Axis Bank announced a partnership with ITC Limited on Thursday to provide the bank's lending products and services to farmers who are part of ITC's agriculture eco-system.
The agreement will allow Axis Bank to meet the financial needs of the country's unserved and underserved farmers in remote regions.
"The Bank will offer a diverse range of asset and liability products, including farmer loans, gold loans, and so on," the company stated in a press release.
Axis Bank will use ITCMAARS (Meta Market for Advanced Agricultural Rural Services), a full-stack Agri-tech application, to connect with farmers and meet their financial needs.
Furthermore, the 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 across India.
In addition, the bank intends to expand its Bharat Banking strategy by increasing new-to-bank accounts in FY22-23.
As on December 31st, 2022, its rural advances grew by 27% YOY, disbursement increased by 12% YOY and deposit grew by 16% YOY.
“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. With the help of ITCMAARS strong and enduring relationship with over millions of farmers, we believe that we can make a significant contribution in uplifting financial situation of the community thereby unlocking the true potential of Bharat,” said Munish Sharda, Group Executive & Head - Bharat Banking, Axis Bank.