The private equity firm, which first purchased shares in the bank in November 2017, will exit its entire holding with Tuesday's stake sale, a source familiar with the matter told Reuters
Fair trade regulator Competition Commission of India (CCI) on Tuesday said it has approved Axis Bank's proposed acquisition of a stake in Max Life Insurance Company Ltd. Last year in August, the company announced a capital infusion by Axis Bank by issuance of 14.25 crore equity shares to help Max Life to support its future growth ambitions, augment its capital position and improve solvency margins. "Competition Commission of India approves the subscription to 14,25,79,161 equity shares of Max Life Insurance Company Ltd by Axis Bank Ltd," according to a post by CCI on X. Private sector lender Axis Bank provides services in retail banking, which includes retail lending, while Max Life Insurance is engaged in the business of providing life insurance and annuity products and investment plans in India. Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
Multiple customers having Axis Bank credit cards have been impacted by fraudulent overseas transactions, a senior official from the third largest private sector lender said on Thursday. Sanjeev Moghe, head of cards and payments at the city-based lender, said starting Tuesday evening, customers witnessed unauthorised transactions where they received transaction alerts on certain low-value purchases being carried out at some e-commerce sites. There has been "no data breach" at the bank's end, Moghe said, asserting that the scale of such transactions is very limited and customers' data is safe and secure. Amid growing social media chatter about such unauthorised transactions going through, Moghe said the bank's internal mechanisms stopped some transactions but added that many customers have been impacted. The bank witnessed spends of about Rs 500 crore per day by its credit card customers, Moghe said, adding that when compared with it, the extent of such transactions has been "very ..
Axis Bank on Tuesday announced the introduction of digital US dollar fixed deposit (FD) for NRI customers at the IFSC Banking Unit (IBU) at GIFT City, Gujarat. With this introduction, Axis Bank becomes the first bank to offer a digital journey for GIFT City Deposits, the bank said in a statement. NRI customers of the bank can now open US dollar fixed deposits at GIFT City through 'Open by Axis Bank'; the mobile banking application of the lender, it said. This offering simplifies the process of booking US dollar Fixed Deposit for NRI customers, by providing them an end-to-end digital paperless solution and eliminating the need for physical documentation, it said. Besides seamlessly opening an FD account anytime from anywhere, customers can also track and manage their FD digitally, it said. With attractive interest rates, Axis Bank provides NRIs with one of the best investment opportunities, it said. The US Dollar fixed deposit also offers a wide range of investment tenures from se
YES Bank has gone live as a PSP bank with a closed group of users with the @ptyes handle. Similarly, Axis Bank is live with a closed group of users with the @ptaxis handle
The bank has sent a web link in the mail, allowing users to submit invoices, online
UPI payments on the Paytm app will likely redirected to SBI, HDFC Bank, Axis Bank, and Yes Bank for settlement, if Paytm Payments Bank operations cease after March 15
Major banks in India have recently announced changes to their credit card rules. If you rely on your credit card for daily purchases, travel perks, or managing your finances, here's what you must know
Tarun Mehta and Swapnil Jain founded Ather in 2013 after graduating from the Indian Institute of Technology Madras
Infrastructure bonds are issued to finance long-term development projects
Stocks to watch on February 28, 2024: Juniper Hotels will make its market debut today; Vodafone Idea's board on Tuesday greenlit plans to raise up to Rs 45,000 crore in equity and debt
Stocks to watch on Thursday, February 22, 2024: As many as 15 stocks are in F&O ban today including Ashok Leyland, Balrampur Chini, Biocon, India Cement, PVR Inox and Zee Entertainment.
Affirms 'Baa3' long-term deposit ratings
Paytm QR, soundbox, card machine will continue to work as always, said One97 Communications
Fintech firm One97 Communications -- owner of the brand Paytm -- has shifted its nodal account to Axis Bank from Paytm Payments Bank. The move will allow continuity of Paytm QR, Soundbox, card machine after the March 15 set by the Reserve Bank of India, as per a regulatory filing. The RBI has advised customers and merchants of Paytm Payments Bank Ltd (PPBL) to shift their accounts to other banks by March 15, giving 15 more days to the beleaguered entity to close most of its operations, including deposit and credit transactions. "The company has also shifted its nodal account to Axis Bank (by opening an escrow account) to continue seamless merchant settlements as before. "This arrangement is expected to seamlessly replace the nodal account that OCL was using with Paytm Payments Bank. Paytm Payment Services Ltd (PPSL), OCL's wholly owned subsidiary has already been using the Axis Bank services, since its inception," Paytm said in a filing. The nodal account of Paytm is like a master
Subramanian Swamy has filed a Public Interest Writ Petition against the Union of India, Axis Bank, Axis Securities Limited, Axis Capital Limited, and others before the High Court of Delhi
Alliance will serve diverse sectors, with initial focus on microfinance institutions
Paytm is an important player in the fintech industry, Amitabh Chaudhry, MD and CEO of Axis Bank, said
Stock market highlights on February 7, 2024: In the broader markets, the BSE MidCap index gained over 1.48 per cent, while the BSE SmallCap index advanced 0.35 per cent
The group will also acquire stakes in Axis Bank, YES Bank Suryoday Small Finance Bank, IndusInd Bank, and Bandhan Bank