Axis Bank partners with ITC to offer rural loan products to farmers

Axis Bank will offer a range of credit facilities for rural credit products such as Kisan Nidhi Loans and Loans gold loan with easy access.

Under the tie-up, the bank will leverage ITCMMARS (Meta Market for Advanced Agricultural Rural Services), a full-stack agri-tech application, to reach out to farmers and meet their financial needs.

Too, axis Bank Will offer a wide range of products and services to farmers through its Rural-Urban and Semi-Urban (RUSU) branches located in 656 districts of India.

On this development, Munish Sharda – Group Executive & Head – India Banking, Axis Bank said, “This partnership is aligned with the India Banking mission of our Bank to enhance our reach in remote areas and provide them with a seamless customer experience. With ITCMARS’ strong and enduring association with over lakhs of farmers across the country, we believe we can contribute significantly in uplifting the financial status of the community, thereby unlocking India’s true potential.. .”

Rajinikanth Rai, Divisional Chief Executive, Agri Business Division, ITC Ltd. said, “ITC has over the years pioneered multi-pronged interventions to transform the lives of farmers, powered by the ITC e-Choupal eco-system which Connects to over 4 million people. Farmers. Taking a step forward to bring the power of digital revolution to farmers, we have now implemented ITCMARS a phygital eco-system which is hyperlocal and personalized advisory, agri-input, financial Provides a range of solutions through services and market linkages.”

With this initiative, Axis Bank aims to take forward its India banking strategy by increasing new-to-bank accounts in FY 22-23.

As of December 31, 2022, Axis Bank has reported strong growth across key metrics – its rural advances grew by 27%, disbursements by 12%, and deposits by 16%.

On BSE, at the time of writing, Axis Bank shares were trading at 869.70, up 1.08%. Although ITC shares performed 387.80 each, down 1.15%.