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Monday, February 22, 2010

SBI to fund TVS Motor Company Dealers

TVS Motor Company has entered into a Memorandum of Understanding (MOU) with State Bank of India (SBI) for inventory funding for its dealers at attractive interest rates. As part of this arrangement, SBI will provide funding to over 600 dealers of TVS Motor Company, across the country. This will enable them to increase their working capital, boost vehicle stocks and consequently enhance retail sales.

This inventory funding program is being run by the “Supply Chain Finance Unit” of State Bank of India and has been made available on an electronic platform for its approved clientele with features such as online fund transfers, online repayment, real time viewing of account status etc. This system considerably reduces transaction time between the bank and its clients.

“This association with SBI, is in line with our overall strategic business plan towards strengthening the working capital of our dealers. Their access to such funds at attractive interest rates will help them in growing their dealership and offer better retail services to the customer” said President (Marketing), TVS Motor Company, H S Goindi.

“Through the signing of an MOU with TVS Motor Company, State Bank of India has made inroads into the two wheeler industry and this is a realization of yet another accomplishment of our overall strategy to step up loan disbursals under Supply Chain Fiannce and garner a significant market share” said Manas Kumar Nag Chief General Manager - SME (BU), State Bank of India.

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