Axis Bank partners with ITC

Guntur Axis Bank, India’s third largest private sector bank on Saturday announced its collaboration with ITC Limited to offer the bank’s lending products and services to farmers who are a part of the latter's agriculture ecosystem.

The partnership will enable Axis Bank to cater to the financial requirements of the unserved and underserved farmers based in the remote regions of the country including Bihar. The bank will offer a wide range of assets and liability products such as farmer loans and gold loans.

Axis Bank will leverage ITCMAARS (Meta Market for Advanced Agricultural Rural Services), a full-stack Agri-tech application for reaching out to the farmers and addressing their financial requirements. Additionally, it will also offer an extensive range of products and services to the farmers through its rural-urban and semi-urban (RUSU) branches located across 656 districts of India.

Speaking about the partnership, Munish Sharda-Group Executive & Head-Bharat Banking, Axis Bank, said "we have been consistently working at Axis Bank towards ensuring that all segments of customers based across the RUSU markets are provided with easy access to credit facility and banking solutions. This partnership is in alignment with our Bank’s Bharat Banking mission of extending our reach in the remote regions and providing them with seamless customer experience."

He said with the help of ITCMAARS' strong and enduring relationship with over millions of farmers, they believed that they can make a significant contribution in uplifting financial situation of the community."

Rajnikant Rao, Divisional Chief Executive, Agri Business Division, ITC Ltd said “ITC has over the years spearheaded multi-dimensional interventions to transform the lives of farmers, powered by its e-Choupal ecosystem that connects with over four million farmers.