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PNB Signs MoU With Ashok Leyland

New Delhi, May 23, 2009

Punjab National Bank signed a Memorandum of Understanding with Ashok Leyland, the Hinduja Group flagship werein Punjab National Bank will extend retail financing to Ashok Leyland’s commercial vehicle customers.   Ashok Leyland’s long relationship with PNB gets further strengthened through this initiative which seeks to leverage PNB’s extensive retail reach, especially in the Northern Region, to cater to the financial requirements of Ashok Leyland’s retail / SRTO customers.

“Cost competitiveness, extensive market coverage and transparency are the need of the hour. We are confident that Punjab National Bank is ideally suited to provide these advantages to our Customers” said K. Sridharan, Chief Financial Officer, Ashok Leyland.

Ashok Leyland recognizes the financial strength, vast network and commitment to the cause of SRTOs on the part of Public Sector Banks.

Jagat Ram, General Manager (SME), signed the MoU on behalf of Punjab National Bank.

On this occasion, he said that the financing the vehicles under MoU under Credit Guarantee Scheme of CGTMSE shall obviate the need for collateral security and third party guarantee.

This shall prove to be a big relief to the transporter community.

 
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