Axis Bank, one of India’s leading private banks, has partnered with the Federation of Hotel and Restaurant Associations of India (FHRAI) to strengthen the hospitality sector. Under this agreement (MoU) signed in Nagpur, both the institutions will together provide better banking services to hotels, restaurants and tourism related businesses across the country.
Businessmen will get special banking facilities
Through this partnership, Axis Bank will work directly with FHRAI’s large member network. The bank will provide special services keeping in mind the needs of the hospitality industry, such as special current accounts, concessions on POS machines, cash management services and waiver of payment solution setup fees. Apart from this, customized financial solutions will also be made available based on the need and eligibility of the business, which will be of great help to small and medium businesses.
Benefit of increasing demand in the sector
Vijay Shetty, Head of Commercial Banking Group of Axis Bank, said that the hospitality sector is growing rapidly in the country. Due to rising income, boom in domestic tourism and better infrastructure, demand in this sector is continuously increasing. He said that this partnership with FHRAI will bring the bank closer to the industry and help in providing better solutions as per the needs of the customers.
Special possibilities in Uttar Pradesh
Axis Bank Executive Vice President Shrikesh P said that there is a lot of potential in the businesses related to hotels, banquet halls, catering and events in states like Uttar Pradesh. This partnership will create strong relationships with these businesses and they will also get easy financial help.
MSME businesses will get support
Under this initiative, Axis Bank will also provide services like term loan, working capital, structured financing and relationship management. Especially small and medium businessmen will be helped in overcoming the challenges of cost and expansion. Overall, this partnership can play an important role in giving new strength to the hospitality sector and increasing the business.