Central Bank of India Signs MoU with ACE Ltd for Farm Machinery Financing

Central Bank of India has signed a Memorandum of Understanding (MoU) with Action Construction Equipment (ACE) Ltd. to strengthen access to organised and affordable finance for tractors and farm machinery across India.

The partnership aims to support farmers, agri-entrepreneurs and rural customers by enabling easier availability of loans for agricultural equipment, thereby promoting farm mechanisation and productivity.

The MoU was signed by Mr. D. S. Rathour, General Manager (ASBD), Central Bank of India, and Mr. Ravindra Singh Khaneja, Chief General Manager – Agri Division, ACE Ltd.

The signing ceremony was held in the presence of Shri M. V. Muralikrishna, Executive Director, Shri E. Ratan Kumar, Executive Director, Shri Mukul Dandige, Chief General Manager, Shri Vasti Venkatesh, Chief General Manager, and Smt. Poppy Sharma, Chief General Manager.

This collaboration is expected to enhance credit penetration in the agriculture sector and strengthen the rural financing ecosystem.