Axis Bank signs $200-mn loan agreement with ADB

Axis Bank on Monday signed a $200-million, seven-year bilateral loan agreement with the Asian Development Bank.

The loan will help bolster bank' s efforts to improve farm efficiency by extending customised and affordable agriculture credit, that will help leverage its semi-urban and rural branch network to deliver agriculture credit, the city-headquartered lender said in a statement.

Axis Bank treasury and transaction banking head Sidharth Rath said, "This commitment from ADB will strengthen our rural lending and microfinance initiatives, which we regard as an integral component of its overall strategy."

Axis Bank has 2,589 branches, including extension counters across 1,714 centres mostly in cities and towns.