VMPL
NEW DELHI, INDIA, 7 OCTOBER: Tata Motors Finance (TMF), one of India’s leading auto finance companies, and Bank of India have agreed to strengthen financing as part of a larger collaboration. The two companies entered into a strategic joint procurement agreement. Providing accessibility to commercial vehicle owners and fleet operators nationwide.
This joint procurement arrangement leverages the strengths and capabilities of both entities and facilitates a faster, more efficient and more reliable customer experience for last-mile end users across all commercial vehicle segments.
The MOU signing ceremony was attended by prominent stakeholders including Ashok Kumar Pathak (Chief General Manager, Bank of India) and Neeraj Dhawan, Managing Director (Deputy Secretary), Tata Motors Finance. Mr. Anand Bhan, COO of Sales & Marketing, TMF, was also present. Paras Jha – NCV, Business Head, TMF and Chief Legal Officer, TMF, Prashant Bharati and key stakeholders from both Tata Motors Finance and Bank of India.
Commenting on the development, Mr. Ashok Kumar Pathak, Principal General Manager, Bank of India, said, “Bank of India is committed to supporting various sectors of the economy through customized and targeted financial product offerings. “We are collaborating with Tata.” Motors Finance embodies this commitment as we leverage TMF’s extensive ground network and decades of strong market presence to jointly develop financing solutions that address the specific needs of the commercial vehicle industry. We are confident that we can further expand the last mile. arrival. “
“Our collaboration with Bank of India, a trusted brand name in the Indian banking industry, resonates deeply with our shared commitment to driving financial excellence within the commercial vehicle ecosystem.” Tata – said Neeraj Dhawan, Managing Director (Designation), Motors Finance. Mr. Neeraj Dhawan expressed his delight at this strategic partnership and further said, “Given the capital-intensive nature of the commercial vehicle and logistics sector, our collaborative capabilities will be able to meet the diverse and recurring financial needs of companies. It will open up many avenues to deal with and meet them efficiently,” he added. sector. “
The joint procurement framework, meticulously developed by both the Bank of India and Tata Motors Finance teams, opens a promising path for commercial vehicle financing and further builds on the long-standing relationship between Tata Motors Finance and Bank of India. It will take it to new heights.
Tata Motors Finance Limited (TMFL) is a leading and preferred financial institution involved in financing Tata Motors’ entire range of commercial vehicles. It is a non-deposit-taking systemically important (ND-SI) NBFC. TMFL is one of the pioneers in vehicle financing, founded in 1957 under a different name. The company has a strong presence across India and operates through its own network of over 400 branches in addition to Tata Motors dealership outlets. TMFL’s business interests are focused on benefiting the parent company and its strategic partners within the Tata Motors ecosystem.
For more information, please visit www.tmf.co.in.
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First published: October 7, 2024 | 4:05 PM IST
