• Priority sector advances accounts for 94.41 % of total advances.
• Recovery percentage of advances is 96 %.
• Net NPA continues to be NIL for the ninth year.

NEFT facility introduced during the year.

For further enquiries please contact:

Ms. Roma Balwani                                         

Senior VP & Group Head - Corporate Communication                           

Mahindra & Mahindra Ltd                                           

Phone: (+91-22)24901441                                              

Email: balwani.roma@mahindra.com