State Bank of India (SBI) hosted a meeting with the Federation of Automobile Dealers Associations (FADA) and Mumbai auto dealers on July 29 in Mumbai to discuss the current state of the automobile retail sector.
The discussions focused on several key issues, including easing liquidity support from the bank, extending credit repayment timelines on a case-by-case basis, and improving SBI’s services for dealer partners. SBI also assured FADA that it would take necessary measures to address concerns and help reduce stress within the auto retail industry.
FADA was represented by Vice President Mr. Vinkesh Gulati, Honorary Secretary Mr. Manish Raj Singhania, Maharashtra State Chairman Mr. Amar Sheth, Council Member Mr. Sandeep Bafna, and CEO Mr. Saharsh Damani, along with 30 automobile dealers from Mumbai.
SBI was represented by Mr. P. K. Gupta, Managing Director – Retail & Digital Banking; Mr. Haridas K. V., Deputy Managing Director – Retail Business; Mr. Devi Shankar Mishra, Chief General Manager – SME & SCF, Corporate Centre; and other senior officials.
Speaking on the occasion, Mr. P. K. Gupta, MD – Retail & Digital Banking, SBI, said, “The objective of the meeting with Mumbai auto dealers and FADA was to understand the current industry situation and identify measures to ease the stress being faced by dealers due to the slowdown in the auto sector. I am confident that the industry will witness a revival during the upcoming festive season. SBI remains committed to supporting the auto retail industry and working closely with our dealer partners during these challenging times and beyond.”
Mr. Vinkesh Gulati, Vice President, FADA, said, “We thank SBI and its senior leadership for proactively engaging with industry representatives. The interaction was highly positive and will help us align our planning with the industry's long-term outlook. Such initiatives by banking institutions, led by SBI, provide much-needed confidence and support in addressing day-to-day challenges and reducing operational stress. FADA appreciates the steps taken by SBI and hopes that such constructive engagements will continue in the future.”
