ITC and Axis Bank join together to offer loans to farmers in rural areas
Thursday, Axis Bank and ITC Limited announced that they would work together to offer loans and other services to farmers who are part of ITC’s agriculture eco-system.
With this deal, Axis Bank will be able to meet the financial needs of farmers in remote parts of the country that it hasn’t been able to reach before.
In a press release, the company said, ‘The Bank will offer a wide range of assets and liabilities, such as farmer loans, gold loans, etc.’
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ITCMAARS (Meta Market for Advanced Agricultural Rural Services), which is a full-stack Agri-tech application, will be used by Axis Bank to reach out to farmers and meet their financial needs.
The bank will also offer a wide range of products and services to farmers through its rural-urban and semi-urban (RUSU) branches, which are located in 656 districts of India.
The bank also wants to grow its Bharat Banking strategy by adding more accounts for people who have never had a bank account before in FY22-23.
As of December 31, 2022, its rural advances had grown by 27%, disbursements had grown by 12%, and deposits had grown by 16%.
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‘This partnership is in line with the Bharat Banking mission of our bank, which is to reach out to people in remote areas and give them a smooth customer experience. Axis Bank’s Group Executive and Head of Bharat Banking, Munish Sharda, said, ‘With the help of ITCMAARS’s strong and long-lasting relationship with over a million farmers, we believe we can make a big difference in improving the financial situation of the community, which will help Bharat reach its full potential.’