GUWAHATI: Private sector lender, Axis Bank launched its retail lending microfinance initiative – Axis Sahyog – here on Monday with an aim to financially support over 60,000 rural women in Assam by the end of the financial year 2018-19.
Speaking on the launch, Axis Bank’s regional branch banking head (east), Lal Singh, revealed that the microfinance initiative would soon be started in Meghalaya, Nagaland and Tripura as well.
“Our endeavour has always been to empower people to get access to finance quickly and easily, when required. Axis Sahyog will enable rural consumers to avail credit easily which will help them to increase their productivity and in turn their income,” Singh said
In January this year, the bank had initiated a pilot for Axis Sahyog in Nagaon and Tezpur branches in Assam. Loans from Axis Sahyog, which range from Rs 12,000 to Rs 26,000, have helped consumers start small businesses and become financially independent.
Women, especially with such credit support, have been at the forefront of running the rural economy by starting self-help groups which are already providing employment to a large section of the rural population.
“The bank is in the process of expanding Axis Sahyog to 20 districts in Assam, with an aim to financially empower more than 60,000 rural women by March, 2019,” he said..
The retail microfinance programme of the bank was launched in 2013 with an objective to empower families in unbanked and under-banked regions and bring them into the banking fold.
Currently, the programme is associated with more than 1.2 million customers with its presence in 17 states and one Union Territory.
