Tata Motors, a prominent Indian automotive manufacturer, has partnered with South Indian Bank, a leading private sector bank, to introduce a special initiative for the festive season. This collaborative effort aims to provide an exclusive Electric Vehicle Dealer Financing Program and comprehensive retail financing solutions to cater to all customers’ needs.
The memorandum of understanding (MoU) formalizing this partnership was signed by Mr. Ramesh Dorairajan, Senior General Manager – Network Management & EV Sales at Tata Motors Passenger Vehicles Ltd., and Mr. Praveen Joy, the Head of the Transaction Banking Group at South Indian Bank.
Commenting on the partnership, Mr. Ramesh Dorairajan, Senior General Manager – Network Management & EV Sales, Tata Motors Passenger Vehicles Ltd. said, “Driving EV adoption in India is an integral part of our strategy and we are happy to have collaborators who are aligned to the same. This partnership with South Indian Bank for an exclusive financing program for our authorized electric passenger vehicle dealers is a step forward in this direction. Our dealer partners form an integral part in our journey towards enabling widespread EV adoption in India, and we are positive that this initiative will further allow us to democratize electric vehicles in the country.”
Speaking on this partnership, Mr. Murali Ramakrishnan, MD & CEO, South Indian Bank said, “We are delighted to have associated with Tata Motors to offer a financing program exclusively for their passenger electric vehicle dealers. This program will help the bank to expand its asset base and expand into newer consumer segments. We look forward to continuing our association with Tata Motors with various programs and offers to meet their dealers’ and consumers’ needs.”
Tata Motors has been at the forefront of shaping the Indian automotive industry through innovative initiatives.
Presently, it stands as a trailblazer in India’s e-mobility landscape, boasting an impressive market dominance of 71%. Having produced over 90,000 EVs to date across personal and fleet sectors, Tata Motors continues to lead the way in sustainable transportation solutions.
Renowned for its tech-driven banking approach, South Indian Bank excels in providing a diverse range of digital offerings. Boasting one of the youngest workforces in the national banking sector, the bank’s Vision 2024 is centered around the “6 Cs”: capital, CASA (Current Account Savings Account) growth, cost-to-income optimization, skill enhancement, customer-centricity, and stringent compliance measures.