Axis Bank, the third-largest private sector bank in India, has entered a five-year agreement with the Institute of Rural Management Anand (IRMA) to establish the Axis Bank Chair for Financial Inclusion. This initiative is part of a broader strategy to enhance financial inclusion and literacy across India through research, industry-academia relations, policy advocacy, and capacity building in the banking sector.
The Axis Bank Chair for Financial Inclusion will be guided by a Joint Advisory Committee comprising representatives from both Axis Bank and IRMA. This committee will oversee the selection of the Chair, establish its terms, and regularly review its progress. The agreement also includes support for two Research Associates under the Chair.
The role of the Chair will involve conducting field-based research, enhancing financial literacy, strengthening industry-academia relations, guiding policy advocacy, and formulating financial inclusion strategies. These efforts are expected to influence national and state-level policies and increase the capacity of the banking sector.
As part of the BSE group 'A' stock, Axis Bank currently trades at ₹1012.00 with a market cap of ₹312,196.20 crore (INR100 crore = approx. USD12 million). The bank has seen 21665 shares traded on the counter recently. Promoters hold 8.22%, while Institutions and Non-Institutions hold 82.03% and 9.76%, respectively.
Axis Bank's primary services cater to Large and Mid-Corporates, SMEs, Agriculture, and Retail Businesses. With this partnership with IRMA, Axis Bank aims to further its commitment to enhancing financial inclusion across India.
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