On January 25, 2024, Maruti Suzuki India Limited (MSIL) revealed the formalization of a Memorandum of Understanding (MoU) with Jammu & Kashmir Bank, marking a significant stride in inventory funding. This strategic collaboration aims to provide extensive inventory funding alternatives for the working capital needs of over 4000 Maruti Suzuki sales outlets nationwide.
The MoU signing ceremony witnessed the presence of key figures, including Mr. Shashank Srivastava and Mr. Vishal Sharma from Maruti Suzuki, alongside Mr. Baldev Prakash, Mr. Sudhir Gupta, and Mr. Ashutosh Sareen from Jammu and Kashmir Bank, along with other senior representatives.
Expressing his views on this partnership, Mr. Shashank Srivastava, Senior Executive Officer of Marketing & Sales at Maruti Suzuki India Limited, emphasized the company’s commitment to supporting its dealers in adapting to evolving market demands. He highlighted that the collaboration with J&K Bank will focus on delivering innovative financing solutions for inventory funding, reinforcing a long-term association to offer tailored retail finance products and end-to-end working capital solutions.
In response, Mr. Baldev Prakash, Managing Director & CEO of J&K Bank, expressed delight in partnering with Maruti Suzuki, acknowledging it as a significant move to provide vital inventory funding support to Maruti Suzuki’s expansive dealer network across the country. He characterized the MoU as a strategic alliance, emphasizing its mutual benefits and commitment to facilitating customer convenience and fostering business growth in operational geographies.
About Maruti Suzuki India Limited, it stands as India’s leading passenger car manufacturer, boasting a network of over 4000 sales and 4700 service outlets. With an extensive product portfolio of 18 vehicles spanning different price ranges, the company holds a strong market presence built on customer trust. Maruti Suzuki operates advanced Research and Development facilities in Rohtak and multiple manufacturing units with an annual production capacity of 22.5 lakh units.
Regarding Jammu and Kashmir Bank (J&K Bank), headquartered in Srinagar, Jammu and Kashmir, it is one of India’s oldest private sector banks, established in 1938. The bank provides a diverse range of retail credit products, including home, personal, education, agriculture loans, trade credit, and consumer lending. With a network of 990+ branches and 1400+ ATMs across 18 states and 4 UTs, as of June 30, 2023, the bank serves a client base exceeding 12 million customers.