In a significant step towards promoting agricultural mechanization and enhancing access to credit for farmers across the country, J&K Bank has recently 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.
The MoU was signed at the bank’s corporate headquarters, with Deputy General Manager (Agri/MSME) Rakesh Magotra representing J&K Bank and General Manager Kamlesh Yadav representing Escorts Kubota Ltd. The signing ceremony was also attended by all J&K-based dealers of EKL.
Under the agreement, J&K Bank will serve as one of the preferred financiers, on a non-exclusive basis, for customers purchasing farm equipment from Escorts Kubota. As part of the partnership, customers availing finance through J&K Bank will receive an upfront discount of Rs 15,000 on all tractor models of Escorts Kubota Ltd.
Commenting on the development, J&K Bank’s General Manager (Credit) Ashutosh Sareen said, “This tie-up with EKL reflects our commitment to empowering the farming community by enabling easier access to farm equipment financing through tailored solutions. Our aim is to provide comprehensive financial support to the agriculture sector, particularly in Jammu and Kashmir, in alignment with the government’s strong focus on agricultural development and improving 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.”
Neeraj Mehra, Chief Officer of EKL’s Tractor Business Division, highlighted the broader impact of the initiative, noting, “Beyond credit, this initiative enables farmers to adopt modern equipment that enhances the productivity of their operations. Moreover, J&K Bank’s extensive network ensures the flow of credit to even the most remote areas, boosting resilience among farmers, particularly in regions like Jammu and Kashmir.”
DGM (Agri/MSME) Rakesh Magotra added, “We always strive to ensure our customers benefit from our partnerships with reputed companies. This tie-up with Escorts Kubota Ltd. is designed to offer not just hassle-free credit, but also direct financial benefits through exclusive discounts.”
This partnership is expected to play a crucial role in supporting farmers in their journey towards modernization, productivity enhancement, and economic sustainability through accessible and affordable financing.
