Axis Bank partners with FHRAI to enhance banking solutions for India’s hospitality industry
Axis Bank has entered into a Memorandum of Understanding (MoU) with the Federation of Hotel and Restaurant Associations of India (FHRAI) to boost collaboration with the country’s hospitality sector, focussing on providing tailored banking solutions and supporting businesses across the tourism and hospitality ecosystem.
In a press statement, the bank says that the MoU was signed in the presence of senior officials from both organisations and allows Axis Bank to strengthen its engagement with FHRAI’s wide-ranging membership across various segments and regions.
Vijay Shetty
It adds that the partnership will provide a range of banking and transaction solutions designed for tourism and hospitality businesses, including a specialised current account with benefits such as concessions on Point of Sale (POS) rentals, cash management services and payment solution setup fees. Eligible FHRAI members may also access customised financial products based on their business needs and eligibility.
“The hospitality sector continues to witness sustained underlying demand, driven by rising income levels, domestic travel, government focus, and improving infrastructure. At Axis Bank, we are deepening our focus on this sector through a more ecosystem-led approach. Our partnership with FHRAI is a step towards engaging more meaningfully with the industry and delivering relevant, sector-aligned financial solutions. Axis Bank and FHRAI also look forward to exploring opportunities for engagements through future FHRAI engagements, with a focus on mutual value creation,” says Vijay Shetty, President and Head-Commercial Banking Group, Axis Bank.
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Sreekesh P
“The hospitality ecosystem, particularly across Uttar Pradesh, presents a diverse and dynamic opportunity spanning hotels, banquet operators, caterers, and allied segments. Through this collaboration with FHRAI, we see an opportunity to strengthen our on-ground engagement with businesses and build deeper relationships by driving consistent engagement with the sector,” says Sreekesh P, Executive Vice President and Regional Branch Banking Head North 3.
Surendra Jaiswal
“We are pleased to partner with Axis Bank in strengthening engagement between the banking and hospitality sectors. As the industry continues to evolve, access to relevant and sector-aligned financial solutions will be important for our members. This collaboration is expected to facilitate greater awareness, access and engagement opportunities for hospitality businesses across the country,” says Surendra Jaiswal, President, FHRAI.
According to the statement as part of the partnership, Axis Bank took part in FHRAI’s Wedding and Meetings, Incentives, Conferences and Exhibitions (MICE) Tourism Conclave in Lucknow, highlighting its hospitality-focussed offerings through presentations and direct engagement with industry participants.
The statement says that the MoU underscores Axis Bank’s commitment to supporting the sector with a full range of financial solutions, including term loans, working capital, structured financing and dedicated relationship management, especially aimed at helping smaller businesses manage costs and grow.