Axis Bank inks an MoU with IRMA to promote financial inclusion and literacy in India. Details here

Just a few days ahead of “National Education Day” observed on November 11 every year, Axis Bank and the Institute of Rural Management Anand (IRMA) have entered into a Memorandum of Understanding (MoU) on November 06, 2023. The idea behind entering the MoU is to establish the Axis Bank Chair for financial inclusion at IRMA. Established for five years, the Chair’s primary objectives include conducting research, fostering closer collaboration between the industry and academia, promoting thought leadership, and advocating for policy development. The Chair’s overarching goal is to enhance and expedite the advancement of financial inclusion (FI) and financial literacy in India.

The Chair’s main goal is to lead and manage field-based research efforts that contribute to the development of national and state-level financial inclusion policies. This involves crafting financial inclusion strategies tailored to India’s needs, enhancing the banking sector’s capabilities in the realm of financial inclusion, organizing workshops, roundtables, and symposia, and providing educational courses at the Institute.

Highlighting the role of the proposed Chair, Munish Sharda, Group Executive & Head – Bharat Banking, Axis Bank, said, “It is a matter of great pride for all of us at Axis Bank to partner with IRMA for establishing the Chair for Financial Inclusion at one of India’s premier management institutes. Our vision at Axis Bank’s ‘Bharat Banking’ strongly aligns with Dr Varghese Kurien’s vision of achieving equitable and sustainable transformation of ‘Bharat’. We hope that this Chair shall play a meaningful role in accelerating and penetrating financial inclusion to the last mile.”

Speaking on the occasion, Dr Umakant Dash, Director, IRMA, added, “The collaboration between the Institute of Rural Management Anand and Axis Bank brings together two institutions with a rich history of serving the nation. Through this relationship, we seek to make impactful interventions in the domain of financial inclusion at a national level. The Axis Bank Chair for Financial Inclusion at IRMA will contribute to knowledge creation, publications, training, and capacity building and enhance our understanding of the domain. The support of Axis Bank and the academic insights from IRMA will play a crucial role and contribute to the ongoing growth story of our nation.”

As a component of their partnership, IRMA and Axis Bank will establish a Joint Advisory Committee responsible for managing the Chair’s selection process, defining the terms of its operation, and regularly evaluating its performance. Additionally, the agreement includes provisions for sponsoring two research associates under the Chair’s purview.

The partnership between Axis Bank and IRMA signifies a notable stride in heightening awareness and dedication of these organizations to advancing financial inclusion and financial literacy across all segments of Indian society.

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Updated: 07 Nov 2023, 04:58 PM IST

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