Axis Bank rises on partnering with Shriram Housing Finance for co-lending
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Axis Bank is currently trading at Rs. 849.65, up by 6.65 points or 0.79% from its previous closing of Rs. 843.00 on the BSE.
The scrip opened at Rs. 858.00 and has touched a high and low of Rs. 859.00 and Rs. 848.70 respectively. So far 64573 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 970.45 on 04-Jan-2023 and a 52 week low of Rs. 618.10 on 23-Jun-2022.
Last one week high and low of the scrip stood at Rs. 859.00 and Rs. 826.60 respectively. The current market cap of the company is Rs. 261778.57 crore.
The promoters holding in the company stood at 8.19%, while Institutions and Non-Institutions held 80.96% and 10.83% respectively.
Axis Bank and Shriram Housing Finance (SHFL) have entered into partnership under the co-lending model through the Yubi Co.Lend platform. Through this partnership, both the lenders will offer secured MSME (Micro, Small and Medium Enterprises) loans and home loans to the middle and low-income segment borrowers based in rural and semi-urban regions.
The partnership will leverage the financial expertise of Axis Bank, and loan processing technology of SHFL to assess the credit profile of borrowers and provide them loans at competitive interest rates. This partnership will cater to potential customers who are either new to credit or untapped by larger institutions and build a secured loan book. The collaboration will leverage the tech platform, Yubi to process loans seamlessly as per the co-lending guidelines.
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
