Budgam, April 20, 2025 – Axis Bank, India’s third-largest private sector bank, inaugurated its 26th branch in the Kashmir Valley at Magam, Budgam district, further strengthening its commitment to financial inclusion and economic growth in Jammu and Kashmir. The opening ceremony was graced by MLAs Farooq Ahmad Shah and Dr. Shafi Ahmad Wani, who emphasized the bank’s role in empowering local communities with accessible banking services.
The new branch, strategically located in Magam, a growing commercial hub, aims to cater to the diverse financial needs of residents, businesses, and farmers in Budgam and surrounding areas. Equipped with state-of-the-art facilities, the branch offers a comprehensive range of products, including savings and current accounts, cash credit facilities, term loans, car loans, agricultural loans, credit cards, and investment options like mutual funds and insurance. Digital banking services, such as internet banking and UPI, will also enhance customer convenience.
Speaking at the inauguration, MLA Dr. Shafi Ahmad Wani highlighted the significance of the branch for Magam’s development. “This branch will bring world-class banking closer to our people, supporting small businesses, farmers, and youth in achieving financial stability,” he said. MLA Farooq Ahmad Shah echoed this sentiment, praising Axis Bank’s efforts to expand its network in rural and semi-urban areas of Kashmir.
Senior Axis Bank officials, including regional representatives, attended the event, underscoring the bank’s dedication to fostering economic progress in the region. “Our 26th branch in Kashmir reflects our mission to make banking accessible and inclusive, empowering communities with tailored financial solutions,” said a bank spokesperson.
The inauguration aligns with Axis Bank’s recent expansion in Kashmir, following the opening of branches in Alamgari Bazaar, Srinagar, and Bemina. With a network of over 5,000 branches nationwide, including 29% in metro areas and 17% in rural regions, Axis Bank continues to prioritize underserved areas like Magam, where banking access can drive socio-economic growth.
Local residents and business owners welcomed the branch, citing its potential to boost entrepreneurship and financial literacy. The event also highlighted Magam’s growing importance, with Dr. Shafi Ahmad Wani recently advocating for enhanced healthcare and infrastructure in the area, including a trauma hospital and advanced medical facilities.
