Axis Bank, has signed a Memorandum of Understanding (MOU) with VST Tillers Tractors Limited (VST), a leading farm equipment manufacturer in India. This partnership aims to offer financial solutions to farmers for purchasing tractors and farm mechanization products. Axis Bank will provide these solutions through its extensive network of over 5,370 branches across the country.
The MOU was signed by Rajesh Dhage, Business Head of Farm Mechanization at Axis Bank, and Antony Cherukara, CEO of VST Tillers Tractors Ltd, in the presence of Ramasawmy Gopalakrishnan, Head – Retail Assets for Bharat Banking at Axis Bank, and V T Ravindra, Managing Director of VST Tillers Tractors Ltd.
Axis Bank will leverage its wide-reaching footprint to ensure farmers have easy access to credit facilities for adopting farm mechanization. This partnership aims to provide hassle-free, affordable, and flexible credit options, including flexible repayment plans, swift sanctions, and special benefits on EMI options, encouraging farmers to embrace modern farming techniques.
Munish Sharda, Executive Director and Head – Bharat Banking, Axis Bank, 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, 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.”
Speaking on the occasion of signing the MOU, Antony Cherukara, CEO of VST Tillers Tractors Ltd., said, “We are delighted to partner with one of the leading banks in the country and make our innovative farm equipments more accessible and affordable to farmers. Our partnership is aligned with our joint goal of enabling farmers in rural India to mechanize farming and thereby increase productivity. At VST, it is our constant endeavour to facilitate the 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.”
Both organizations share a common vision of empowering the farming community by providing hassle-free solutions and encouraging entrepreneurship in the agricultural sector. Axis Bank will offer easy finance options with minimal documentation, encouraging farmers to adopt innovative techniques to enhance productivity and increase their income. This collaboration is a significant step towards supporting and empowering the agricultural sector.
