Page 13 - Axis Bank

Axis Bank launches NEO for Business transaction banking platform for MSMEs

India currently has over 65 million MSMEs which contribute over 30 per cent to India's gross domestic product

Axis Bank investment banking unit's co-CEO Chirag Negandhi resigns

Axis Capital, one of the country's biggest investment banking firms, has been a part of some successful initial public offerings over the past year, including Cyient DLM, Mankind Pharma, Bikaji Food

Citi India FY23 profit jumps threefold Rs 13,614 crore on retail arm sale

Citi's total assets stood at Rs 2,17,302 crore as at March 31, 2023. Citi concluded the deal with Axis Bank in March this year

Retail unit sale propels Citi India FY23 net profit to Rs 13,614 crore

American lender Citi's FY23 net profit from India operations zoomed to Rs 13,614 crore on the back of the retail unit's sale to Axis Bank. Excluding the Rs 8,914 crore one-time gain of the unit, the lender reported a net profit of Rs 4,700 crore, which was a 26 per cent growth over the Rs 3,727 crore it reported for FY22. Its revenue net of interest expense grew 16 per cent, a Citi statement said on Tuesday, without disclosing the exact figure. The net interest margin expanded to 5.15 per cent during the reporting fiscal, as against 4.65 per cent in the previous fiscal, proving to be an important driver of profit growth, it said. On the asset quality front, the bank reported an improvement with the gross non-performing assets ratio coming down to 0.41 per cent as against 1.07 per cent in the year-ago period. Citi concluded the sale of its consumer banking business to Axis Bank during the fiscal in a Rs 11,603-crore deal. Citi said in the statement that the gain of Rs 8,914 crore i

Axis Bank launches 'Infinity Savings Account' with zero transaction fees

The bank offers two subscription-based flexible plans: Monthly and Annual

Axis Bank launches new paid saving a/c with no charges for services

Moving towards subscription-based accounts, Axis Bank on Tuesday launched a paid savings account where the customer will not be charged for many services and will not be required to maintain a minimum balance. Customers will be charged Rs 150 per month or the discounted Rs 1,650 per year for what has been christened as 'Infinity Savings Account' by the third largest private sector lender. At present, a majority of the banks insist on a minimum balance for having a savings account, and charge holders a fee whenever the balance drops below the threshold. They also charge for extending services like SMS alerts, printing passbooks etc. A few players like Fino Payments Bank, do charge an annual account maintenance fee of the kind which Axis Bank is introducing with the new account. Axis Bank said it is targeting the digitally savvy customers - who are frequent adopters of subscription-based offerings - with the new account variant. By incorporating the principles of subscription-based

Max Financial Services zooms 6% as over 10 mn shares change hands

Till 10:05 AM, a combined 13.49 million shares had changed hands on the counter on the BSE and NSE, representing nearly 4 per cent of the company's equity

Axis Bank's Neelkanth Mishra appointed as UIDAI's part-time chairman

The chairperson and the members appointed under the Aadhaar Act hold office for a term of three years or up to the age of sixty-five years, whichever is earlier

Axis Bank partners Cleartrip to give travel benefits to credit card holders

Under this collaboration, customers will be provided with an array of privileges for domestic flight bookings, including discount on booking seats up to Rs 1,200, and free meals up to Rs 500

CCI slaps Rs 40 lakh fine on Axis Bank over acquisition of stake in CSC

The Competition Commission of India (CCI) has slapped a fine of Rs 40 lakh on Axis Bank for failing to notify the regulator about its acquisition of a stake in CSC e-Governance. The transaction under consideration comprised acquisition of a 9.91 per cent stake in CSC e-Governance by Axis Bank and got completed in November 2020, the CCI said in an order. For the transaction, Axis Bank was required to give notice to the fair trade regulator. However, it failed to do so, according to the order. "It is apparent that the acquisition of stake in CSC e-Governance by Axis Bank was neither solely as an investment nor can be considered to be in ordinary course of business. "Therefore, the AxisCSC e-Governance acquisition is not eligible for the benefit of the Item 1 of Schedule I (combination regulation) and accordingly, it is immaterial whether the transaction led to acquisition of control or not," the regulator said. Thus, CCI observed that no determination is warranted whether the ...

Axis Bank launches two products with RBI Innovation Hub to extend lending

Axis Bank will offer Kisan Credit Card (KCC) and unsecured micro, small and medium enterprises (MSME) loans to customers, powered by the PTPFC platform

Stocks to Watch today, Aug 10: Rate sensitives, IRCTC, Bata, Force Motors

Stocks to watch on August 10, 2023: Shares of rate sensitive sectors, such as auto, banks and real-estate will be in focus on Thursday as RBI announces its policy decision.

Axis Bank to raise stake in Max Life through Rs 161 crore investment

The proposed infusion by Axis Bank in Max Life will help it to support its future growth ambitions, Max Financial Services said in a statement

Axis Bank to infuse Rs 1,612 cr in Max Life via preferential allotment

Axis entities stake to increase to 19.02%; Analjit Singh continues to be as chairman

Credit cards in force hit new high in June; spends decline over May

HDFC Bank maintained its leadership position with 18.35 million cards, followed by SBI Card at 17.34 million, ICICI Bank at 14.8 million, and Axis Bank at 12.5 million

With above 33% attrition, pvt banks find it tough to retain junior staff

Industry experts say that the resignations could be largely attributed to young employees taking a second look at their life decisions and career choices

Stocks to Watch: Tech M, Axis Bank, Dr Reddy's, RVNL, M&M, RBL Bank, AMCs

Stocks to watch on July 27, 2023: The govt is going to sell up to a 3.4 per cent stake in Rail Vikas Nigam with an option to additionally sell 1.96 per cent stake via an OFS

Axis Bank Q1 net profit jumps 41% to Rs 5,797 crore, asset quality improves

Amitabh Chaudhry, managing director and chief executive officer, Axis Bank, mentioned that there is a visible improvement in the quality of the deposit franchise

Axis Bank Q1FY24 results: Net profit up 40.5% YoY, gross NPAs down to 1.96%

Axis Bank's balance sheet grew 13% YOY and stood at Rs 1.3 trillion as on June 30

Sensex snaps 3-day losing streak, ends 351 pts up; L&T, RIL, ITC shine

CLOSING BELL ON JULY 26, 2023: The NSE Nifty rallied 98 points to 19,778; IT and bank stocks gained ground, while M&M and Bajaj twins slipped on Wednesday.