Tata Motors inks MoU with J&K Bank to reach out to CV buyers

Intended for boosting its CV sales in the state of Jammu and Kashmir, Tata Motors ties up with J&K bank to facilitate the purchase of commercial vehicles in the state.

By Autocar Professional Bureau

16 May 2019

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L-R: Syed Shafat Hussain Rufai, vice president, J&K Bank and R T Wasan, vice president, marketing and sales, CVBU, Tata Motors during the MOU signing

In a bid to increase sales in Jammu & Kashmir, Tata Motors’ commercial vehicle unit has inked an MoU with the Jammu and Kashmir Bank to offer retail finance solutions for its entire range of cargo and passenger carriers.

J&K Bank, founded in 1938, has a large presence with over 1,000 branches, spread across the country. It functions as a universal bank in Jammu and Kashmir. With the launch of ‘Digital India’ campaign, J&K Bank has moved most of its products on customer-centric technology platforms and has developed a leading edge in playing a significant role in the retail banking space.

Signing the MoU, R T Wasan, vice president- sales and marketing, CVBU, Tata Motors, said, “This is a welcome partnership between two organisations who have a similar culture of contributing to society which will hugely benefit the customers particularly in J&K. We are absolutely confident that this will help us increase our reach in the state of J&K and help us serve our customers in an efficient and delightful manner.”

Parvez Ahmed, chairman and CEO of J&K Bank, said, “We are delighted to join hands with Tata Motors and have aligned our organisation structure, processes and systems to bring about an accelerated growth in the retail banking space. This MoU will help us to generate wonderful employment opportunities in J&K and other parts of the country.”

Tata Motors' commercial vehicle portfolio comprises end-to-end smart transport solutions starting from sub-1 tonne, going upto above 55 tonnes vehicles in cargo and construction applications. The company, which also has a passenger vehiicle range, has one of the widest sales and service distribution network of 3,798 touchpoints in India. In J&K, Tata Motors claims to enjoy an 81 percent market share in trucks and plans to further extend its share through this new connect with the J&K Bank.

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