Srinagar, Mar 22: With a view to translate J&K’s quest for infrastructural boom into reality, J&K Bank signed a Memorandum of Understanding (MoU) with JCB India Ltd, a leading infrastructure equipment manufacturer company of India, at Bank’s Corporate Headquarters, here today.
 R K Shah, Bank’s Vice-President for Strategy & Business Development signed the agreement on behalf of the J&K Bank while Ramesh Dorairajan, JCB India’s Vice-President for Equipment Finances put in his signatures on behalf of JCB India in presence of Tafazal Hussain, Bank’s President.
 Speaking on the occasion R.K Shah said, “We are very glad to be associated with JCB India and hope this collaboration helps reach aspiring buyers across the state.”
 Stating that the agreement would work like a catalyst in infrastructural growth of the Jammu and Kashmir, Shah informed that the Bank would be extending the finance to JCB equipment buyers under “JK Bank Construction Equipment Finance”, a highly custommized and hassle-free product.
 The nearest branch of the bank will promptly process the application and disburse the loan within 72 working hours, he added.
 In his presidential address Tafazal Hussain said that the purpose of entering into such tie-ups was to realise the vision of J&K Bank to see J&K evolve as a highly developed and economically self reliant state.
  “J&K Bank, committed to state’s development, wants to be part of every success story being encrypted on the financial landscape of the state by employing its resources and utilising its massive branch network,” Tafazal added.
 According to the MoU, dealers of JCB India would apprise prospective JCB customers about the advantages and soft terms of finance available through the J&K Bank and shall help them in applying for it. The tie-up will cover over 53 JCB dealers and over 580 branches of J&K Bank across the country.
 Ramesh Dorairajan while speaking on the occasion said “I am very happy and confident that this collaboration with J&K Bank will enhance JCB equipment sale in the State. We approached J&K Bank keeping in mind retail buyers who constitute a large proportion of sales and hail from different areas in the State. This segment of buyers will play a big role in reviving the economy and with the help of J&K Bank’s huge network these customers will have access to easier finance.”

Lastupdate on : Tue, 22 Mar 2011 21:30:00 Makkah time
Lastupdate on : Tue, 22 Mar 2011 18:30:00 GMT
Lastupdate on : Wed, 23 Mar 2011 00:00:00 IST