Axis Bank agrees buy to payments wallet provider FreeCharge for $60 million

MUMBAI (Reuters) - Axis Bank Ltd , India's seventh-biggest lender by assets, said on Thursday it had agreed to buy mobile payments wallet provider FreeCharge from e-commerce company Snapdeal for 3.85 billion rupees ($60.04 million).

"Digital payments in India are surging. Government policies are driving a less-cash economy," Axis Bank finance chief Jairam Sridharan told a news conference after announcing the deal.

(Reporting by Devidutta Tripathy and Sankalp Phartiyal)