SBI signs MoU with Escorts for tractor financing
23 Oct 2017 5:34 PM GMT
Mumbai: The State Bank of India (SBI), the country's largest public sector lender, on Monday said it has signed an agreement with Escorts Ltd to finance farmers for purchase of Escorts tractors.
The aim of the tie-up with Escorts is to promote, market and make accessible, organised finance facility, with superior features, at competitive interest rates to farmers across the country, who wish purchase Powertrac and Farmtrac tractors manufactured by Escorts, a statement issued here said.
Farm mechanisation is essential for sustaining agricultural growth especially in the context of diminishing agricultural labour. However, large communities of small and marginal farmers are still not in a position to take full benefit of farm mechanisation because of lack of awareness, low availability of finance, fragmented land holding etc.
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