CashNews.co
Tata Motors Finance (TMF) on Monday announced that it has joined forces with Bank of India, by entering into a strategic co-sourcing agreement aimed at enhancing financing accessibility for commercial vehicle owners and fleet operators across the country.
“The co-sourcing arrangement will capitalize on the strengths and capabilities of both entities, facilitating a quicker, more efficient, and reliable customer experience to last mile end-users of all commercial vehicle segments,” the company said.
The MOU signing ceremony was attended by officials, including Ashok Kumar Pathak, Chief General Manager, Bank of India, and Neeraj Dhawan, Managing Director (Designate), Tata Motors Finance. Also present were Anand Bang, COO, Sales & Marketing, TMF; Paras Jha, Business Head – NCV, TMF, and Prashant Bharati, Chief Legal Officer, TMF, along with other key stakeholders from both Tata Motors Finance and Bank of India.
Piramal Finance plans to diversify lending portfolio
Ampverse Group launches Ampverse Pulse to engage gaming communities across Southeast Asia, India, and MENA
Creeping acquisitions, deals aimed at gaining control of startups to face CCI scrutiny
Banks chase quick profits by selling IPO shares fast
Ashok Kumar Pathak, Chief General Manager, Bank of India, said, “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.”
Neeraj Dhawan, Managing Director (Designate), Tata Motors Finance, said, “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. 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.”
The co-sourcing framework is set to channel promising avenues in commercial vehicle financing, further elevating the longstanding relationship between Tata Motors Finance and Bank of India to newer heights.