New Delhi: In a significant step towards strengthening agricultural financing in India, Central Bank of India has signed a Memorandum of Understanding (MoU) with Action Construction Equipment (ACE) Ltd. The partnership is designed to improve access to organised and affordable finance for tractors and farm machinery, thereby supporting farmers, agri-entrepreneurs, and rural customers.
Signing Ceremony and Key Officials
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 ceremony was attended by senior officials from Central Bank of India, including Mr. M. V. Muralikrishna, Executive Director; Mr. E. Ratan Kumar, Executive Director; Mr. Mukul Dandige, Chief General Manager; Mr. Vasti Venkatesh, Chief General Manager, and Poppy Sharma, Chief General Manager, highlighting the importance of this collaboration.
Objectives of the Partnership
The collaboration aims to:
- Facilitate easier access to loans for tractors and farm machinery.
- Promote farm mechanisation, enhancing productivity and efficiency in agriculture.
- Strengthen credit penetration in rural areas, benefiting small and marginal farmers as well as agri-business entrepreneurs.
Through this MoU, Central Bank of India and ACE Ltd. plan to work together to create a more inclusive and robust rural financing ecosystem, enabling farmers to invest in modern agricultural equipment and boost overall agricultural output.
Impact on Agriculture and Rural Economy
The partnership is expected to make a significant impact on the agricultural sector by reducing the financial barriers faced by farmers in acquiring mechanised equipment. This, in turn, is likely to support sustainable farming practices, higher yields, and increased rural employment opportunities.
About Central Bank of India
Central Bank of India, established in 1911, is one of India’s oldest and largest public sector banks. With a strong presence across urban and rural India, the bank offers a wide range of financial products and services, including agricultural and rural finance, aimed at promoting inclusive growth and supporting the country’s economic development.















