Axis Bank reinforces commitment towards empowering rural communities in Odisha
Bhubaneswar: Axis Bank, one of the leading private sector banks in India, has been making significant strides in the Rural and Semi-Urban (RuSu) regions of Odisha, through its Bharat Banking business. The Bank has a robust network of 210 branches across Odisha, with nearly 70% of the branches located in RuSu regions. In addition to this, the Bank has also engaged over 3000+ Common Service Centres (CSCs) – Village level Entrepreneurs (VLEs) to ensure that banking services are offered in the remotest regions of the state.
In Odisha, the Bank’s CSC disbursals has been growing at more than 3x Year-on-Year growth rate this year, which is faster than the pan-India growth of its overall CSC business. It has also witnessed more than 35% increase in its gold loan book in the last 9 months. With focused initiatives under Bharat Banking, the growth rate has been strong in both retail and enterprise products across the State.
Speaking on the occasion, Mr. Munish Sharda, Group Executive and Head Bharat Banking, Axis Bank said, “Axis Bank has been committed to driving financial inclusion within the state through a comprehensive range of tailored products and services, delivered in a seamless and digital manner. The Bank has taken up series of initiatives to augment credit and deposit penetration by bolstering its branches and capitalizing on strategic partnerships. Our co-lending collaborations and digital solutions cater to the distinctive financial needs of diverse segments in the Rural and Semi-Urban regions, thereby fortifying our position as a key player in inclusive banking.”
Axis Bank has bolstered its micro-lending capabilities through strategic partnerships with key players such as ITC, Spicemoney, Shriram Housing Finance, India Shelter Finance Corporation Ltd, and Autotrac Finance Limited. This collaborative effort aims to meet the diverse needs of micro, small and medium enterprises (MSMEs), emerging corporates, commercial agriculture, small and marginal farmers, healthcare finance, among others. The Bank has also launched ‘Sampann’, a premium banking proposition specifically curated for the growth-focused and progressive customer segment based in rural and semi-urban regions.
Under its Bharat Banking initiative, the Bank has introduced a bouquet of services catering to distinct segments with specific needs, such as individual term loan product for Joint Liability Group (JLG) customers, small ticket term loan for farmers, tractor refinancing etc. It has also strengthened its products and proposition for the SME segment, based on customer needs. It now covers medical equipment, solar equipment, Agri CV, CGTSME Hybrid, EPC commodity and pledge metal. Additionally, the Bank will continue to extend its comprehensive financial offering to all the stakeholders in Mandis. The Bank’s differentiated and best-in-class products, services, and digital solutions have been instrumental in its quick progress and success across all major markets in the state of Odisha.
As of December 31st 2023, Axis Bank had a strong network of 5,252 branches, 15,931 ATMs and Recyclers spanning the country. The Bank has strategically opened 2372 Bharat Banking branches in remote RUSU regions to facilitate accessible banking services for all communities. The Bank reported a remarkable 34% YOY rise in advances and an impressive 46% YOY increase in disbursements in rural and semi-urban areas, underscoring its reach and impact in the heartland of Bharat.