Banking News

axis bank: Axis Bank aims to augment small-ticket loans this year: MD & CEO Amitabh Chaudhry

Axis Bank is working on augmenting small-ticket loans, crop loans to small and marginal farmers and microfinance business loans for women borrowers from low-income households during the year, managing director and CEO Amitabh Chaudhry said on Friday. The bank has created a distinctive ‘Bharat Bank’ unit with tailored rural products, an increased footprint through branches and a digital presence, partnerships with facilitators like Common Services Centers (CSCs), and village-level entrepreneurs enabled by multiple agri-commodity-focused ecosystems, he said.

“Among the private sector banks, we are the second largest in the MSME space by book size, and our constant pursuit of redefining customer experience in the digital age has led to various digital innovations poised to transform the banking paradigm of tomorrow,” he said at the India SME 100 Awards here.

With a forward-looking approach, he said, “we have evolved our processes on a solid digital infrastructure established over the past 3 years. Commensurate with our expertise, our relationship managers are more like advisors to the MSMEs, helping them grow in all aspects.”

As of September 2023, he said, the MSME book of the bank is over Rs 2 lakh crore, a sizeable portion of the total lending book.

The agricultural priority sector lending (PSL) of the bank is over Rs 91,000 crore.

The lending to micro, small, and medium enterprises is equally distributed to a large extent and not skewed. The lending to the weaker section by the bank is approximately Rs 53,000 crore, addressing small marginal farmers, artisans, village and cottage industries, and individual beneficiaries, he added.

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