The signing ceremony featured prominent officials including Shri. Ashok Kumar Pathak, Chief General Manager of Bank of India, and Neeraj Dhawan, Managing Director (Designate) of Tata Motors Finance. Other key stakeholders from both organisations also attended, including Anand Bang, COO of Sales & Marketing at TMF, Paras Jha, Business Head of NCV at TMF, and Prashant Bharati, Chief Legal Officer of TMF.
What does it signify?
The co-sourcing framework was developed by the teams at both Bank of India and Tata Motors Finance. This alliance aims to channel promising avenues in commercial vehicle financing, elevating the longstanding relationship between the two entities.
Ashok Kumar Pathak of Bank of India commented on the collaboration, stating, "Bank of India is committed to supporting the various segments of the economy with tailored and targeted financial offerings. Our collaboration with Tata Motors Finance exemplifies this commitment as we work towards co-creating financing solutions that address the specific needs of the Commercial Vehicle industry. By leveraging TMF’s extensive on-ground network and decades-strong market presence, we are confident about further expanding our last-mile reach.”
To enhance financial support
By combining their resources and expertise, the partnership between Tata Motors Finance and Bank of India seeks to enhance last-mile financial support, addressing the specific needs of the commercial vehicle industry. This strategic alliance is anticipated to bring significant improvements in financing accessibility, ultimately driving growth in the sector.
Neeraj Dhawan, Managing Director (Designate) of Tata Motors Finance, shared his enthusiasm for the partnership. "Our collaboration with Bank of India, a trusted brand name in India’s banking space, deeply echoes with our shared commitment to driving financial excellence within the Commercial Vehicle ecosystem," he said. "Given the capital-intensive nature of the commercial vehicle and logistics sector, our collaborative strength opens-up numerous avenues to efficiently address and meet the diverse, recurring funding requirements of the sector.”
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