Axis says exposure to NSEL insignificant

Statement in response to news reports that Axis Bank, ICICI Bank, HDFC Bank had highest exposure to exchange

Axis Bank has said its total exposure, direct & indirect, to the National Spot Exchange Ltd (NSEL) was insignificant and the bank had adequate collateral to back these exposures.

The statement is in response to reports in a few business channels that quoted central bank sources as saying that Axis Bank, ICICI Bank, HDFC Bank had the highest exposure to the exchange.