Axis Bank plans to double its lending to the data centre sector over the next three years, as AI adoption in India drives demand for computing capacity.
The bank’s exposure to the sector already exceeds Rs 86.88 billion ($907 million). That represents more than 2% of its corporate loan book.
Vijay Mulbagal, the bank’s group head of wholesale banking coverage, said data-related investment is growing strongly and companies are increasingly using debt to fund expansion. Axis Bank is also exploring financing opportunities with data centre companies based in Singapore.
Separately, Apple Pay was reported to have launched in India, with Axis Bank among its initial partners.