Axis Bank joins India's top private lenders to offer pay hikes up to 12%

India’s third-largest private lender is joining its larger rivals in offering pay hikes to staff even as the economic fall out of the coronavirus pandemic threatens profit growth.

Axis Bank Ltd. will increase staff salaries between 4% and 12% from Oct. 1 based on performance, according to people with knowledge of the plans. The Mumbai-based lender, which has about 76,000 employees, also paid bonuses to its staff, the people said, asking not to be identified because the matter is private.

HDFC Bank Ltd., the country’s largest private lender by assets, boosted salaries in April based on performance and also paid