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Federal Bank partners with Ashok Leyland

Posted On: 2021-09-26 17:04:03 (Time Zone: IST)


Federal Bank, India's leading Private Sector Bank has signed a Memorandum of Understanding (MoU), with Ashok Leyland, flagship of the Hinduja Group, the second largest commercial vehicle manufacturer in India with their complete range of BS6 vehicles.

The MoU was Signed by Mr. Harsh Dugar Group President, Federal Bank and Mr. Gopal Mahadevan Whole Time Director and CFO, Ashok Leyland. This MoU will enable both Federal Bank and Ashok Leyland to offer customised financial solutions to their customers. The Bank will work towards catering to the customers' needs through Commercial Vehicle loans with easy monthly repayment plans best suited for the customers. Moreover, the bank will leverage technology for enhancing customer experience.

Federal Bank with its 'Digital at the Fore and Human at the Core" mantra aims to become the Most Admired Bank of every stakeholder and the signing of the MoU with Ashok Leyland is a step towards this end.

Speaking on the partnership, Mr. Harsh Dugar, Group President, Federal Bank said, "In our Bank, funding to Commercial Vehicles is offered through dedicated RMs and wide network of branches. We always try to offer customised solutions to the end user along with attractive commercials combined with faster turnaround. With this partnership, we will be able to offer our financial solutions by leveraging the bank's extensive physical and digital reach to the customers of Ashok Leyland and its dealers".

Ashok Leyland today offers a comprehensive range of trucks and buses catering to an entire gamut of day-to-day commercial vehicle needs - from intercity light commercial vehicle to 49-tonne long haul trucks and wide range of buses, to safe transport and driver-friendly choices.

Commenting on the partnership, Mr. Gopal Mahadevan, Whole Time Director and CFO, Ashok Leyland said, "Ashok Leyland is delighted to partner with Federal Bank to offer customised financial solutions to its customers. This association will help Ashok Leyland gain an edge in the market. Ashok Leyland products come with differentiated technology that offer our customers best-in-class total cost of ownership, thereby providing profitability to their business. Ashok Leyland has embraced future-ready technology to offer digital platforms and services that are ahead of the curve, thereby living by its brand promise of 'Aapki Jeet. Hamari Jeet'."

Shares of Federal Bank Ltd. was last trading in BSE at Rs. 80.85 as compared to the previous close of Rs. 81.85. The total number of shares traded during the day was 694619 in over 3585 trades.

The stock hit an intraday high of Rs. 82.6 and intraday low of 80.6. The net turnover during the day was Rs. 56564334.

Shares of Ashok Leyland Ltd., was last trading in BSE at Rs. 127.4 as compared to the previous close of Rs. 128.8. The total number of shares traded during the day was 597342 in over 3791 trades.

The stock hit an intraday high of Rs. 129.9 and intraday low of 125.35. The net turnover during the day was Rs. 76085696.


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