CHRISTINE CHISHA, Lusaka
INDO-ZAMBIA Bank managing director Maheshkumar Bansal says the latest developments in the monetary policy framework by the Bank of Zambia has provided a conducive environment for the bank to fulfil its mandate of fostering economic activities.
Mr Bansal said the policy framework has also helped the bank to support social and economic advancement of the citizens.
“As a leading player in the banking industry, we are duty-bound to support the progressive developmental programmes of the government,” Mr Bansal said.
He was speaking in Lusaka yesterday during the official signing and launch of Indo-Bank auto finance loan scheme under a memorandum of understanding (MoU) with Tata Zambia Limited.
Mr Bansal said in the prevailing stable market conditions, the bank’s focus will be on delivering the highest standard of customer service and provision of appropriate products.
He said the bank would be offering loan facilities to members of the public catering for financial needs of both retail and corporate clients wishing to buy brand new vehicles from Tata Zambia.
Mr Bansal said under the Indo- Bank auto finance loan scheme, the bank will be offering tailor-made loan facilities to respond to market demands from existing and prospective retail and corporate clients under an attractive package, on flexible terms.
He said finance will be extended to both individual and corporate existing customers of the bank with savings and current accounts.
Mr Bansal said in case of loan requirements in Kwacha terms, interest rates will be linked to the Bank of Zambia monetary policy rate with concessional margin above the policy rate on floating basis.
And Tata Zambia head of business Kamal Rohira said his company is committed to growing the business in the country by providing quality service to its customers.
He said since 1977, the export of Tata Motors’ trucks and buses into Zambia have contributed to providing advanced technology vehicles and superior after-sales service that have made a big difference.
Mr Rohira said Tata Motors has products across all the categories and is the most prominent commercial vehicle player in the market.
He said Tata Motors has built a strong global network of subsidiaries and associate companies, including Jaguar Land Rover in the United Kingdom, and Tata Daewoo in South Korea.
The Motor company is also engaged in engineering and automotive solutions.