Hyundai Motors, India's second largest auto giant entered into a memorandum of understanding with Indian Bank to refinance its cars in the country. As according to the agreement,this has lead to the formation of 'Indian Bank Hundai Finance', a new entity that is specially designed for financing hyundai's cars. The agreement will be valid for two years. The Indian Bank General Manager V A Somayajulu said that all 1700 branches of the bank will be authorised to loan money for purchasing Hyundai cars.