News: Axis Bank plans to grow its priority sector lending (PSL) book organically in partnership with Paynearby. Paynearby works with corporates to help them make headways into semi-urban and rural markets. The tie-up will give Axis Bank access to more than 50 lakh micro retailers.
View: The products will be aimed at individual and small enterprises, which qualify for PSL. This move is in line with the bank’s aim to grow its PSL book organically. It will help to enhance NIMs while providing growth apportunity, though we would await further trends for clarity.
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