IDBI bank ties up with Maruti Suzuki for Auto Finance

Indian public sector lender IDBI Bank said it has entered into a memorandum of understanding with the country's largest car maker, Maruti Suzuki India, for providing auto finance services to customers.

Under the agreement, Maruti Suzuki India (MSIL) and its dealer network will collaborate with IDBI Bank Ltd (IDBI) for the purpose of retail and wholesale activation in order to facilitate vehicle business, the state lender said in a statement Saturday.

"The tie-up will benefit both -- IDBI Bank in further strengthening its position in retail loan space and MSIL in leveraging the retail financing strength and reach of the bank," the statement added.

IDBI has currently 689 branches across the country.