Central Bank of India and ACE MoU for Farm Equipment

Haryana - Central Bank of India., has entered into a Memorandum of Understanding (MoU) with Action Construction Equipment (ACE) Ltd., a construction equipment manufacturer, to strengthen access to organised and affordable financing for tractors and farm machinery across India. The initiative is aimed at supporting farmers, agri-entrepreneurs and rural customers by enabling easier and faster availability of loans for agricultural equipment.

Under the partnership, Central Bank of India will offer customised financing solutions for ACE’s range of tractors and farm machinery, helping accelerate farm mechanisation, improve productivity and reduce dependence on manual labour. ACE, in turn, will facilitate customer outreach through its dealer network to connect eligible buyers with bank financing.

The MoU was signed by D. S. Rathour, General Manager (ASBD), Central Bank of India, and Ravindra Singh Khaneja, Chief General Manager – Agri Division, ACE Ltd., in the presence of senior executives from both organisations.

The collaboration is expected to enhance credit penetration in rural and semi-urban markets, strengthen the agricultural value chain, and contribute to sustainable growth in India’s agriculture sector.

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