Axis Bank is presently investing to work on growing its business in rural and semi-urban markets in India. Simply through what their management calls ‘deep geostrategy’. With its strengths in technology, the bank hopes to grow its assets or lending business in these areas, mentioned by Sumit Bali who is a president and head, retail lending and payments for the Axis Bank. In a conversation with reporters on Thursday, the President of Axis Bank mentioned that the bank has recognized about 1,577 branches in its network for the deep geostrategy, through which it has seen pretty strong growth. Further added to be very excited with this initiative going forward and we see strong growth month-on-month and this will, therefore, also help us evolve as a substantial strategic player in the broad rural side of the country. It will also generate priority-sector and Agri assets, getting on forward.
The bank has a network of close to 5,000 through Common Service Centres in the village level entrepreneurs who will work as distribution points for funding farmers, paying gold loans, home loans, and loans for two-wheelers. This is a well-identified strategy that the bank wants to be an important player in the rural part of the country and the Axis Bank has also made a strategic investment in the common service centers that will help to set up a strong distribution channel across the country.
The bank allows that for business loans, through the use of Goods and Services Tax information to avail of disburse loans within 5-8 minutes without any paperwork. The bank aims to target all the Kirana stores with their financial services for payment services for distributors, wholesalers. The bank believes that public data and digital infrastructures will be a help to transform the banking services and lending products going forward, such as sachetisation of financial services and creating an ecosystem of services for small businesses too.