Axis Bank Ltd.

Axis Bank, the country’s third largest private sector bank has forayed into urban microfinance segment and will now provide collateral free credit facilities to low-income women groups. The urban micro lending initiative ‘Axis Sahyog’ was launched in Pune on June 28, under the bank’s flagship microfinance programme will be delivered through its technology driven ‘TAB based lending’ solution.

The loans will be disbursed to self-employed women, part of Joint Liability Groups (JLGs), for income generating businesses like tailoring, catering and running grocery shops with an average loan size of Rs 15,000.

Further, the bank intends to commence its urban microfinance offerings in 85 branches pan-India across Bengaluru, Chennai, Kolkata and Mumbai.