Axis Bank which is the third largest private sector lender in India has cemented a partnership with FMCG giant ITC to provide lending products and services to farmers who are a part of ITC’s agriculture eco-system. The partnership aims to aide Axis Bank to make contact with the unserved and under-served farmers based across rural regions. Axis Bank will offer a range of credit facilities for rural lending products like Farmer Funding loans & Gold Loans with ease.
Axis bank will leverage ITCMAARS (Meta Market for Advanced Agricultural Rural Services), a full-stack Agri-tech application which will be extended to farmers and addressing their financial requirements. Axis Bank will provide a wide range of products and services to the farmers through its rural-urban and semi-urban (RUSU) branches which are present in 656 districts of India.
Munish Sharda who is the Group Executive & Head of Bharat Banking of Axis Bank said, “This partnership is in alignment with our Bank’s Bharat Banking mission of extending our reach in the remote regions and providing them with seamless customer experience. With the help of ITCMAARS strong and enduring relationship with over millions of farmers, we believe that we can make a significant contribution in uplifting financial situation of the community thereby unlocking the true potential of Bharat…’’
Rajnikant Rai who is the Divisional Chief Executive, Agri Business Division of ITC Ltd said, “ITC has over the years spearheaded multi-dimensional interventions to transform the lives of farmers, powered by the ITC e-Choupal eco-system that connects with over 4 million farmers. Taking a step forward, to bring the power of digital revolution to farmers, we have now implemented ITCMAARS a phygital eco-system that provides a range of solutions through Hyperlocal and personalised advisory, Agri- Inputs, Financial services, and Market linkages.”
Axis Bank plans to upscale its Bharat Banking strategy by increasing the new-to-bank accounts in FY22-23 through this initiative.
Axis Bank has displayed a strong performance across key metrics in the third quarter of the current fiscal year (Q3FY23) with its rural advances rise by 27% YoY, disbursement up by 12% YoY, and deposit with a growth of 16% YoY.
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