Calcutta: Axis Bank expects retail lending to soon touch 50 per cent of its advances.

The private lender's advances at the end of June 2018 was Rs 4,41,074 crore, a growth of 14 per cent over the year-ago period. Retail advances constituted 48 per cent of the loan mix, a growth of 21 per cent year-on-year.

"The way we are growing, there is a possibility of retail advances reaching that level soon," said Rajiv Anand, executive director and head-retail, Axis Bank.

Around 50 per cent of the bank's advances are now MCLR-linked with the share of base rate-linked loan gradually coming down.

Axis Bank has launched an instant virtual credit card service for its pre-approved customers through the Axis Pay mobile app. "It is true that risks (of unsecured lending) on retail banking will increase but yields are commensurate with risks," said Anand.

Axis Bank is the fourth largest credit card issuer with a market share of 11.83 per cent.

The bank anticipates a further increase in the share through instant credit cards.