Maruti Suzuki News

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Maruti SuzukiNSE 0.97% India Friday said it has joined hands with Bank of BarodaNSE 1.48% to support dealer and auto loans. The company has signed a memorandum of understanding with Bank of Baroda, under which the bank will become a preferred financier, Maruti Suzuki India (MSI) said in a statement. The partnership with Bank of Baroda will allow Maruti Suzuki to provide more comprehensive financing opportunities for dealers as well as customers, it added. The dealer inventory financing will be done as per Bank of Baroda's existing product program of supply chain finance, the statement said. "We are confident that this collaboration with one of India's largest public sector bank will offer new-age banking and finance solutions for our customers and dealer partners," MSI Executive Director, Marketing and Sales Shashank Srivastava said. Bank of Baroda MD & CEO P S Jayakumar said, "Given the huge potential available in the auto loan / commercial finance segment, we are hopeful that this agreement strengthens our presence in these segments and increases market penetration for Maruti Suzuki in India."

"We are confident that this collaboration with one of India's largest public sector bank will offer new-age banking and finance solutions for our customers and dealer partners," MSI Executive Director, Marketing and Sales Shashank Srivastava said.

EW DELHI: Automobile industry body Society of Indian Automobile Manufacturers (SIAM) said Friday all its members are totally united in seeking a reduction in the GST rate from 28 per cent to 18 per cent on vehicles. Reacting to media reports that some leaders of the GST reduction on vehicles, SIAM President Rajan Wadhera said all the players in the passenger car, commercial vehicle as well as two and three-wheeler manufacturers are united in seeking lower GST on vehicles. A half report on Thursday quoted Maruti Suzuki India Chairman RC Bhargava, who opposed the demand for GST cut stating the government can not afford to reduce taxes. "The automotive industry is currently facing a daunting challenge of a deep slowdown that urgently needs some form of stimulus from government to supplement the efforts being made by the industry in reversing the industry fortunes towards positive performance," he said in a statement. Even in the past, the government has offered stimulus to propel growth and it has reversed the growth in the positive direction, Wadhera added. He further said in addition to the reduced demand today, new safety and emission norms that would come into play in the next few months would further drive up the cost of vehicles, leading to further pressure on demand.