SBI and Escorts execute an agreement for tractor financing.

The State Bank of India (SBI), the country’s largest public sector lender, announced on October 23 that it has signed an agreement with Escorts Ltd to finance the purchase of Escorts tractors by farmers. The partnership with Escorts aims to promote, market, and make available an organised finance facility with superior features and competitive interest rates to farmers across the nation who wish to purchase Powertrac and Farmtrac tractors manufactured by Escorts, according to a statement released here. Farm mechanisation is essential for sustaining agricultural development, particularly in light of the decline of farm labor. Large communities of small and marginal farmers are still unable to fully benefit from farm mechanisation due to a lack of awareness, limited access to finance, fragmented land holding, etc. Escorts is a leading manufacturer of tractors and construction equipment in Faridabad, Haryana. Subsequent collaboration with Ford, UK has established Escorts as one of India’s foremost tractor manufacturers. The company has an annual production capacity of over one million tractors and a distribution network of over 650 dealers. AP NP

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