Axis Bank is India’s third-largest private sector bank, offering a comprehensive range of financial services across multiple customer segments. Established in 1993 as UTI Bank and rebranded in 2007, the bank has grown into a significant financial institution with a robust national and international presence. The bank’s financial performance is marked by impressive growth. As of March 31, 2024, it has a balance sheet size of Rs. 14,77,209 crores. Over the past five years, the bank has demonstrated steady growth with approximately 13% increase in total assets and 15% growth in advances and deposits. Axis Bank has an extensive domestic network comprising over 5,100 branches and more than 15,000 ATMs and cash recyclers. Its presence spans across 2,033 cities and towns in India. Internationally, the bank maintains offices in strategic locations including Singapore, Dubai, Gift City, and has a subsidiary in London.
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Kotak Mahindra Bank Denies Involvement in IDBI Bank Disinvestment, Refutes Media Speculation – MSN
The Indian government’s plans to disinvest in IDBI Bank have been making headlines, with several banks and financial institutions being speculated as potential bidders. However, Kotak Mahindra Bank has come out to refute media reports suggesting its participation in the bidding process. In a statement, the bank clarified that it is not participating in the disinvestment process of IDBI Bank.
The government had announced its plans to sell a majority stake in IDBI Bank, which is currently owned by the state-owned Life Insurance Corporation of India (LIC) and the government. The move is part of the government’s broader strategy to consolidate and privatize state-owned banks. The disinvestment process is expected to attract significant interest from private sector banks and financial institutions, both domestic and international.
IDBI Bank is one of the largest public sector banks in India, with a network of over 1,800 branches and a significant presence in the corporate and retail banking segments. The bank has been struggling with high levels of non-performing assets (NPAs) and has been under pressure to improve its financial performance. The government’s decision to disinvest in the bank is seen as a move to bring in fresh capital and expertise to turn around the bank’s fortunes.
Kotak Mahindra Bank’s denial of participation in the bidding process has come as a surprise, given its reputation as one of the most aggressive and expansion-minded private sector banks in India. The bank has been actively looking to expand its presence in the Indian banking sector, and IDBI Bank’s disinvestment was seen as a potential opportunity for it to acquire a large and established bank.
Despite Kotak Mahindra Bank’s withdrawal, the disinvestment process is expected to attract significant interest from other bidders. Several other private sector banks, including Axis Bank, ICICI Bank, and HDFC Bank, are reportedly considering bidding for IDBI Bank. The government is expected to soon announce the names of the shortlisted bidders, and the disinvestment process is expected to be completed by the end of the fiscal year. The sale of IDBI Bank is expected to be a major milestone in the government’s efforts to consolidate and privatize the Indian banking sector.
Senior citizens can earn up to 8% interest rate on 5-year fixed deposits; compare the top FD rates offered by public, private, and small finance banks
For senior citizens seeking stable and fixed income, there are still attractive fixed deposit (FD) options available, despite many leading banks and small finance banks slashing their FD interest rates. Currently, a few banks offer FD rates of up to 8% on their five-year senior citizen FDs. The interest rates vary among public and private sector banks, as well as small finance banks, for FDs of the same duration.
Small finance banks offer the highest five-year FD interest rates for senior citizens, with Suryoday Small Finance Bank providing an 8% interest rate, followed by Jana Small Finance Bank at 7.77%, and Ujjivan Small Finance Bank at 7.7%. Other small finance banks, such as Utkarsh Small Finance Bank, Equitas Small Finance Bank, and AU Small Finance Bank, offer interest rates ranging from 7.5% to 7.25%.
Among private sector banks, IDFC Bank, Yes Bank, and SBM Bank India offer a 7.5% interest rate each on their five-year fixed deposits for senior citizens. Other private sector banks, such as DCB Bank, Axis Bank, and RBL Bank, offer interest rates ranging from 7.25% to 7.1%.
Public sector banks also offer competitive interest rates, with State Bank of India providing a 7.05% FD interest rate on its five-year senior citizen FD. Bank of Baroda offers a 6.9% rate, while Bank of India and Canara Bank offer a 6.75% rate each on their five-year FDs for senior citizens.
Overall, senior citizens have a range of options to choose from, with interest rates varying from 8% to 5.5% depending on the bank and the duration of the FD. It is essential for senior citizens to compare the interest rates and terms offered by different banks to make an informed decision that suits their financial needs. By choosing the right FD option, senior citizens can ensure a stable and fixed income, which can help them manage their expenses and maintain their standard of living.
Next week’s Q3 earnings calendar: BHEL, Indigo, Kotak Bank, BPCL, and Adani Green are among the top companies set to announce their financial results for 2026.
The third quarter (Q3) earnings season for the fiscal year 2026 is set to begin, with several prominent companies scheduled to declare their financial results next week. Some of the notable companies that will be announcing their Q3 earnings include BHEL, Indigo, Kotak Bank, BPCL, and Adani Green.
Bharat Heavy Electricals Limited (BHEL): The state-owned engineering and manufacturing company is expected to report a significant improvement in its profitability due to a surge in demand for its products and services. Analysts are expecting BHEL to post a net profit of around ₹500-600 crore for the quarter ended December 2025.
InterGlobe Aviation (Indigo): The low-cost carrier is likely to report a strong set of numbers, driven by a recovery in air travel demand and an increase in passenger traffic. The company is expected to post a net profit of around ₹800-1,000 crore for the quarter.
Kotak Mahindra Bank: The private sector lender is expected to report a moderate growth in its net profit, driven by a rise in interest income and a stable asset quality. Analysts are expecting the bank to post a net profit of around ₹2,500-3,000 crore for the quarter.
Bharat Petroleum Corporation Limited (BPCL): The state-owned oil refiner is likely to report a significant decline in its net profit due to a sharp fall in refining margins and a rise in crude oil prices. The company is expected to post a net profit of around ₹1,500-2,000 crore for the quarter.
Adani Green Energy: The renewable energy company is expected to report a strong set of numbers, driven by a rise in electricity generation and a stable operational performance. Analysts are expecting the company to post a net profit of around ₹200-300 crore for the quarter.
Other companies that are scheduled to declare their Q3 earnings next week include Larsen & Toubro, Axis Bank, and Tata Motors, among others. The Q3 earnings season is expected to be a crucial indicator of the overall health of the Indian economy, with investors and analysts closely watching the performance of these companies to gauge the trends and outlook for the future. The results will also provide insights into the impact of various macroeconomic factors, such as inflation, interest rates, and global economic trends, on the performance of these companies.
After a 5-year decline, state-run banks see a surge in employee numbers, while private banks experience a 0.9% workforce reduction
The Indian banking sector has seen a shift in employee counts, with public sector banks adding 13,179 employees to reach 9,70,437 in FY25, while private banks saw a 0.86% drop to 8,38,150 employees. State-run banks, which had earlier focused on consolidation and improving balance sheets, have now started to expand their headcount. The largest public sector bank, State Bank of India (SBI), added 3,930 employees to reach 2,36,226 in FY25. SBI plans to hire 18,000 more employees in FY26, including 13,500 clerical posts and 3,000 probationary officers.
The government’s consolidation efforts, which began in 2017 with the merger of five associate banks with SBI, have continued with the merger of 12 banks into four larger entities in 2020. There are talks of a third wave of mergers to reduce the total number of banks to four core anchors. Recently, SBI hired over 1,000 probationary officers and plans to continue hiring.
Among other public sector banks, Punjab National Bank added 397 employees to reach 1,02,746, while Central Bank of India saw a marginal uptick in employee count to 33,081. However, Bank of Baroda and Canara Bank saw a decline in employee count. In the private sector, ICICI Bank saw a significant decline of 7.13% in employee count to 1,30,957, while HDFC Bank added 994 employees to reach 2,14,521. Axis Bank added 121 employees to reach 1,04,453.
The overall headcount in the banking system rose to 18,08,587 from 17,87,566 in FY24. Foreign banks’ employee count stood at 28,041, while small finance banks had 1,77,797 employees, with AU Bank being the largest employer with 50,946. The payments banks had 6,958 employees. The banking sector’s employee count is expected to continue to evolve with the ongoing consolidation and technological advancements.
Top FD Options for Seniors: Earn Up to 8% Interest Annually with These High-Yielding Fixed Deposits – View Complete List on Goodreturns
Best Fixed Deposits for Senior Citizens: Earn Up to 8% Annual Return
As a senior citizen, it’s essential to invest in a secure and stable financial instrument that provides a regular income stream. Fixed Deposits (FDs) are an excellent option, offering a fixed return on investment with minimal risk. Here’s a list of the best FDs for senior citizens, providing up to 8% annual return.
Top Banks Offering High-Return FDs for Senior Citizens
Several banks in India offer attractive interest rates on FDs for senior citizens. Some of the top banks include:
- Yes Bank: Offers 7.50% interest rate for 3-4 year tenure and 7.25% for 2-3 year tenure.
- IndusInd Bank: Provides 7.40% interest rate for 3-4 year tenure and 7.20% for 2-3 year tenure.
- Kotak Mahindra Bank: Offers 7.30% interest rate for 3-4 year tenure and 7.10% for 2-3 year tenure.
- HDFC Bank: Provides 7.25% interest rate for 3-4 year tenure and 7.00% for 2-3 year tenure.
- ICICI Bank: Offers 7.20% interest rate for 3-4 year tenure and 6.95% for 2-3 year tenure.
Other Banks Offering Attractive FD Rates
In addition to the above-mentioned banks, other financial institutions also offer competitive interest rates on FDs for senior citizens. These include:
- Bajaj Finance: Offers 8.00% interest rate for 3-4 year tenure.
- Mahindra Finance: Provides 7.80% interest rate for 3-4 year tenure.
- SBI: Offers 7.10% interest rate for 3-4 year tenure.
- Axis Bank: Provides 7.05% interest rate for 3-4 year tenure.
Key Benefits of FDs for Senior Citizens
Fixed Deposits offer several benefits for senior citizens, including:
- Guaranteed Returns: FDs provide a fixed return on investment, ensuring a regular income stream.
- Low Risk: FDs are a low-risk investment option, making them ideal for senior citizens.
- Flexibility: FDs offer flexible tenure options, allowing senior citizens to choose the investment period that suits their needs.
- Tax Benefits: Interest earned on FDs is taxable, but senior citizens can claim a deduction of up to Rs. 50,000 under Section 80TTB.
In conclusion, senior citizens can earn up to 8% annual return on their investments by opting for the best FDs offered by various banks and financial institutions. It’s essential to compare the interest rates and tenure options before making an investment decision.
Stock Market Updates for Axis Bank
Recent Updates
Among the prominent banks are SBI, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra, and Bank of Baroda.
Several major Indian banks have announced changes to their fixed deposit (FD) interest rates, affecting customers who invest in these instruments. The changes vary by bank and tenure, but overall, they offer returns ranging from 5.9% to 6.95% for different terms.
State Bank of India (SBI), the country’s largest lender, has been offering 6.25% returns on FDs with a tenure of one year to less than two years, and 6.40% for two to less than three years. Senior citizens receive higher returns, with 6.75% on one-year to two-year FDs and 6.90% on two-year to less than three-year FDs. These changes took effect on December 15.
HDFC Bank, another major player, introduced new interest rates on December 17. The bank offers 6.25% for one-year tenures, 6.35% for 15 months to less than 18 months, and 6.45% for two years. Senior citizens are eligible for 6.75% on one-year tenures and 6.95% on two-year tenures.
Axis Bank also revised its FD interest rates, effective December 26. The bank now offers 6.25% for one-year tenures and 6.45% for two years. Senior citizens can earn 6.75% on one-year FDs and 6.95% on two-year FDs.
Canara Bank has also revised its interest rates, with a new rate of 5.9% for FDs with a maturity period of one year to 15 months. Senior citizens, however, can earn 6.40% for the same period.
These changes reflect the ongoing evolution of the Indian banking sector, with lenders adjusting their interest rates to stay competitive and respond to market conditions. Customers can take advantage of these revised rates to maximize their returns on fixed deposits, depending on their individual investment goals and preferences. It is essential for investors to review the updated interest rates and terms offered by each bank to make informed decisions about their investments.
Tamilnad Mercantile Bank Names Visvanathan Srinivasan as New Additional Director, Reports scanx.trade
Tamilnad Mercantile Bank (TMB) has announced the appointment of Visvanathan Srinivasan as an Additional Director on its Board, effective from March 25, 2023. This development is part of the bank’s efforts to strengthen its leadership and governance structure.
Visvanathan Srinivasan is a seasoned banker with over three decades of experience in the financial services industry. He has held various leadership positions in prominent banks, including State Bank of India (SBI) and Axis Bank. His expertise spans across areas such as corporate banking, risk management, and compliance.
During his tenure at SBI, Srinivasan played a key role in shaping the bank’s corporate banking strategy and was instrumental in driving business growth. He also served as the Chief Risk Officer at Axis Bank, where he was responsible for overseeing the bank’s risk management framework.
The appointment of Srinivasan as Additional Director is expected to bring significant value to TMB’s Board. His extensive experience and expertise in banking will enable the bank to leverage his insights and guidance to drive business growth, improve risk management, and enhance overall governance.
TMB’s Chairman, K Venkatramanan, welcomed Srinivasan’s appointment, stating that his experience and expertise would be invaluable to the bank. The bank’s Managing Director and CEO, S Krishnan, also expressed his enthusiasm about Srinivasan’s joining, saying that his presence would strengthen the bank’s leadership team.
The appointment of Srinivasan is also seen as a positive move by TMB to enhance its governance and leadership structure. The bank has been focusing on strengthening its board composition, with a mix of experienced professionals and independent directors.
With Srinivasan’s appointment, TMB’s Board now comprises 11 members, including 6 independent directors. The bank’s Board is chaired by K Venkatramanan, and the Managing Director and CEO is S Krishnan.
TMB is a private sector bank with a strong presence in Tamil Nadu and other parts of India. The bank has been expanding its operations and has a network of over 500 branches and 900 ATMs. With Srinivasan’s appointment, the bank is expected to further strengthen its position in the banking industry and drive growth in the coming years. Overall, the appointment of Visvanathan Srinivasan as Additional Director is a significant development for TMB, and his expertise and experience are expected to contribute to the bank’s growth and success.
Ganesh Sankaran takes the helm as Head of Wholesale Banking Group at IndusInd Bank
IndusInd Bank has appointed Ganesh Sankaran as the Head of its Wholesale Banking Group. Sankaran is a seasoned banking professional with over three decades of experience in various areas, including wholesale, retail credit, and SME. He will be responsible for developing the bank’s strategy and business in key areas such as corporate banking, institutional banking, gems and jewelry, SME and mid-market group, new age economy, real estate, corporate agri-business, supply chain finance, transaction banking, and project and structured finance.
Throughout his career, Sankaran has held senior leadership positions at leading private sector banks, where he has played a crucial role in building businesses, driving large-scale transformations, and delivering consistent performance. His expertise spans relationship management, credit and risk, product expertise, and board-level exposure. Prior to joining IndusInd Bank, Sankaran worked at Axis Bank, Federal Bank, and HDFC Bank, where he gained valuable experience and built a strong reputation in the industry.
In addition to his banking experience, Sankaran has also served on the boards of several companies, including Axis Capital, Equirus Capital, and Fedbank Financial Services. He also held the position of Executive Director and Board Member at Federal Bank. With his extensive experience and expertise, Sankaran is well-equipped to lead IndusInd Bank’s Wholesale Banking Group and drive growth and expansion in the bank’s business.
The appointment of Sankaran is expected to bring new insights and perspectives to IndusInd Bank’s Wholesale Banking Group, and his experience in building and transforming businesses will be invaluable in driving the bank’s strategy and growth. As the bank continues to expand its operations and services, Sankaran’s leadership and expertise will be crucial in navigating the complex and competitive banking landscape. With his strong track record and expertise, Sankaran is poised to make a significant impact at IndusInd Bank and contribute to the bank’s continued success and growth.
OneCard halts new credit card issuances amid RBI’s request for clarification from its partner banks
OneCard, a popular credit card issuer, has stopped issuing new credit cards due to regulatory issues with the Reserve Bank of India (RBI). The RBI has sought clarifications from partner banks that have collaborated with OneCard, regarding their credit card business model. As a result, OneCard has temporarily halted the issuance of new credit cards until the matter is resolved.
OneCard, which is operated by FPL Technologies, is a mobile-based credit card platform that allows users to apply for and manage their credit cards through a mobile app. The company has gained popularity in recent years due to its ease of use and innovative features. However, the RBI’s move has raised concerns about the company’s business model and its compliance with regulatory requirements.
The RBI has asked partner banks, including State Bank of India, ICICI Bank, and Axis Bank, to provide clarifications on their arrangement with OneCard. The regulator is seeking to understand how OneCard’s credit card business operates and whether it complies with existing regulations. The partner banks have been given a deadline to respond to the RBI’s queries, and until then, OneCard will not be issuing new credit cards.
The development has caused uncertainty among existing OneCard customers, who are concerned about the impact on their credit card services. However, OneCard has assured its customers that the move will not affect their existing credit card services, and they can continue to use their cards as usual.
The RBI’s move is seen as a regulatory crackdown on new-age credit card issuers, which have been growing rapidly in recent years. The regulator is seeking to ensure that these companies comply with existing regulations and do not pose a risk to the financial system. The development highlights the challenges faced by fintech companies in India, which often operate in a gray area between traditional banking regulations and innovative business models.
In conclusion, OneCard’s decision to stop issuing new credit cards is a temporary measure until the regulatory issues are resolved. The company is working with its partner banks to address the RBI’s concerns and ensure that its business model complies with existing regulations. The development highlights the importance of regulatory compliance for fintech companies in India and the need for clear guidelines on innovative business models.
Fixed Deposit rates soar up to 8.05% for general public with 5-year investment term; Check out the complete list of banks
Fixed Deposit (FD) Rates Up to 8.05% for General Citizens Investing for Five Years
In a move to encourage savings and investments, several banks in the country have increased their fixed deposit (FD) interest rates. For general citizens investing for a period of five years, the interest rates can go up to 8.05%. This is a significant increase, making FDs an attractive option for those looking to grow their savings.
List of Banks Offering High FD Rates
Here is a list of banks offering high FD rates for a five-year investment period:
- DCB Bank: 8.05% interest rate for a five-year FD
- Yes Bank: 7.75% interest rate for a five-year FD
- IndusInd Bank: 7.75% interest rate for a five-year FD
- Kotak Mahindra Bank: 7.70% interest rate for a five-year FD
- Axis Bank: 7.60% interest rate for a five-year FD
- HDFC Bank: 7.55% interest rate for a five-year FD
- ICICI Bank: 7.50% interest rate for a five-year FD
- State Bank of India (SBI): 7.40% interest rate for a five-year FD
- Bank of Baroda: 7.35% interest rate for a five-year FD
- Punjab National Bank (PNB): 7.30% interest rate for a five-year FD
Benefits of Investing in FDs
Investing in FDs offers several benefits, including:
- Guaranteed returns: FDs offer a fixed interest rate, ensuring that your investment grows at a guaranteed rate.
- Low risk: FDs are a low-risk investment option, making them suitable for conservative investors.
- Liquidity: FDs can be easily liquidated, allowing you to access your funds when needed.
- Tax benefits: Interest earned on FDs is taxable, but you can claim a tax deduction on the interest income.
How to Invest in FDs
To invest in an FD, you can visit the website of the bank or visit a branch in person. You can also invest through mobile banking or online banking platforms. The minimum deposit amount and investment period may vary depending on the bank and the type of FD.
Overall, investing in FDs can be a great way to grow your savings and earn a fixed income. With interest rates up to 8.05% for a five-year investment period, now is a good time to consider investing in an FD.
Banks are placing early wagers, indicating a corporate credit resurgence may be imminent.
The Indian banking sector is witnessing a resurgence in corporate credit growth, driven primarily by working capital financing and project-linked funding. According to senior bankers, the uptick is modest, but it marks a turn for lenders such as HDFC Bank and Axis Bank, which had earlier slowed their wholesale book due to competitive loan pricing. HDFC Bank’s corporate and other wholesale loan book grew 6.4% year on year and 4.7% on quarter, while Axis Bank’s corporate loan book expanded 20% on year and 11% on quarter.
The pickup in corporate credit comes as yields on government securities have risen, making bank loans more attractive for corporates, especially low-rated ones. The weighted average lending rate on fresh rupee loans of scheduled commercial banks was at 8.75% in August, down from 8.81% a month earlier, making it cheaper for corporates to borrow. Bankers agree that while capex-led demand remains modest, working capital financing and project-linked funding are driving incremental growth.
Public sector banks, such as Punjab National Bank and Bank of India, have also joined the lending rebound, buoyed by a healthy project pipeline and improved corporate balance sheets. Punjab National Bank has total loan sanctions worth ₹1.78 trillion, which are awaiting phased disbursements, while Bank of India reported double-digit growth of nearly 12% on year in its corporate book in Q2.
However, pricing remains a challenge, with corporates seeking loans at unrealistically low rates. Indian Overseas Bank chief executive Ajay Kumar Srivastava said that the issue is not demand, but pricing, as corporates seek loans at around 6%, which is not viable for the bank given its own funding costs. Despite this, the bank has a ₹15,000 crore sanctioned pipeline and expects 12-13% on year growth in its corporate loan book this year, led by manufacturing and PLI-linked sectors.
Overall, the sector-wide uptick in corporate credit growth is expected to strengthen in the coming quarters as sanctioned loans move to disbursement stage and investment activity gradually picks up. Ratings agency Icra has not revised its credit growth estimates for FY26 yet, but expects the cuts in goods and services tax rates to support credit expansion for banks and NBFCs in the near term.