Tag Axis Bank

Nagpur, 26th September 2024: Axis Bank, one of the largest private sector banks in India, signed a Memorandum of Understanding (MoU) with Next Bharat Ventures IFSC Private Limited, a subsidiary of Suzuki Motor Corporation in Japan, to provide tailored Working Capital Financing Solutions to impact-driven startups and Micro and Small Enterprises (MSME). This collaboration will enable MSMEs to secure credit without the traditional collateral, thereby reducing financial hindrances and simplifying access to capital needed for business growth.

Through this initiative, Axis Bank will extend support to MSMEs across key sectors, who are part of Next Bharat Ventures’ Residency Program. This four-month program, launching its first cohort in October 2024, is designed to empower entrepreneurs committed to driving impact in India’s rural and informal sectors. The startups selected under the program will have access to Axis Bank’s comprehensive range of financial services and solutions, tailored to meet their specific needs.

The partnership will leverage Axis Bank’s vast network of branches across India to deliver these financing solutions and simplify the credit evaluation process, thereby making it easier for startups to obtain debt financing. With a strong focus on Tier 2 and Tier 3 regions, this initiative will not only promote financial inclusion but also foster long-term economic growth in these underserved areas.

Speaking on the occasion, Munish Sharda, Executive Director, Axis Bank, said, “At Axis Bank, we recognize the pivotal role that entrepreneurs, especially those in the underserved regions, play in driving India’s economic growth. This collaboration with Next Venture underscores our commitment to foster innovation and empower the entrepreneurial ecosystem, leading to the growth of India’s rural economy. By leveraging our financial expertise and extensive branch network, we aim to help these entrepreneurs scale their operations and achieve sustainable growth. This strategic collaboration reinforces our commitment to financial inclusion, giving us the opportunity to support the next generation of socially impactful business leaders.”

Vipul Nath Jindal, MD and CEO of Next Bharat Ventures, commented, “This partnership with Axis Bank marks an advancement to build a sustainable financial ecosystem for impact-driven entrepreneurs in India. By combining Axis Bank’s financial expertise in providing debt funding with Next Bharat’s tailored support for innovative social ventures, we are excited to see the advancement of high-impact startups in Bharat.”

By integrating Axis Bank’s financial capabilities with Next Bharat Ventures’ focus on nurturing social enterprises, the partnership aims to build a more inclusive and sustainable financial ecosystem for

entrepreneurs while positioning them for long term success as self-sustaining MSMEs. The collaboration will ensure that essential financial support reaches entrepreneurs in underserved regions, empowering them to drive meaningful economic progress and create lasting impact in their communities.

Mumbai, India – 3rd  Sep 2024: SystemSePay | SystemXs.ai Debuts at Global Fintech Festival GFF-2024, Ushering in a New Era of B2B Invoice-Based Payment Systems.

SystemSePay, an innovative and fully interoperable invoice-based payments system, was officially showcased at the prestigious Global Fintech Festival (GFF) 2024. The product showcase event was officiated by Mr. Sunil Ghumatkar, Managing Director; Mr. Vishal Shetty, Director of Product Development; and Mr. Gopal Rohra, Director of Technology.

SystemSePay is set to transform the B2B payments landscape with its comprehensive suite of features, specifically designed to streamline and automate business transactions. The platform enables businesses to seamlessly onboard as buyers or sellers, generate unique B2B IDs, and efficiently manage invoices. From raising, sending, and receiving invoices to processing them directly within the system, businesses can now optimize their transactions for greater efficiency. The platform also empowers users to accept or reject invoices, receive acknowledgments, and send automated payment reminders, ensuring that settlements are timely and accurate.

Additionally, SystemSePay offers diverse payment options, including UPI, net banking, and cards, to meet the varied needs of businesses across industries. The platform also supports invoice discounting in the next phase of its launch, providing opportunities for businesses to benefit from early payment discounts, which can enhance cash flow and financial planning. To further improve financial management, SystemSePay includes functionalities for downloading payment receipts, automating accounting entries, and streamlining bank reconciliation and settlement processes.

As a Participating Agent Institution under NPCI-Bharat Bill Payment Limited (NBBL), with Axis Bank as its operating unit, SystemSePay stands as an interoperable invoice-based payments platform uniquely positioned to facilitate fully connected B2B transactions across multiple banking systems. This platform acts as a crucial link in the digital payments infrastructure, enabling businesses to conduct transactions with unprecedented ease and security.

During the event, it was emphasized that “SystemSePay is more than just a payment platform; it represents a groundbreaking leap in the digital transformation of India’s B2B sector. By streamlining complex transactions and equipping businesses with the tools they need to thrive, SystemSePay is poised to reshape the business landscape across the country. It offers unparalleled efficiency and opens up vast growth opportunities for businesses nationwide.”

“#AbbIndiaBolegaSystemSePayKaro!”

Axis Bank, one of the largest private sector banks in India, announced its Q1FY25 results today. The Bank’s core operating profit for the quarter grew 16% YOY to Rs. 9,637 crores. The Bank has reported a net profit of Rs. 6,035 crores, as compared to Rs. 5,797 crores in Q1FY24 reporting a growth of 4% YOY. The Bank’s Net Interest Income (NII) grew 12% YOY and 3% QOQ to Rs. 13,448 crores in Q1FY25 from Rs. 11,959 crores in Q1FY24. Its Net Interest Margin (NIM) for Q1FY25 stood at 4.05%. CASA deposit grew up 4% YOY, whereas CASA ratio stood at 42%. The Bank’s operating revenue grew 13% YOY from Rs. 17,046 crores in Q1FY24 to Rs. 19,232 crores in Q1FY25. As of 30th June 2024, the Bank reported Gross NPA and Net NPA levels at 1.54% and 0.34% respectively against 1.96% and 0.41% on 30th June 2023. The Bank’s Fee income for Q1FY25 grew 16% YOY to Rs. 5,204 crores. Retail fee grew 18% YOY & constituted 71% of the Bank’s total fee income. The overall capital adequacy ratio (CAR) stood at 16.65%, with a CET 1 ratio of 14.06%. The Bank’s wealth management business is among the largest in India, with assets under management (AUM) of Rs. 5,99,108 crores as of the end of 30th June 2024, which grew 40% YOY.

Burgundy Private, the Bank’s proposition for high and ultra-high-net-worth clients, covers 13,071 families. The AUM for Burgundy Private increased 31% YOY and 14% QOQ to Rs. 2,09,451 crores. The Bank’s subsidiaries delivered a steady performance with a Q1FY25 PAT of Rs. 436 crores, up 47% YOY. As on 30th June 2024, the Bank had a network of 5,427 domestic branches and extension counters along with 182 Business Correspondent Banking Correspondents (BCBO’s) situated across 2,987 centres compared to 4,945 domestic branches and extension counters and 156 BCBO’s situated across 2,754 centres as of 30th June 2023.

Amitabh Chaudhry, MD&CEO, Axis Bank said, “The last quarter was crucial in terms of getting all the teams to work together for the last leg of Citi integration. I am delighted that the integration is done and it was largely seamless given the size and scale of the transition. I am thankful to the teams who worked tirelessly in making this possible, and to our 2 million new customers for keeping their trust and faith in us.”

Bengaluru, 22nd May 2024: VST Tillers Tractors Limited (VST), India’s leading farm equipment manufacturer, signed a Memorandum of Understanding (MOU) with Axis Bank, one of the leading private sector banks in India, to offer financial solutions to the farmers for purchasing tractors and Farm Mechanisation products. As per the agreement, Axis Bank will provide financial solutions to VST’s prospective customers through its extensive network of 5370+ branches spread across geography.

The MOU was signed by Mr. Antony Cherukara, CEO of VST Tillers Tractors Ltd and Mr. Rajesh Dhage, Business Head of Farm Mechanization, Axis Bank, in the gracious presence of Mr Ramasawmy Gopalakrishnan, Head – Retail Assets for Bharat Banking, Axis Bank, and Mr. V T Ravindra, Managing Director of VST Tillers Tractors Ltd.

As per the MOU both the companies will leverage their extensive footprint to reach out to the farmers community to ensure that they have an easy access to credit facility for adapting farm mechanization. This partnership will enable farmers to avail hassle-free, affordable, and flexible credit facilities to transform the agricultural sector. The Bank will offer flexible repayment options, swift sanctions, and special benefits on EMI options to encourage the farmers to opt for adapting farm mechanization.

Speaking on the occasion of signing the MOU, Mr Antony Cherukara, CEO, of VST Tillers Tractors Ltd. said “We are delighted to partner with one of the leading Banks in the country and make our innovative farm equipment more accessible and affordable to farmers. Our partnership is aligned with our joint goal of enabling farmers in rural India to mechanize farming and thereby increase productivity. At VST, it is our constant endeavour to facilitate ease of farming, by bringing down the overall time and cost of farming and improving output and farm income. We are sure that this MoU will especially help small and marginal farmers in availing hassle-free credit facilities for buying our products.”

Mr. Munish Sharda, Executive Director, and Head – Bharat Banking, Axis Bank, said, “It has been our constant endeavour to engage and empower rural communities and marginal farmers by providing them with the most suitable financial solutions. By partnering with VST Tillers Tractors Ltd, we have combined forces to address various financial challenges faced by these communities, while encouraging them to adopt effective farming techniques. As we strengthen our alliance with numerous partners and pioneers from rural India, we are confident of making a positive and meaningful impact in the lives of millions of farmers across the nation.”

Both organizations share a common vision of empowering farmer community by providing hassle-free solutions and encouraging entrepreneurship in the agricultural sector. Axis Bank will offer easy finance options, with minimal documentation, to encourage farmers to adopt innovative techniques for enhancing their productivity and thereby, increase their income. This collaboration is an important step towards supporting and empowering the agricultural sector.

Bengaluru, 29 February 2024: Axis Bank, one of the largest private sector banks in India today announced the introduction of donation on Bharat Bill Payment System (BBPS). This pioneering move makes Axis Bank the only BBPS Biller Operating Unit to enable trusts / charitable institutions to accept the contribution via any BBPS-enabled front ends. The facility is designed to change how donations are made, by making it more accessible, transparent, and convenient for people to support noble causes.

With the introduction of the ‘Donation Category’ on BBPS, charitable institutions can collect offerings digitally in a seamless manner ensuring complete transparency and further deepen trust with donors/devotees through this solution. By accepting the payment digitally, the charitable institutions are also able to lower the direct and indirect costs associated with donations in cash. As the sole BBPS Biller Operating Unit, capable of offering this unique service, Axis Bank has customized solutions for various trusts to enhance the payment experience and provide superior service to donors. Furthermore, the integration of link-based payments offer an end-to-end solution for trusts and charitable institutions.

Customers will immediately receive a payment confirmation receipt, adding to the ease of the process. The solution also enables the issuance of 80G certificate to the donors / devotees.

Vivek Gupta, President & Head – Wholesale Banking Products, Axis Bank said, “Axis Bank has been at the forefront in rolling out pioneering solutions for its clients. The bank has consistently displayed agility in responding to client requirements. Introduction of donation is a giant leap for the BBPS ecosystem. This is the first solution of its kind in the market and helps charitable institutions to accept donations seamlessly with end-to-end tracking. This initiative is an example of innovation in India’s Digital journey that ensures complete transparency for the donor and thus builds trust in the ecosystem. Our team’s dedication and efficiency led to the remarkable achievement of launching this category in under two weeks – a record time for introducing new categories on BBPS.”