Srinagar, Apr 08: In a move aimed at promoting mechanization in agriculture and providing accessible financing to farmers across the country, J&K Bank Tuesday signed a Memorandum of Understanding (MoU) with Escorts Kubota (P) Ltd (EKL) – a leading manufacturer and supplier of agricultural machinery, including hydraulic mobile cranes, earth-moving equipment, farm tractors and engines.
Deputy General Manager (Agri/MSME) Rakesh Magotra signed the MoU on behalf of J&K Bank during a brief ceremony at the Bank’s corporate headquarters, while General Manager Kamlesh Yadav represented Escorts Kubota Ltd at the event that was also attended by all J&K-based dealers of EKL.
By virtue of the MoU, the Bank will be one of the preferred financiers (on a non-exclusive basis) for customers purchasing farm equipment from EKL. Notably, customers availing finance through J&K Bank will be eligible for an upfront discount of Rs 15,000 on all tractor models of Escorts Kubota Ltd.
Commenting on the development, the Bank’s General Manager (Credit) Ashutosh Sareen said, “This tie-up with EKL reflects our commitment to empower our farming community by enabling easier access to farm equipment financing through tailored solutions. Our aim is to provide all the necessary financial support to the agriculture sector especially in J&K, which is perfectly aligned with the Government’s strong focus on agricultural development and improving the farmers’ incomes.”
Speaking about the agreement, Whole-time Director & CFO (EKL) Bharat Madan stated, “This alliance with J&K Bank reinforces Escorts Kubota’s dedication to providing farmers with accessible and cost-effective credit solutions. By making financing simpler, we aim to support rural growth and strengthen the agricultural sector in India.”
In his remarks on the alliance, Chief Officer (Tractor Business Division – EKL) Neeraj Mehra said, “Beyond credit, this initiative enables farmers to adopt modern equipment suited to enhance productivity of their operations. Further, J&K Bank’s vast network ensures credit flows to even the most remote fields, strengthening farmer resilience, especially in regions like Jammu & Kashmir, where easier access can unleash lasting agricultural growth for the state.”
Speaking on the occasion, DGM (Agri/MSME) Rakesh Magotra added, “We have always strived to ensure that our customers benefit from our collaborations with reputed companies. Our tie-up with Escorts Kubota Ltd is aimed at not only offering hassle-free credit support to farmers but also enabling them to avail the direct financial benefit of discounts being provided by the company.”
Through this partnership, J&K Bank and EKL aim to support farmers in their journey towards modernization and increased farm productivity by providing easy, affordable financing solutions.
