Ashok Leyland, leading Chennai based commercial vehicle manufacturing company has announced that it has signed a Memorandum of Understanding with Vijaya Bank.

 As per terms of the MoU, Vijaya Bank will fund Ashok Leyland's end-customers.

The sources informed that that through this process, Ashok Leyland's relationship with Vijaya Bank gets further beefed up.

The sources further informed that Vijaya Bank, already active in the auto and SME space, becomes a preferred financier for commercial vehicles of Ashok Leyland.

As per media reports, Ashok Leyland has inked similar MoUs with State Bank of India, State Bank of Patiala, Jammu & Kashmir Bank, Corporation Bank, Bank of Baroda, Punjab National Bank, Central Bank of India, Union Bank of India and Canara Bank.