Axis Bank, ITC collaborate to provide rural lending solutions

10 Mar 2023 , 01:47 AM

Axis Bank announced a partnership with ITC Limited on Thursday to provide the bank’s lending products and services to farmers who are part of ITC’s agriculture ecosystem.

The agreement will allow Axis Bank to meet the financial needs of the country’s unserved and underserved farmers in remote regions.

To cater to the financial requirements of farmers, Axis Bank plans to utilize ITCMAARS, a comprehensive Agri-tech application, to establish a connection with them. This platform will enable the bank to offer a full range of services to the farmers.

Munish Sharda, the Group Executive & Head of Bharat Banking at Axis Bank, expressed that the partnership aligns with the bank’s mission to expand its reach into remote regions and offer seamless customer experiences through its Bharat Banking initiative.

He believes that by leveraging ITCMAARS’ strong and long-standing relationship with millions of farmers, the partnership can make a significant impact in improving the financial situation of the community and unlocking the true potential of Bharat.

In addition to this, the bank intends to provide an extensive range of products and services to farmers via its rural-urban and semi-urban (RUSU) branches situated in 656 districts throughout India.

The bank also plans to enhance its Bharat Banking strategy by boosting the number of new-to-bank accounts during the financial year 2022-2023.

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