Categories: BankingCurrent Affairs

Axis Bank Partners With IRMA To Promote Financial Inclusion And Literacy In India

Recently, Axis Bank and the Institute of Rural Management Anand (IRMA) entered into a Memorandum of Understanding (MoU) to establish the Axis Bank Chair for financial inclusion at IRMA. This chair will play a pivotal role in advancing financial inclusion and financial literacy in India, aligning with the vision of equitable and sustainable transformation for the nation.

The Axis Bank Chair for Financial Inclusion

The Axis Bank Chair for Financial Inclusion has been established for a period of five years, and it encompasses several key objectives and functions:

I.Conducting Research for Policy Development

One of the chair’s primary goals is to lead and manage field-based research efforts that contribute to the development of national and state-level financial inclusion policies. This involves conducting in-depth research to craft strategies tailored to India’s unique needs.

II.Fostering Collaboration between Industry and Academia

The chair aims to foster closer collaboration between the financial industry and the academic community. By bridging the gap between these two sectors, it seeks to create practical solutions for advancing financial inclusion in the country.

III.Promoting Thought Leadership

The Axis Bank Chair will play a crucial role in promoting thought leadership in the field of financial inclusion. This includes organizing workshops, roundtables, and symposia that bring together experts and stakeholders to discuss and develop innovative ideas.

IV.Advocating for Policy Development

Beyond research and thought leadership, the chair will advocate for the development of policies that support financial inclusion, ensuring that they are effectively implemented.

V.Enhancing Financial Literacy

An essential aspect of the chair’s mission is to enhance financial literacy in India. It will do so by providing educational courses and programs at the Institute of Rural Management Anand.

Joint Advisory Committee

As part of their partnership, IRMA and Axis Bank will also establish a Joint Advisory Committee.
The committee will be responsible for managing the chair’s selection process, defining the terms of its operation, and regularly evaluating its performance.
This committee will ensure that the chair fulfills its mission and objectives effectively.

Sponsorship of Research Associates

The agreement between Axis Bank and IRMA also includes provisions for sponsoring two research associates under the chair’s purview.
This initiative is expected to further enhance the research and practical contributions of the Axis Bank Chair for Financial Inclusion.