SBI vows to stand strong with Auto Dealers

New Delhi, 31 July, 2019: State Bank of India (SBI) had invited Federation of Automobile Dealers Associations (F A D A) and Mumbai Auto Dealers for a meeting in Mumbai on 29th July to discuss the current state of Auto Retail.

There were various topics which got discussed including easing of liquidity from Bank’s side, increase in credit repayment days on a case to case basis and how SBI can improve its services going forward. SBI further assured F A D A of taking necessary steps to resolve the issues to reduce stress among Auto Dealers.

F A D A was represented by Vice President Mr Vinkesh Gulati, Hony. Secretary Mr Manish Raj Singhania, Maharashtra State Chairman Mr Amar Sheth, Council Member Mr Sandeep Bafna and CEO Mr Saharsh Damani along with 30 Dealers from Mumbai who took part in this meet.

State Bank of India was represented by Mr. P.K. Gupta – MD, Retail & Digital Banking, Mr. Haridas K.V. – Deputy MD Retail Business, Mr Devi Shankar Mishra – Chief General Manager SME & SCF Corporate Center along with other senior officials from SBI.

Speaking on the occasion Mr. P K Gupta, MD – Retail and Digital Banking, SBI said, “The aim of the meeting with Mumbai Auto Dealers along with F A D A was to understand the current industry situation and to take steps to ease the stress being faced by many dealers due to slowdown in auto sector. I am confident that the Auto Industry will bounce back soon in the forthcoming festival season. We at SBI are always there for Auto Retail Industry, specially our Dealer Partners to work in tandem with us in these tough times and beyond.”

Mr. Vinkesh Gulati, Vice President, F A D A said, “We thank SBI and its senior officials for proactively engaging with the industry representatives. Interaction with the bank was very positive and it will help us in planning in sync with the long-term future perspective of the industry. Such steps from banking institutions and as initiated by SBI give us a relief & confidence, which will help us to resolve our day to day issues and reduce unnecessary stress. F A D A is highly satisfied with the steps taken by SBI and we hope that more such deliberations would continue to take place.”

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