Axis Bank, India’s third largest private sector bank, has signed a $200 million 7-year bilateral loan deal with the Asian Development Bank (ADB), headquartered in Philippines.
The deal will help bolster Axis Bank’s efforts of improving farm efficiency by extending customized and affordable agriculture credit to farmers. The bank would effectively leverage its extensive semi urban and rural branch network to deliver agriculture credit, Axis Bank said in a statement.
Sidharth Rath, President & Head Treasury and Transaction Banking, Axis Bank said, “This commitment from Asian Development Bank will help the Bank in strengthening its Rural Lending and Microfinance initiatives, which the Bank regards as an integral component of its overall strategy.”