Axis Bank felicitates over 550 MSMEs in Karnataka on International MSME Day

Bengaluru, June 28, 2024: In a significant tribute to the dynamic and resilient Micro, Small, and Medium Enterprises (MSME) sector, Axis Bank, one of the largest private sector banks in India, felicitated over 550 MSME customers across Karnataka on International MSME Day. The celebrations spanned select Axis Bank branches in Bengaluru, Hubli and Mysore.

Senior representatives from Axis Bank – Ms. Baishakhi Banerjee, Regional Branch Banking Head – South 1; Mr. Saurab Vadhera, Head – Business Loans; Mr. Sandeep Kumar, Liabilities Geography Head – Commercial Banking Coverage Group (CBG); Mr. Vinod R, Assets Geography Head – Commercial Banking Coverage Group (CBG); Mr. Rajesh Menon, Circle Head – Bangalore 1; Mr. Sudeep Sengupta, Circle Head – Bangalore 2; Mr. S. Anand, Circle Head – Bangalore 3; Mr. Raghavendra Prasad Reddy, Circle Head – Hubli, presented certificates of appreciation to MSME customers and acknowledged the significant contribution they made in their respective sectors and to the economic growth of the state. Additionally, a few MSME customers were felicitated at their business premises by Relationship Managers.

To celebrate the occasion, Axis Bank unveiled a suite of exclusive offers for MSMEs, providing significant financial benefits; enabling them to save on costs and access funds more easily and quickly. The Bank extended pre-qualified offers to existing MSME customers with 50% discount on processing fees for secured working capital products. It also offered unsecured EMI-based loans to MSMEs at a competitive interest rate and reduced processing fee.

Speaking about the initiative, Arnika Dixit, President and Head – Branch Banking, Axis Bank said, “Axis Bank is dedicated to promoting and supporting MSMEs, recognizing the crucial role they play in the economic landscape of India. We believe that fueling economic growth involves equipping the MSME segment with advanced digital banking products and services to ensure they remain efficient and agile. We are proud to celebrate and recognize the relentless spirit and achievements of our MSME customers. Our vision aligns with the ethos of ‘Vikasit Bharat’ and the ‘Make in India’ initiative as we support MSMEs in their journey towards contributing to a prosperous and self-reliant nation. MSMEs across India are continuously pushing boundaries with innovation and adaptability, and we are committed to fostering growth and pioneering new paths for these dynamic entrepreneurs.”

Over the years, Axis Bank has been empowering MSME customers with tailored offerings and initiatives, specifically designed to cater to their ever-evolving business needs and enhance their overall customer experience. Few initiatives by Axis Bank are –

· Launched ‘Neo for Business’, mobile-first business banking proposition designed to enhance productivity through seamless transactions

· Introduced cutting-edge lending solutions via the Public Tech Platform for Frictionless Credit (PTPFC) in collaboration with RBI Innovation Hub

· Facilitated the seamless opening of savings and current bank accounts for last-mile SME customers

· Introduced robust supply chain finance solutions tailored to the needs of MSMEs

· Hosts ‘Evolve’, an annual knowledge enhancement series aimed at equipping MSMEs with new-age strategies, operational know-how, and regulatory insights

· Honors the exceptional contribution and achievements of MSMEs by felicitating them at the ‘India SME 100 Awards’ every year

As on 31st March 2024, Axis Bank held an 8.4% market share of the overall industry MSME credit. Axis Bank’s SME loans have seen a Y-o-Y growth of 17% and a Q-o-Q growth of 5%, significantly contributing to the total loans mix.

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