Maruti Suzuki India Limited on Friday said in a filing to Bombay Stock Exchange signing of 'Preferred Financier' MoU (Memorandum of Understanding) agreement with Bank of Baroda, one of India's largest public sector bank.

The MoU was signed between P S Jayakumar, MD & CEO, Bank of Baroda and Shashank Srivastava, Executive Director, Marketing and Sales, Maruti Suzuki India Limited. Present at the occasion were Ajay Seth, Senior Executive Director & CFO, Maruti Suzuki India Limited and other senior officials from both the organizations.

The partnership with Bank of Baroda will allow Maruti Suzuki to provide more comprehensive financing opportunities for dealers as well as customers. The dealer inventory financing will be done as per bank of Baroda's existing product program of Supply Chain Finance.

Shashank Srivastava, Executive Director, Marketing and Sales, Maruti Suzuki India Limited 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. At Maruti Suzuki, we strive to deliver best customer experience and this new collaboration will help us in ensuring the same. I'm confident all our customers and dealer partners will take benefit of this new alliance."

Sharing his thoughts on the alliance, P S Jayakumar, MD & CEO, Bank of Baroda said, "We are delighted to be associated with India's largest passenger vehicle manufacturer - Maruti Suzuki India Limited. 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."