This partnership will help Axis Bank to build operational efficiencies in the cash management process. This is also expected to help speed up the payment cycle and release bandwidth to field agents operating across the country.
Agents can now deposit the amount at any Airtel Payments Bank outlet in the neighborhood, which will be transferred to Axis Bank accounts, saving them the effort of traveling back and forth to collect and deposit EMIs . This will further reduce the risk of agents collecting cash during long distance travel. Additionally, this process will help avoid any delays, as Airtel Payments Bank outlets operate far beyond the traditional banking hours and even on weekends.
Axis Bank customers will also be able to direct EMI Deposit for loan payment at Airtel Payments Bank’s 5,00,000 banking points.
Gaurav Seth, Chief Financial Officer and Head Institutional Business, Airtel Payments Bank said, “Our collection management services reduce the challenges of managing physical cash and also reduce the risk of cash in transit by digitizing the entire chain. This brings great operational efficiencies to our partners as well as their customers.”
Speaking on the occasion, Munish Sharda, Group Executive and Head – India Banking, Axis Bank said, “At Axis Bank, we are constantly working with leading organizations in the industry to deliver the best value proposition to our customers. This partnership with Airtel Payments Bank is another step towards adopting digitization, providing greater convenience and faster solutions to our vast customer base in semi-rural areas of the country.”