early times report
Jammu, Sept 8: Federation of Automobile Dealers Associations (FADA) Jammu organized a key Interaction with the lead banks of J&K. The banks which participated in the interaction were J&K Bank, Punjab National Bank, State bank of India and Jammu and Kashmir Gramin Bank. Mr Ashok Gupta, General Manager J&K Bank, Mr Anil Sharma, Circle Head PNB, My Jayant Mani, DGM SBI and Mr Sanjay Gupta Chairman J&K Gramin Bank were the key speakers of the interaction.
Mr Sanjay Aggarwal, Chairperson FADA Jammu said that, As the automotive industry continues to evolve, the importance of robust and effective partnerships between automobile dealers and financial institutions has never been greater. He said that the main aim of this interaction was to explore new opportunities, address existing challenges and to discuss strategies for enhancing business relationships and Ease of Doing Business between automobile dealerships and financial institutions.
The interaction ventured around Exploring new avenues for partnership in auto financing and customer servicing, Addressing existing pain points such as loan disbursal delays, documentation bottlenecks, and turnaround time Promoting digitization and automation in finance processes to enhance efficiency, Streamlining customer experiences at both dealership and bank levels Strengthening compliance practices while ensuring business growth.
FADA suggested that the banks should explore more opportunities for providing its products to auto industry like POS Machines, Corporate Credit Cards, Inventory Funding, Trade Advance, Demo Car funding, opening Employes’s salary accounts and much more.
Keeping in view the upcoming festival season, various schemes and finance options available for the consumers were also discussed. To further ease the purchase process, partnerships with banks are being strengthened to provide low-interest EMIs, flexible repayment plans, and minimal down payment options. These initiatives are aimed at making vehicle ownership more affordable and appealing during the festive period, while reinforcing brand trust and customer satisfaction.
The interaction marked a key step toward enhancing the financial ecosystem surrounding the automobile sector in the region.
Both FADA Jammu and the Lead Banks expressed strong willingness to collaborate closely, improve service delivery, and support the automotive ecosystem in J&K. The interaction sets the foundation for a more integrated and business-friendly approach to vehicle financing in the region.
The interaction was attended by the FADA Jammu Regional Directors, FADA Jammu Members and Senior Managers from the participating banks. FADA members are the promoters and represent automobile companies which included Maruti Suzuki India Ltd, Hyundai Motors India Ltd, Toyota Pvt Ltd, Tata Motors, KIA India, Mahindra & Mahindra, Ashok Leyland, MG Motor, Volkswagen, Renault India Pvt Ltd, Honda Cars India Ltd, Skoda Auto India, Force Motors, Hero Motocorp, TVS Motor Company, Bajaj Auto, Royal Enfield, India Yamaha, Suzuki Motorcycle |
