Ashok Leyland collaborates with IDBI Bank to provide Channel Finance services.

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Updated On: 22-Jun-2023 09:19 AM

Ashok Leyland and IDBI Bank have inked a Memorandum of Understanding (MoU) under which the partners would offer customized financial solutions to dealers.

IDBI Bank’s goal is to provide seamless financial support to Ashok Leyland's dealers with the e-SCF technology.

Commercial vehicle manufacturer Ashok Leyland announced a channel financing relationship with IDBI Bank Ltd. Ashok Leyland and IDBI Bank have inked a Memorandum of Understanding (MoU). Under this agreement the partners would offer customized financial solutions to dealers.

"With the combined strength of IDBI Bank Ltd and Ashok Leyland, the network of AL dealers will now have financing solutions to suit their needs using digital technology," stated Gopal Mahadevan, CFO of Ashok Leyland.

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Suresh Khatanhar, Deputy Managing Director of IDBI Bank, stated that its digital channel finance solution 'e-Supply Chain Financing' has been intended to address the working capital requirements of corporate licensed dealers and merchants.

IDBI Bank’s goal is to provide seamless financial support to Ashok Leyland's dealers with the e-SCF technology. The bank intends to develop comparable new products and services in the future to meet clients' rising needs.

The e-Supply Chain Financing system will allow Ashok Leyland's dealers to easily and swiftly acquire working capital via an end-to-end digital approach.