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Karnataka Bank Ltd has entered into a memorandum of understanding (MoU) with VST Tillers Tractors Ltd for financing the purchase of tractors, tillers and farm machinery.
A press statement said here on Thursday finance will be extended under the ‘Krishik Sarathi’ scheme of the bank. VST Tillers Tractors Ltd has nominated Karnataka Bank as a preferred financier for extending finance to farmers for purchase of tractors, tillers and farm equipment. The company will offer a special discount to farmers who purchase farm equipment under this MoU, it said.
Quoting P Jayarama Bhat, Chief Executive Officer of the bank, the statement said this initiative would help the farming community mechanise their operations.
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