Question
Download Solution PDFWhich bank has recently (in Dec ‘22) partnered with Spice Money Limited for Financial Inclusion in Rural India?
- ICICI Bank
- Axis Bank
- HDFC Bank
- YES Bank
- IndusInd Bank
Answer (Detailed Solution Below)
Option 2 : Axis Bank
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Detailed Solution
Download Solution PDFThe correct answer is Axis Bank.
Key Points
- Spice Money Limited, a Rural fintech player, has partnered with Axis Bank, to facilitate the opening of instant, zero-balance savings or current accounts for rural citizens through its Adhikari network.
- Through this partnership, Spice Money aims to bridge the rural-urban divide and bring financial inclusivity by providing access to banking products at the doorstep.
- Spice Money empowers merchants, known as Spice Money Adhikaris through its technology to cater to the digital and financial needs of rural citizens in India.
Additional Information
- Regional Rural Banks or RRB in short are government-owned scheduled commercial banks of India that work at the regional level in different states of India.
- Prathama Bank- Indias's first rural regional bank established in 1975.
- Kerala Gramin Bank is the largest rural regional bank.
- NABARD (National Bank For Agriculture And Rural Development) was established in 1982 by an Act of the parliament.
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