SBI engages with auto dealer associations

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Published: August 1, 2019 1:27:03 AM

State Bank of India (SBI) met with several auto dealer industry bodies on Monday, including the Federation of Automobile Dealers Associations (Fada) and Mumbai auto dealers, to discuss the current state of the auto retail sector.

The meeting follows an SBI circular to some Hyundai Motor dealers with tightened loan norms, which FE reported this week.

State Bank of India (SBI) met with several auto dealer industry bodies on Monday, including the Federation of Automobile Dealers Associations (Fada) and Mumbai auto dealers, to discuss the current state of the auto retail sector.

The meeting follows an SBI circular to some Hyundai Motor dealers with tightened loan norms, which FE reported this week.

According to a release issued by Fada on Wednesday, the topics discussed included easing of liquidity from SBI’s side, increase in credit repayment days on a case-to-case basis and the possibility of further improvement in SBI’s services going ahead.
As per the release, SBI has also the industry body of taking measures to resolve various issues that ail auto dealers.

The release quoted PK Gupta, MD – retail and digital banking at SBI, as saying: “The aim of the meeting with Mumbai auto dealers along with Fada was to understand the current industry situation and to take steps to ease the stress being faced by many dealers due to slowdown in the 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 the auto retail industry, especially our dealer partners, to work in tandem with us in these tough times and beyond.”

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