Axis Bank, India’s third-largest private sector bank, has announced a significant five-year partnership with the Institute of Rural Management Anand (IRMA) to establish the Axis Bank Chair for Financial Inclusion. This initiative is a key component of Axis Bank’s broader strategy to promote financial inclusion and literacy throughout India. The collaboration aims to achieve this goal through a multifaceted approach that includes research, fostering industry-academia relations, advocating for relevant policies, and building capacity within the banking sector.
The Axis Bank Chair for Financial Inclusion will be overseen by a Joint Advisory Committee, consisting of representatives from both Axis Bank and IRMA. This committee will play a crucial role in selecting the Chair, defining the Chair’s responsibilities and objectives, and regularly evaluating the progress of this initiative. As part of the agreement, Axis Bank will also provide support for two Research Associates working under the purview of the Chair.
The responsibilities of the Chair will encompass conducting field-based research, enhancing financial literacy, strengthening ties between the banking industry and academia, guiding policy advocacy efforts, and formulating strategies to advance financial inclusion. These endeavours are anticipated to have a far-reaching impact on both national and state-level policies and will contribute to enhancing the overall capacity of the banking sector in India.
As part of the BSE group ‘A’ stock, Axis Bank is currently trading at ₹1012.00 with a market capitalisation of ₹312,196.20 crore (where 1 crore INR is approximately equivalent to USD 12 million). Recent trading activity has witnessed 21,665 shares being exchanged on the counter. Promoters own 8.22% of the bank’s shares, while Institutional and Non-Institutional investors hold 82.03% and 9.76%, respectively.
Axis Bank’s primary services are tailored to cater to Large and Mid-Corporates, SMEs, Agriculture, and Retail Businesses. Through this partnership with IRMA, Axis Bank reaffirms its commitment to furthering financial inclusion efforts across India, contributing to the economic empowerment and growth of underserved communities and individuals.