Axis Bank, one of India’s leading private sector banks, is focusing on expanding its offerings of small-ticket loans, crop loans to small and marginal farmers, and microfinance business loans targeted at women borrowers from low-income households. The bank’s Managing Director and CEO, Amitabh Chaudhry, outlined these strategic initiatives during a recent event.
To achieve these goals, Axis Bank has established a dedicated unit known as ‘Bharat Bank.’ This unit specializes in crafting tailored rural financial products to cater to the unique needs of rural and semi-urban customers. The bank is also increasing its physical presence through the expansion of branches in rural areas and enhancing its digital capabilities to make banking services more accessible to customers in remote locations.
Additionally, Axis Bank is forming partnerships with facilitators like Common Services Centers (CSCs), which act as digital service delivery points for various government and financial services. These partnerships aim to extend banking services to underserved populations and boost financial inclusion.
“Among the private sector banks, we are the second largest in the MSME space by book size, and our constant pursuit of redefining customer experience in the digital age has led to various digital innovations poised to transform the banking paradigm of tomorrow,” Amitabh said at the India SME 100 Awards.
Axis Bank is a major player in the Micro, Small, and Medium Enterprises (MSME) sector, ranking as the second-largest private sector bank by book size. The bank has been focusing on digital innovations over the past three years to enhance its services. Its relationship managers act as advisors to MSMEs, aiding their growth. As of September 2023, Axis Bank’s MSME loan book exceeded Rs 2 lakh crore. Additionally, the bank’s agricultural priority sector lending (PSL) amounts to over Rs 91,000 crore, showcasing its commitment to agricultural development.
