Karnataka Vikas Grameen Bank (KVGB) has entered into a memorandum of understanding (MoU) with Piaggio Vehicles for providing financial support for the purchase of vehicles in diesel, CNG and electric variant models under the bank’s ‘small road transport operators’ (SRTO) scheme.
P Srinivasa Rao, General Manager (Advances) of KVGB, and Arghadip Roy, Finance Head for Piaggio Vehicles Ltd, signed the MoU in the presence of P Gopi Krishna, Chairman, KVGB, at the bank’s head office in Dharwad on Wednesday.
Value addition
Speaking on the occasion, P Gopi Krishna said this initiative is a value addition for customers, and assured hassle-free service at all the 629 branches, particularly in rural and semi-urban/urban areas, where there is abundant potential for gainful employment through financing the auto rickshaws and goods carriers.
He said the bank is in the forefront of offering value-added and innovative retail products and services to its customers. The tie-up with Piaggio is one more step in this direction. At present, the bank has more than 4,600 SRTO accounts with an outstanding balance of around ₹110 crore, he said.
Arghadip Roy said Piaggio Vehicles is one of the leading three-wheeler manufacturing companies having legacy of 20 years in India and more than 500 service dealer networks across the country. The MoU will bring synergy in business development of the parties involved and will help pool resources to promote market for vehicle and make accessible organised finance and best class of services to customers in the region, including semi-urban and rural areas, he said.