Axis Bank ties up with PayNearby, aims to boost priority sector lending

Private lender's portfolio of rural loans was at Rs 58,800 cr at the end of the first quarter this financial year

Announcing a partnership with branchless banking network PayNearby, a senior executive of Axis Bank said on Wednesday that such tie-ups would aid the private lender in achieving priority sector lending aims.

“The priority sector targets that we have in our own business, if we have a shortfall, we have to build up through PSLCs (priority sector lending certificate) or something else. It is ensuring that we meet the requirements of the bank,” said Munish Sharda, group executive and Head of Bharat Banking.

Axis Bank aims to meet its priority sector lending targets in an organic manner, taking advantage of the