07 August 2023: Tata Motors, a prominent automotive manufacturer in India, has collaborated with South Indian Bank, one of the country's leading private sector banks. This collaboration aims to introduce a distinctive Electric Vehicle Dealer Financing Program, providing comprehensive retail financing solutions to all customers.
The Memorandum of Understanding (MoU) sealing this partnership was formally executed by Mr. Ramesh Dorairajan, Senior General Manager of Network Management & EV Sales at Tata Motors Passenger Vehicles Ltd., and Mr. Praveen Joy, the Head of the Transaction Banking Group at South Indian Bank.
In a press release by Tata Motors, Mr. Ramesh Dorairajan, Senior General Manager – Network Management & EV Sales, Tata Motors Passenger Vehicles Ltd. said, “Driving EV adoption in India is an integral part of our strategy and we are happy to have collaborators who are aligned to the same. This partnership with South Indian Bank for an exclusive financing program for our authorised electric passenger vehicle dealers is a step forward in this direction. Our dealer partners form an integral part in our journey towards enabling widespread EV adoption in India, and we are positive that this initiative will further allow us to democratise electric vehicles in the country.”
Talking about this partnership, Mr. Murali Ramakrishnan, MD & CEO, South Indian Bank stated, “We are delighted to have associated with Tata Motors to offer a financing program exclusively for their passenger electric vehicle dealers. This program will help the bank to expand its asset base and expand into newer consumer segments. We look forward to continuing our association with Tata Motors with various programs and offers to meet their dealers’ and consumers’ needs.”
Tata Motors at present dominates the e-mobility surge in India, boasting an impressive market share of 71%. The company has already produced over 90,000 EVs to date, spanning both individual and fleet segments.
South Indian Bank, renowned for its technology-driven banking solutions, offers a diverse range of digital products and services. Distinguished by its youthful workforce, the bank holds a unique position in the sector. Guided by Vision 2024, the institution places emphasis on the 6 Cs; capital, CASA (current account and savings account), cost-to-income ratio, competency enhancement, customer-centric approach, and compliance.
As Tata Motors and South Indian Bank join forces, their shared dedication to innovation, customer-centricity, and widespread EV adoption paves the way for a promising future in the Indian automotive market. This collaboration underscores the commitment of both entities to contribute to sustainable and technologically advanced mobility solutions, benefiting both consumers and the environment.