Public sector Indian Bank on Friday said it has partnered with subsidiaries of Tata Motors Ltd to offer inventory financing solutions through its digital supply-chain finance platform.
As part of the collaboration with Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd, the Indian Bank would offer -- inventory financing solutions -- to the authorised dealers for the electric and passenger vehicles division.
Indian Bank Executive Director Ashutosh Choudhury said, "We are delighted to partner with Tata Motors, a leader in the automotive sector. Indian Bank with 5,819 branches and trusted by over 10 crore customers is well positioned to provide solutions to Tata Motors Ltd in its rapid growth journey."
Indian Bank Supply-Chain finance would provide easy access to working capital finance to the dealers of Tata Motors Ltd at favorable terms for driving their business growth, he said.
"We are extremely elated to associate with Indian Bank for this financing programme for our authorised passenger vehicle dealers," Tata Motors Passenger Vehicle Ltd Vice President Ramesh Dorairajan said.
The signing of the MoU is yet another big step by Indian Bank towards improving facilitation for micro, small, and medium enterprises lending through its digital SCF platform, the statement added.
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