From Left to Right - Mr. Pukhraj Kanther, C.G.M Commercial Banking, SBoP, Mr. S. Vijaykumar, C.G.M Retail Banking, SBoP, Mr. S. A. Ramesh Rangan, Managing Director, SBoP, Mr. Purshottam Behera, G.M. Plg, NB & PS, SBoP, Mr. Arun Malhotra, Chief Sales & Customer Care Officer, Mahindra & Mahindra Ltd., Mr. Jyoti Malhotra, Sr. G.M Sales North, Mahindra & Mahindra Ltd.

Mumbai, March 10, 2014,: Mahindra & Mahindra Ltd. (M&M Ltd.), India's leading SUV manufacturer, has entered into a Preferred Financier tie-up with the State Bank of Patiala. The Memorandum of Understanding (MoU) signed in Patiala on 10th March 2014 will enable Mahindra customers to avail of a vehicle loan from any of the 1,175 branches of the bank. The MoU was signed by Mr. Arun Malhotra, Chief Sales & Customer Care Officer, Automotive Division, Mahindra & Mahindra Ltd. and Mr. Purshottam Behera, General Manager, Planning, New Business & Priority Sector, State Bank of Patiala in the presence of Mr. S. A. Ramesh Rangan, Managing Director, State Bank of Patiala and Mr. S. Vijaykumar, Chief General Manager, Retail Banking and Mr. Pukhraj Kanther, Chief General Manager Commercial Banking, State Bank of Patiala and Mr. Jyoti Malhotra, Sr. G.M - Sales, North, Mahindra & Mahindra Ltd.

The tie-up will enable both M&M Ltd. and State Bank of Patiala to leverage on the inherent strengths of each other's vast pan-India network of 1175 branches and 250 dealers, respectively.

On this occasion, Mr. S. A. Ramesh Rangan, Managing Director, State Bank of Patiala said, "This is an innovative step towards providing better customer satisfaction. Both the parties have mutually agreed to pool their resources together to promote, market and make available organized finance facility at competitive interest rates to customers." 

Speaking on the tie-up, Mr. Arun Malhotra, Chief Sales & Customer Care Officer, Automotive Division, Mahindra & Mahindra Ltd. said, "At Mahindra, we relentlessly look at options to provide the best finance schemes to our customers and give them the power of choice. This strategic tie-up is a step in the same direction. 80% of all our vehicles are financed of which PSU Banks contribute 15%, which makes them an important partner for us and a key sales enabler. State Bank of Patiala offers innovative products and services at affordable rates. With highly competitive schemes for car loans and c.v. loans, we are hopeful of a good response from our dealers and customers."

On this occasion, Mr. S. Vijaykumar, Chief General Manager Retail Banking, State Bank of Patiala said, "SBoP is expanding its operations in commercial and passenger vehicle financing.  It has been making niche offerings to its customers and this arrangement with Mahindra & Mahindra will be one such special initiative.  Customers of SBoP will benefit from this tie-up since they will have privileged access to the specialized services of M&M." 

About Mahindra

The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.

A USD 16.7 billion multinational group based in Mumbai, India, Mahindra employs more than 180,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in  tractors ,  utility vehicles ,  information technology and vacation ownership . In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence , energy,  financial services , industrial equipment, logistics,  real estate , retail, steel, commercial vehicles and  two wheeler industries.

In 2012, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. In 2013, the Mahindra Group received the Financial Times 'Boldness in Business' Award in the 'Emerging Markets' category.

Visit us at www.mahindra.com

For further enquiries

Roma Balwani                                         

Chief Group Communications Officer

Mahindra & Mahindra Ltd.                                           

Phone: +91 22 2490 1441                                             

Email:  balwani.roma@mahindra.com

About State Bank of Patiala:

Established in the year 1917 by Late His Highness Bhupinder Singh, Maharaja of erstwhile Patiala State, State Bank of Patiala (SBP) is now a premier Banking Institution with pan India presence, with its headquarter in Punjab state at Patiala. Being an associate of State Bank of India since 1960, the Bank has been a pioneer in the field of Banking since beginning. The innovative and customer oriented schemes are implemented by SBP in letter and spirit across all its 1175 plus outlets across the country.

State Bank of Patiala stands committed to customer friendly atmosphere and for providing required financial assistance at affordable costs & with great ease. Desired innovative steps are taken consistently in vehicle loan area, e.g. www.sbp.co.in & necessary awareness is being created through dedicated call centre facility of the Bank (Toll free: 1800 180 2010) at Vadodara. The Bank shall strive to work proactively as well as for the larger interest of the customer.

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