This partnership will help Axis Bank build operational efficiencies in the cash management process. It is also expected to speed up the payment cycle and help in releasing the bandwidth of field agents who operate across the country.
Agents can now deposit the amount at any Airtel Payments Bank outlet in the neighbourhood, which will be transferred to the Axis Bank accounts saving them the effort of travelling back and forth to collect and deposit EMIs. This will further mitigate the risk of carrying cash collections by agents during long-distance travel. Additionally, this process will help avoid any delay, as Airtel Payments Bank outlets operate much beyond the traditional banking hours and over the weekends too.
Axis Bank customers will also be able to make direct EMI<\/a> deposits for loan payments at the 5,00,000 banking points<\/a> of Airtel Payments Bank.
Gaurav Seth, chief finance officer and head institutional business, Airtel Payments Bank said, “Our Collection Management Services<\/a> reduce the challenges of managing physical cash and also mitigates the risk of cash in transit by digitizing the entire chain. This brings in huge operational efficiencies for our partner as well as their customers.”
Speaking on the occasion, Munish Sharda, group executive and head – Bharat Banking<\/a>, Axis Bank said, “At Axis Bank, we have been constantly working with leading organizations in the industry<\/a> to offer the best value proposition to our customers. This partnership with Airtel Payment Bank is yet another step towards embracing digitization, offering greater convenience and faster solutions to our vast customer base in the semi-rural regions of the country.’’
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