VST Tillers Tractors Ltd and Axis Bank partners to offer Financial Solutions to Farmers for Farm Equipment’s

Bengaluru, 22nd May 2024: VST Tillers Tractors Limited (VST), India’s leading farm equipment manufacturer, signed a Memorandum of Understanding (MOU) with Axis Bank, one of the leading private sector banks in India, to offer financial solutions to the farmers for purchasing tractors and Farm Mechanisation products. As per the agreement, Axis Bank will provide financial solutions to VST’s prospective customers through its extensive network of 5370+ branches spread across geography.

VST Tractors and Axis bank

The MOU was signed by Mr. Antony Cherukara, CEO of VST Tillers Tractors Ltd and Mr. Rajesh Dhage, Business Head of Farm Mechanization, Axis Bank, in the gracious presence of Mr Ramasawmy Gopalakrishnan, Head – Retail Assets for Bharat Banking, Axis Bank, and Mr. V T Ravindra, Managing Director of VST Tillers Tractors Ltd.

As per the MOU both the companies will leverage their extensive footprint to reach out to the farmers community to ensure that they have an easy access to credit facility for adapting farm mechanization. This partnership will enable farmers to avail hassle-free, affordable, and flexible credit facilities to transform the agricultural sector. The Bank will offer flexible repayment options, swift sanctions, and special benefits on EMI options to encourage the farmers to opt for adapting farm mechanization.

Speaking on the occasion of signing the MOU, Mr Antony Cherukara, CEO, of VST Tillers Tractors Ltd. said “We are delighted to partner with one of the leading Banks in the country and make our innovative farm equipment more accessible and affordable to farmers. Our partnership is aligned with our joint goal of enabling farmers in rural India to mechanize farming and thereby increase productivity. At VST, it is our constant endeavour to facilitate ease of farming, by bringing down the overall time and cost of farming and improving output and farm income. We are sure that this MoU will especially help small and marginal farmers in availing hassle-free credit facilities for buying our products.”

Mr. Munish Sharda, Executive Director, and Head – Bharat Banking, Axis Bank, said, “It has been our constant endeavour to engage and empower rural communities and marginal farmers by providing them with the most suitable financial solutions. By partnering with VST Tillers Tractors Ltd, we have combined forces to address various financial challenges faced by these communities, while encouraging them to adopt effective farming techniques. As we strengthen our alliance with numerous partners and pioneers from rural India, we are confident of making a positive and meaningful impact in the lives of millions of farmers across the nation.”

Both organizations share a common vision of empowering farmer community by providing hassle-free solutions and encouraging entrepreneurship in the agricultural sector. Axis Bank will offer easy finance options, with minimal documentation, to encourage farmers to adopt innovative techniques for enhancing their productivity and thereby, increase their income. This collaboration is an important step towards supporting and empowering the agricultural sector.

Axis Bank Introduces ‘Donation Category’ on BBPS

Bengaluru, 29 February 2024: Axis Bank, one of the largest private sector banks in India today announced the introduction of donation on Bharat Bill Payment System (BBPS). This pioneering move makes Axis Bank the only BBPS Biller Operating Unit to enable trusts / charitable institutions to accept the contribution via any BBPS-enabled front ends. The facility is designed to change how donations are made, by making it more accessible, transparent, and convenient for people to support noble causes.

With the introduction of the ‘Donation Category’ on BBPS, charitable institutions can collect offerings digitally in a seamless manner ensuring complete transparency and further deepen trust with donors/devotees through this solution. By accepting the payment digitally, the charitable institutions are also able to lower the direct and indirect costs associated with donations in cash. As the sole BBPS Biller Operating Unit, capable of offering this unique service, Axis Bank has customized solutions for various trusts to enhance the payment experience and provide superior service to donors. Furthermore, the integration of link-based payments offer an end-to-end solution for trusts and charitable institutions.

Customers will immediately receive a payment confirmation receipt, adding to the ease of the process. The solution also enables the issuance of 80G certificate to the donors / devotees.

Vivek Gupta, President & Head – Wholesale Banking Products, Axis Bank said, “Axis Bank has been at the forefront in rolling out pioneering solutions for its clients. The bank has consistently displayed agility in responding to client requirements. Introduction of donation is a giant leap for the BBPS ecosystem. This is the first solution of its kind in the market and helps charitable institutions to accept donations seamlessly with end-to-end tracking. This initiative is an example of innovation in India’s Digital journey that ensures complete transparency for the donor and thus builds trust in the ecosystem. Our team’s dedication and efficiency led to the remarkable achievement of launching this category in under two weeks – a record time for introducing new categories on BBPS.”