In a major collaborative move, Tata Motors Finance (TMF), one of automotive financiers, and Bank of India, have joined forces 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 capitalise 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 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.
Commenting on this development, Ashok Kumar Pathak (Chief General Manager) - Bank of India, shared his thoughts, he 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.”
The co-sourcing framework, meticulously developed by both teams at Bank of India and Tata Motors Finance, is set to channel promising avenues in Commercial Vehicle financing.
Neeraj Dhawan, Managing Director (Designate), Tata Motors Finance. Expressing his delight on this strategic partnership, further added, “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.”
