Union Bank of India has entered into a Memorandum of Understanding (MoU) with Mahindra and Mahindra (M&M), for financing their commercial vehicles pan- India. The bank has already tied up with TVS Motors, Atul Auto, Bajaj Auto, Ashok Leyland, Tata Motors and Piaggio for similar financing schemes.
Besides, the bank is also planning to tie up with Maruti Suzuki, SML Isuzu, Eicher Motors, Force Motors and Volvo. The lender hopes to finance 10,000 vehicles every month and lend Rs 300-400 crore through the Pradhan Mantri Mudra scheme.
Union Bank of India is one of the largest government-owned banks of India. The bank had 4,196 branches in India as on 31 March 2016 and to add to it 4 overseas branches.
