Axis Bank has entered into partnership with Paynearby. The bank aims to organically grow its Priority Sector Lending (PSL) book and make it a profitable business. The tie up with Paynearby, the bank will be able to source better lending opportunities on a slew of products targeted both at the individual and small enterprises which carry the PSL tag.
Under the tie up with Paynearby, which pitches itself as a 'distribution as a service' company helping corporates wanting to make headways into semi-urban and rural markets, the lender will get access to over 50 lakh micro-retailers who can distribute the bank's lending and deposit products.
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
