Mumbai, Sept 8 (KNN) Axis Bank and PayNearby have partnered to make opening of savings and current bank accounts simpler for SME retailers and customers in remote areas of India.

The objective of the partnership is to address the challenges faced by the retailers and customers in areas such as hassle of documentation, long processes, technology, lack of proximity and fear of a formal environment.

Under the pact Axis Bank will leverage PayNearby’s distribution-as-a-service (DaaS) network of over 50 lakh micro entrepreneurs across more than 20,000 pin codes.

It will provide access to financial solutions to retailers and customers without their need to travel long distances for banking services. 

“The partnership will enable Axis Bank to extend its banking services to a huge customer base in semi-rural and rural regions and offer them an array of facilities along with the opening of a bank account,” said Munish Sharda, Group Executive and Head – Bharat Banking, Axis Bank at an event announcing the tie-up.

Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “For India to become financially and digitally empowered at the last mile, it is important that the local retailers are given the necessary tools for their growth…We thank Axis Bank for making this process so easy and hassle-free, and for introducing biometric-based e-KYC-enabled account opening, in our network.” 

Axis Bank also intends to increase the uptake of the its current account at the last mile while serving SMEs and customers in semi-rural and rural areas.  (KNN Bureau)