....Axis Bank sees financial inclusion as an integral component of its rural strategy. It offers no-frills accounts, tailor-made fixed deposits and recurring deposit products to meet the savings requirements of customers. As of end-March 2013, the bank had opened 61.61 lakh no-frills accounts covering 42,338 villages. It tied up with telcos to provide savings and remittance facilities via mobile phones and their distribution outlets. The bank’s outreach efforts find reflection in the way it has gone about opening branches. It added 325 new branches, taking their number (along with extension counters or ECs) to 1,947, of which 883 branches and ECs are in semi-urban and rural areas and 1,064 branches are in metropolitan and urban areas. Ask Sharma why she believes these will be key growth drivers (the cost of doing business in these markets is high), and she tells you that the income gap between rural and urban India is declining and the rural consumer seems to be growing stronger..........
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