State Bank of India, the country’s largest bank, said it has approved the sale of a 4% stake in its general insurance arm to Premji Invest and Axis Asset Managment for Rs 481.73 cr. SBI General Insurance is an unlisted subsidiary of the bank. SBI recently concluded a successful IPO for its life insurance unit, […]
Private sector lender Axis Bank reported a loss of Rs 2,189 cr for the Jan-Mar quarter, hit by costs that rose faster than revenues as well as higher provisions to account for eventualities. For the quarter, the company’s interest income increased by Rs 603 cr on year, but the interest that it paid out on […]
Axis Bank, one of India’s top three private sector banks, called reports of resignation of its two top officials “speculative assertions”. Responding to a notice from the stock exchanges, Axis Bank said: “The bank does not comment on speculative assertions around its internal functioning.” It said it will inform the exchanges of any “material, unpublished […]
Axis Bank has again increased the rate of interest that will be charged for new loans, this time by one-tenths of a percentage. The hike comes a month after a 0.05 percentage point increase in January, and ten days after rival HDFC Bank increased its lending rate. The new interest rates will be applicable to […]
Punjab National Bank, India’s second largest public sector bank, has issued a statement on exactly what happened in the Nirav Modi case that resulted in nearly $1.77 bln of unauthorized liabilities being taken on by the bank. In the statement, PNB detailed exactly how the bank was taken for a ride by some of its […]
Axis Bank said eight of the 12 big defaulters highlighted by the Reserve Bank of India in its June 15 circular owed over Rs 5,000 cr to the bank. The RBI had given a list of 12 large accounts which together owed about 25% of the total bad loans of Indian banks. The total bad […]
Axis Bank confirmed it had sold its 8% share in new-generation card-swiping-machine company Mswipe Technologies. In a regulatory filing, the private sector bank said it sold its 8% stake for Rs 80.94 cr, or Rs 4,249 per share. Mswipe is one of the new generation, low-cost swipe-machine companies, and offers cheaper rates to merchants. Instead […]
Paynear, which helps shopkeepers and businesses to accept card payments without buying a point-of-sale (POS) machine, has tied up with Axis Bank to implement support for UPI or Unified Payment Interface. UPI allows users to send and receive money and make payments using IDs that resemble email addresses (for example, rajesh@icici). Paynear is an Indian […]
Axis Bank, one of India’s top two private banks, has cut its lending rates by 0.15 percentage points in the wake of the ongoing currency exchange program. With this, the bank’s ‘marginal cost-based lending rate’ has been reduced to 9.05% for one year and 9.15% for three years. The change will come into effect from […]
Axis Bank said it added an augmented reality-based feature on its Mobile App that will enable home seekers to search and locate properties which are pre-approved by the bank for financing. Jagdeep Mallareddy, Head Retail Lending, Axis Bank, said, “The new augmented reality feature will help users to easily identify any property that is available […]
Axis bank has cut its loan interest rate by 5 basis points across all tenures. With this, the marginal cost of funds-based lending rate for three year loans has been cut to 9.4% and that for 1 year loan, has been cut to 9.25%. The MCLR for one month is 8.90%. The new rate will […]
Axis Bank, India’s third largest Private Sector bank reduced its lending rate by 15 bps across all tenors. “This follows the reduction in Policy rates by RBI on April 5, 2016. The reduced MCLRs will take effect starting April 18thm” the bank said. With this, Axis Bank’s marginal cost based lending rates (MCLR) are as […]
Following a steep 0.5 percentage point cut in policy rates by the Reserve Bank of India, Axis Bank — one of India’s largest lenders — has cut its base interest rate to 9.50% from 9.85%. This will mean lower EMIs for hundreds of thousands of its floating loan customers. The cut is with effect from […]
Axis Bank, India’s third largest private sector bank, has added touch authentication for transactions through its mobile app for its iOS app. The feature will not be available in the Android version of the app. Bank customers using Apple iPhone 5s and above can now complete their financial transactions such as bill payments, mobile recharge […]
Axis Bank, India’s third largest private sector bank has launched a Fixed Deposit scheme titled “Fixed Deposit Plus”, which gives customers a higher rate of return on their fixed deposit investment compared to regular Fixed Deposit rates. The differential rates on Fixed Deposit Plus with a lock in are currently available for a minimum period […]
