Axis Bank looking at more partnerships with Big Tech: Axis Bank MD

Amitabh Chaudhry says the private lender spends Rs 900 crore every buying priority sector lending certificates to meet its targets

Several sectors which banks are mandated to participate in do not turn out to be profitable, Axis Bank’s managing director and chief executive officer Amitabh Chaudhry said, adding that the private lender spends Rs 900 crore every year buying priority sector lending certificates to meet its targets. The comments from Axis Bank chief comes days after financial services secretary highlighted lucklustre response from private banks in financial inclusion.

According to Reserve Bank of India norms, 40 per cent of banks’ adjusted net credit must be extended to the priority sector, which includes agriculture and micro, small and medium enterprises.

“They