Union Bank of India partners with Maruti Suzuki India Ltd for Inventory Funding

Mumbai – February 27, 2024: Union Bank of India today announced signing of Memorandum of Understanding (MoU) with Maruti Suzuki India Limited for Inventory Funding. The MoU was executed today at the Bank’s Head Quarters in Mumbai in the presence of dignitaries from Union Bank of India & Maruti Suzuki India Ltd.

Union Bank of India will be offering comprehensive range of products through a digital journey in a fully automated platform supporting dealers through its wide network. Bank will be providing Inventory Funding options for working capital requirements to Maruti Suzuki Dealers covering their sales outlets across the country.

Speaking on the occasion, Ms A Manimekhalai, MD&CEO, Union Bank of India, said, “As one of the largest Public Sector Banks, we are delighted to partner with Maruti Suzuki India Limited (MSIL) – the leading car manufacturer in the country. The MoU is surely a big step towards providing vital inventory funding support to Maruti Suzuki’s extensive dealer network seamlessly across the country, reinforcing our dedication to empower businesses through innovative financial products. Dealer finance stands as a cornerstone of our commitment to dealerships, offering a suite of tailored financial solutions. We empower dealers to optimize their operations, enhance their competitiveness, and unlock new growth opportunities by providing timely access & flexible financing options.”

Speaking on the partnership, Mr. Shashank Srivastava, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India Limited, said, “As a company, we take pride in the robust dealer network which truly forms the bedrock of our business. We are committed to support our dealers in ensuring their readiness as per evolving customer and market needs. Our collaboration with Union Bank of India will focus on innovative financing solutions for inventory funding for our dealer partners. This strategic alliance reinforces our long-term association with Union Bank of India leveraging the strength of both the MSIL and Union Bank of India to offer tailored retail finance products and end-to-end working capital solutions, thus marking a significant milestone for both the organisations.”