The Business Bytes
TBB BUREAU
BHUBANESWAR, JAN 30, 2024
As Odisha solidifies its position as a key industrial hub in eastern India, Axis Bank, the country’s third-largest private lender, is poised to play a pivotal role in the state’s rural and semi-urban (RuSu) development, , said a senior executive of the Bank.
MUNISH SHARDA
AXIS BANK
Speaking to media persons here on Tuesday, Munish Sharda, Group Executive and Head of Bharat Banking at Axis Bank, reaffirmed the bank’s commitment to bolstering financial inclusion and contributing to Odisha’s growth trajectory.
Sharda highlighted Axis Bank’s unwavering dedication to fostering financial inclusivity in Odisha through a suite of tailored products and services delivered digitally via its Bharat Banking business arm. He emphasized the bank’s strategic focus on augmenting credit and deposit penetration, leveraging a combination of branch expansions and strategic collaborations.
Under its Bharat Banking initiative, Axis Bank has established a robust network comprising 211 branches across Odisha, with nearly 70 per cent strategically located in RuSu regions. Additionally, the bank has partnered with over 3100 Common Service Centres (CSCs) and Village Level Entrepreneurs (VLEs) to extend banking services to the remotest corners of the state.
In the current fiscal, Axis Bank witnessed significant growth in its CSC disbursals in Odisha, surpassing the pan-India growth rate. Notably, the bank observed a remarkable 35 per cent increase in its gold loan book over the past nine months. Sharda attributed this success to focused initiatives under Bharat Banking, driving growth in both retail and enterprise products across the state.
The bank has introduced a diverse range of services catering to specific segments, including individual term loans for Joint Liability Group (JLG) customers, small-ticket term loans for farmers, and strengthened propositions for the SME segment, among others. Sharda underscored Axis Bank’s commitment to extending comprehensive financial offerings to stakeholders in Mandis, bolstered by differentiated products and digital solutions.
Axis Bank has also forged strategic partnerships with key players such as ITC, Spicemoney, Shriram Housing Finance, India Shelter Finance Corporation Ltd, and Autotrac Finance Limited to enhance its micro-lending capabilities. This collaborative effort aims to address the diverse needs of micro, small, and medium enterprises (MSMEs), among others.
Moreover, the bank has introduced ‘Sampann’, a premium banking proposition tailored for the growth-focused customer segment in rural and semi-urban regions. With the strategic opening of 2372 Bharat Banking branches in remote RuSu regions, Axis Bank has witnessed a commendable 34 per cent year-on-year rise in advances and a notable 46 per cent year-on-year increase in disbursements in rural and semi-urban areas.
Looking ahead, Axis Bank plans to further expand its presence in Odisha, with a goal of opening 25-30 branches in the state as part of its broader strategy to add 500-odd branches across the country in the financial year 2024-25.
As of December 31, 2023, Axis Bank boasted a robust network comprising 5,252 branches and 15,931 ATMs and Recyclers nationwide, reaffirming its commitment to driving inclusive growth and development across India.
