Union Bank of India and Maruti Suzuki India Ltd join hands for Inventory Funding

TBB BUREAU

MUMBAI, FEB 27, 2024

Union Bank of India today announced the signing of a Memorandum of Understanding (MoU) with Maruti Suzuki India Limited for Inventory Funding. The MoU was executed at the Bank’s Headquarters in Mumbai in the presence of dignitaries from Union Bank of India and Maruti Suzuki India Ltd.

Union Bank of India will offer a comprehensive range of products through a digital journey in a fully automated platform, supporting dealers through its wide network. The bank will provide Inventory Funding options for working capital requirements to Maruti Suzuki Dealers covering their sales outlets across the country.

Speaking on the occasion, Union Bank of India MD & CEO A Manimekhalai said, “As one of the largest Public Sector Banks, we are delighted to partner with Maruti Suzuki India Limited (MSIL) – the leading car manufacturer in the country. The MoU is surely a big step towards providing vital inventory funding support to Maruti Suzuki’s extensive dealer network seamlessly across the country, reinforcing our dedication to empower businesses through innovative financial products. Dealer finance stands as a cornerstone of our commitment to dealerships, offering a suite of tailored financial solutions. We empower dealers to optimize their operations, enhance their competitiveness, and unlock new growth opportunities by providing timely access & flexible financing options.”

Speaking on the partnership, Maruti Suzuki India Limited Senior Executive Officer (Marketing & Sales) Shashank Srivastava said, “As a company, we take pride in the robust dealer network which truly forms the bedrock of our business. We are committed to supporting our dealers in ensuring their readiness as per evolving customer and market needs. Our collaboration with Union Bank of India will focus on innovative financing solutions for inventory funding for our dealer partners. This strategic alliance reinforces our long-term association with Union Bank of India, leveraging the strength of both the MSIL and Union Bank of India to offer tailored retail finance products and end-to-end working capital solutions, thus marking a significant milestone for both the organizations.”