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Tata Motors Finance, one of India's leading NBFCs, and a pioneer in the vehicle financing industry, has been conferred as winner of the MSME Banking Excellence Award, 2021 by Chamber of Indian Micro Small & Medium Enterprises (CIMSME) in the category of 'Best NBFC for implementing COVID related government schemes'.The coveted award was presented by Hon'ble Minister of State for Micro Small and Medium Enterprises, Bhanu Pratap Singh Verma and Hon'ble Minister of Micro Small and Medium Enterprises, Narayan Tatu Rane to Rohit Tiku, Chief Risk Officer, Tata Motors Finance at a ceremony held on 20th April 2022 in New Delhi.That's not all. In addition, the brand also bagged 'Runner Up' award in categories of 'Best NBFC for promoting social schemes' and 'Best Branding NBFC'. Considered to be one of the most coveted awards in the sector, CIMSME's MSME Banking Excellence Award recognizes the remarkable work done by Banks and NBFCs in supporting and rejuvenating the MSME sector.Winners of the award undergo a rigorous evaluation process and scrutiny on parameters like work done in aiding MSMEs, stakeholder engagement, strategy, execution, and impact, as well as support extended to MSMEs during Covid time. The methodology for evaluation includes assessment of responses to questionnaires, interactions with management team, analysis by the knowledge partner and the jury. The award jury was chaired by Hon'ble Justice (Retired) Deepak Verma, Supreme Court of India.Speaking on the recognition, Rohit Tiku, Chief Risk Officer, Tata Motors Finance shared, "It is indeed an honour that Tata Motors Finance has been bestowed with the MSME Banking Excellence Award at this prestigious forum. We recognise that availability of financial assistance, particularly during difficult times is at the core of ensuring social equity and improving quality of life. Customer centricity, therefore, is at the DNA of Tata Motors Finance's corporate philosophy. As a leading vehicle financier, we aim to create capabilities among people to take advantage of emerging economic opportunities. Staying true to our credo of 'Nation building through money lending', we have helped create over 1.5 million entrepreneurs, taking forward the dream of a self-reliant India. We are committed to playing a vital role in fuelling inclusive growth and implementing innovative practises, programmes, and projects to support MSMEs, encouraging their entrepreneurial spirit."Salient FeaturesTata Motors Finance's Assets under Management (AUM) consist of 60-70% funding to MSME customers with average ticket size of INR 10 lacs.Starting FY 2021-22, 85% of the brand's disbursements i.e., INR 1500 Crores per month are allocated to MSME segments, under the new MSME guidelines.Over the last five years (till Sept 2021), the brand has securitized and assigned MSME portfolio worth INR 14K Crores to several banks to help them meet their PSL obligations.The brand's current AUM of INR 45K Crores includes 31% of loans to First Time Users (FTUs) with monthly disbursements ranging from INR 300 to 350 Crores to this segment.The brand is serving to its customer in more than 17000 pin codes of India with customer first approachEstablished in 1957, Tata Motors Finance is a Non-Banking Financial Company and one of the pioneers in the vehicle financing industry. Headquartered in Thane (Maharashtra), the brand has a strong footprint across India and operates through its own 250+ branch networks and 700+ channel partners in addition to Tata Motors dealers' sales outlets.Currently, the brand is servicing over 17000+ pin codes across the country and touched over 2 million customers since its inception. Its portfolio includes loans for new and used vehicles, vehicle and customer lifecycle products like refinancing, working capital, fuel loans, tyre loans, fastag, insurance and many more, along with loans to vendors and suppliers of Tata Motors, all to benefit Tata Motors and its strategic partners.This story is provided by PNN.will not be responsible in any way for the content of this article. (ANI/PNN)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business :Tata Motors Finance recognized for its contribution to the MSME sector's growth

Tata Motors Finance, one of India's leading NBFCs, and a pioneer in the vehicle financing industry, has been conferred as winner of the MSME Banking Excellence Award, 2021 by Chamber of Indian Micro Small & Medium Enterprises (CIMSME) in the category ...