VST Tillers Tractors and Axis Bank Partner to Provide Financial Solutions for Farmers

On May 21, 2024, VST Tillers Tractors Ltd informed the exchanges that it has partnered with Axis Bank. The company has signed a Memorandum of Understanding (MOU) with Axis Bank to provide financial solutions for farmers purchasing tractors and farm mechanisation products.

According to the agreement, Axis Bank will offer financial solutions to VST’s prospective customers through its vast network of over 5,370 branches nationwide.

As per the MOU, both companies will utilise their expansive footprint to reach out to farmers’ communities to ensure they can access credit facilities for adapting farm mechanisation. This collaboration will help farmers to get affordable, hassle-free, and flexible credit facilities to transform the agricultural sector. Axis Bank will provide swift sanctions, flexible repayment options and special benefits on EMI to enable farmers to opt for adapting farm mechanisation.

The MOU was signed by Mr Antony Cherukara, CEO of VST Tillers Tractors Ltd and Mr Rajesh Dhage, Business Head of Farm Mechanization, Axis Bank, in the 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.

Both organisations share a vision of empowering the farmer community by offering hassle-free solutions and promoting entrepreneurship in the agricultural sector. Axis Bank will provide effortless finance options, with minimal documentation, to enable farmers to adopt innovative techniques to improve their productivity and ultimately increase their income. This partnership is an essential step towards helping and empowering the agricultural sector.

Commenting on this partnership, the CEO of VST Tillers Tractors Ltd, Mr Antony Cherukara, said, “We are delighted to partner with one of the leading Banks in the country and make our innovative farm equipment more accessible and affordable to farmers. Our partnership is aligned with our joint goal of enabling farmers in rural India to mechanise farming and thereby increase productivity. At VST, it is our constant endeavour to facilitate 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.”

The Executive Director and Head of Bharat Banking at Axis Bank, Mr Munish Sharda, 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 Ltd, 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.”

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.