J&K Bank renews MoU with Piaggio

Borrowers from J&K and Punjab to get free vehicle registration

Srinagar, Mar 15: Jammu & Kashmir Bank today renewed the MoU with M/s Piaggio Vehicles Private Limited (PVPL) – India’s leading manufacturer of small commercial vehicles – for three more years to finance all its variants and models.

Deputy General Manager (Corporate Banking/MSME) Nishikant Sharma signed the MoU on behalf of the Bank, while as representing Piaggio, Associate Vice President (Retail Finance and Inventory Funding) Neelesh Arya inked the papers in presence of senior officers from both the organizations besides few authorized dealers of Piaggio here at the Bank’s Corporate Headquarters. As per the tie-up, PVPL shall extend preferential treatment to the Bank’s customers in J&K and Punjab by offering them free registration of the Vehicles.

Speaking on the occasion, DGM Nishikant Sharma said, “This is another J&K Bank’s initiative to facilitate the affordable and hassle-free credit to the people across our areas of operations especially to those belonging to rural and urban areas in our core geography.”

“Our mutual belief in the higher standards of customer service has resulted in the renewal of this agreement”, he added.

In his comments AVP Neelesh Arya remarked, “Under the strategic collaboration between J&K Bank and PVPL, the vehicle registration of Bank’s clients in J&K and Punjab will be free. Besides, the EMI’s and down payment will become more affordable for Piaggio customers as they can earn and save more owing to the interest rates lower than NBFC’s”,

On the occasion both the signatories expressed the hope that the MoU will bring synergy in the business development of both the companies and will help pool resources to achieve the mutually beneficial objectives.

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