Omega Seiki Mobility (OSM) has announced the formalization of a Memorandum of Understanding (MoU) with Punjab National Bank (PNB). This strategic partnership signifies OSM’s commitment to facilitating streamlined vehicle inventory funding for its dealer partners, while concurrently extending comprehensive retail financing solutions to their clientele.
In a display of their resolute dedication to advancing sustainable mobility, Omega Seiki Mobility has already successfully financed 8,000 electric vehicles, amounting to a noteworthy disbursement of INR 350 crores, up to the present date. This substantial investment serves as a testament to their mission of propelling the adoption of electric vehicles across India. Looking forward, the company has set forth ambitious plans to further finance an additional 7,500 electric vehicles, with a cumulative value of INR 300 crores, over the course of the ensuing three years.
Enabling affordable and inventive financing solutions for both rural and urban customers plays a pivotal role in driving the widespread adoption of electric vehicles (EVs) and advancing sustainable mobility within the industry. The importance of cost-effective and innovative financing options cannot be overstated, particularly in fostering the growth of EVs in both rural and urban contexts. In rural areas, the availability of dependable and economical transportation is crucial for socio-economic advancement. The collaboration between Omega Seiki Mobility and Punjab National Bank has strategically placed emphasis on making electric vehicles accessible to these communities. This includes not only the vehicles themselves but also localized charging infrastructure.
By doing so, rural areas gain access to cleaner and more efficient transportation options, sparking positive transformations such as emission reduction, lowered operational expenses, employment generation, improved livelihoods, and additional income streams for riders, all contributing to socio-economic progress. Concurrently, in urban settings, financing solutions address the environmental concerns of city dwellers. Making electric vehicles financially viable by reducing interest rates for financing broadens the scope of electric mobility adoption. This, in turn, supports India’s overarching sustainable development objectives.
This joint initiative by OSM and PNB contributes to a cleaner urban environment and aligns with the nation’s sustainable goals. In addition, this collaboration aims to penetrate further into the EV ecosystem, enhancing the impact and reach of electric mobility across various segments of society.
Mr Uday Narang, Founder and Chairman of Omega Seiki Mobility, expressed his vision for this transformative partnership, “Today marks a significant milestone as Omega Seiki Mobility joins hands with Punjab National Bank to reshape the landscape of electric mobility financing. This partnership is not just about numbers; it’s about fostering a profound shift in how we perceive and access sustainable transportation. Our mission is clear: we aim to provide more than just financing options; we’re building a bridge to a greener, more inclusive future for every Indian. As we tap into the extensive network of Punjab National Bank’s branches across the nation, we’re expanding the horizons of electric vehicle ownership. This partnership doesn’t merely enable transactions; it’s about empowering individuals, families, and communities. It’s about giving wings to aspirations and turning them into reality.”
“Electric mobility isn’t limited to urban centres; it’s a transformative force that can uplift the lives of millions in rural India. By prioritizing access to electric three-wheelers, we are empowering rural India with cleaner, more efficient transportation options and generous earning potentials. We envision a future where electric vehicles become catalysts for positive social change, driving socio-economic development and reducing our carbon footprint.” Added Mr. Narang
Commenting on the Partnership Mr. Amitabh Rai, DGM- MSME, Punjab National Bank said, “Punjab National Bank has teamed up with Omega Seiki Private Limited (OSPL) to offer seamless financing options for electric 3-wheelers! to provide eco-friendly mobility solutions. In this regard, a Memorandum of Understanding (MoU) was signed on 20/07/2023 at PNB HO: Dwarka by Sh. Amitabh Rai (DGM -PNB) & Sh. Udaychandra (Director, OSPL) aimed at providing seamless financing solutions for electric 3-wheelers and cargo loaders. PNB customers can now access exclusive and affordable financing options for electric 3-wheelers (Both passenger & cargo loaders) from Omega Seiki Mobility.”
The collaboration between Omega Seiki Mobility and Punjab National Bank not only ensures seamless financing solutions for customers but also makes substantial strides towards achieving India’s sustainable development objectives. By synergizing their knowledge and assets, this partnership is poised to invigorate the electric vehicle market and shape a more ecologically conscious, cleaner, and sustainable trajectory for transportation in the country. With a forward-looking perspective, both entities are dedicated to cultivating an environmentally accountable ecosystem while simultaneously spurring economic advancement. This alliance not only empowers customers by facilitating the realization of their aspirations for electric mobility but also occupies a crucial role in advancing the nation’s overarching sustainable development agenda.
Mr Rakesh Ranjan, Head of Retail Finance at Omega Seiki Mobility, highlighted the significance of the partnership, “Embracing the synergy between sustainable innovation and financial empowerment, the Memorandum of Understanding between Omega Seiki Mobility and Punjab National Bank ushers in a transformative era of eco-friendly mobility, where intellect and conscience converge to drive the wheels of progress towards a greener and more inclusive tomorrow. Our mutual endeavours to empower customers through seamless access to finance for electric vehicle purchases create a unique and unprecedented proposition, fostering a robust ecosystem for electric mobility adoption. As we look ahead, our collective pursuit extends beyond mere commercial success. We envision a future where electric mobility transcends mere transportation and becomes a catalyst for positive social change. In synergy with Punjab National Bank, we aspire to empower rural India with cleaner and more efficient transportation options, propelling socio-economic development and reducing carbon footprints.”
Omega Seiki Mobility and Punjab National Bank stand united in their determination to drive a profound positive change, poised to establish an unprecedented benchmark for sustainable mobility in India. This potent collaboration doesn’t solely aim at crafting a cleaner and greener future; it’s an inspiration for other entities to rally behind, forging a collective commitment to an environmentally-conscious and financially viable trajectory. This visionary partnership embodies shared values harmonizing with technological ingenuity and financial inclusiveness, blazing a trail towards an ecologically sound, prosperous, and all-inclusive India.
Omega Seiki Mobility has forged strategic alliances with respected financial institutions such as IDFC and Indian Bank, in addition to notable NDFC (Non-Banking Financial Company) partners like Ecofy, Rise Wise Capital, AMU Leasing, Paisa Lo Digital Limited, Shri Ram Finance, Wheels EMI, Three Wheels United, Vidyu Tech, and others. These partnerships cater to both Retail and Captive Customers of OSM, creating a comprehensive network. These affiliations facilitate streamlined access to financing with competitively favorable interest rates. Through meticulously designed arrangements, customers enjoy personalized, secure, and responsive financial solutions tailored precisely to their distinct needs. These services are accessible through a diverse array of channels, ensuring a convenient experience. This collaboration not only strengthens existing banking relationships but also empowers financial institutions to expand their outreach, thus serving a wider audience and contributing to broader financial inclusion initiatives.