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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.

About Axis bank

Axis Bank is a prominent Indian multinational banking and financial services company that has emerged as a significant player in the Indian banking landscape. Founded in 1993, the bank has transformed from a small financial institution to one of India’s most dynamic and innovative private sector banks.

Founding and Early Years

Axis Bank was originally established as UTI Bank in 1993, promoted by a consortium of prominent financial institutions including the Specified Undertaking of Unit Trust of India, Life Insurance Corporation of India, General Insurance Corporation of India, and several national insurance companies. The bank officially began operations in 1994, marking the beginning of its journey in the Indian banking sector. In a significant rebranding move, the bank changed its name from UTI Bank to Axis Bank on July 30, 2007, signaling a new phase of growth and expansion.

Organizational Structure and Leadership

The bank is led by N.S. Vishwanathan as Chairman and Amitabh Chaudhry as Managing Director and CEO, who took office on January 1, 2019. Its ownership structure reflects a diverse investment profile, with promoters and the promoter group holding approximately 30.81% of shares, while other investors including mutual funds, foreign institutional investors, and banks comprise the remaining 69.19%.

Business Operations and Reach

Axis Bank has developed an impressive national and international presence. Domestically, the bank operates through 4,903 branches, including extension counters, and maintains 15,953 ATMs and cash recyclers. The bank has also established six virtual centers and deployed over 1,500 virtual relationship managers to enhance customer service. Internationally, Axis Bank has expanded its footprint with nine international offices located in strategic financial centers such as Singapore, Hong Kong, Dubai, Shanghai, and Colombo. The bank has also set a unique record by operating the world’s highest ATM at Thegu, Sikkim, situated at an remarkable altitude of 4,023 meters above sea level.

Business Segments and Services

The bank offers a comprehensive range of financial services across multiple segments. Its corporate banking division provides sophisticated services including transaction banking, trade finance, capital market services, foreign exchange solutions, and cross-border trade services. Through its investment banking subsidiary, Axis Capital Limited, the bank delivers equity capital market services, institutional stock brokering, and mergers and acquisitions advisory. Axis Bank has also developed a strong wealth management platform, particularly targeting high-net-worth individuals through its Privee platform. This diversified approach allows the bank to cater to various customer segments with tailored financial solutions.

Strategic Growth and Acquisitions

Over the years, Axis Bank has pursued strategic growth through significant acquisitions. In 2010, it acquired the investment banking and equities units of Enam Securities, and in 2013, launched its UK subsidiary. A particularly notable recent achievement was the acquisition of Citibank India’s consumer business in 2022-2023, which substantially strengthened its retail banking franchise.

Corporate Governance and Vision

Axis Bank’s corporate philosophy centers on customer-centric solutions, technological innovation, sustainable growth, and comprehensive financial services through its “One Axis” approach. The bank remains committed to ethical and transparent operations while continuously adapting to technological changes and evolving customer needs. As a dynamic force in Indian banking, Axis Bank continues to position itself as a forward-looking, innovative financial institution dedicated to delivering exceptional value to its customers, shareholders, and the broader financial ecosystem.

Latest News on Axis Bank

Stock Market Updates for Axis Bank

Recent Updates

Sankar Balabhadrapatruni takes on the role of Executive Director at Karur Vysya Bank.

Karur Vysya Bank, a leading private sector bank in India, has appointed Sankar Balabhadrapatruni as its new Executive Director. Balabhadrapatruni, a chartered accountant with significant experience in the banking and financial services sector, will be responsible for overseeing the bank’s day-to-day operations and implementing strategic initiatives to drive growth and profitability.

Balabhadrapatruni’s appointment is seen as a strategic move by the bank to strengthen its leadership team and leverage his expertise in identifying opportunities to grow the bank’s business. He has an extensive background in the banking and financial services sector, having worked with several leading institutions, including Axis Bank, Axis Capital, and Centrum Direct.

Karur Vysya Bank’s Chairman, Suresh Sembi, welcomed Balabhadrapatruni to the bank’s leadership team, highlighting his impressive credentials and expertise in the banking and financial services sector. “We are thrilled to have Sankar on board and look forward to benefiting from his wealth of experience and expertise,” Sembi said.

Balabhadrapatruni’s appointment is seen as a significant boost to the bank’s efforts to expand its reach and diversify its business. As Executive Director, he will be responsible for driving key strategic initiatives, including business development, risk management, and talent acquisition and retention. His experience in the banking and financial services sector will be invaluable in helping the bank navigate the challenging regulatory environment and stay ahead of the competition.

Karur Vysya Bank has been focused on expanding its presence across India and targeting high-growth segments, such as retail banking, corporate banking, and international banking. Its recent appointment of Sankar Balabhadrapatruni is seen as a strategic move to further accelerate growth and profitability.

Under his leadership, Karur Vysya Bank is likely to leverage Balabhadrapatruni’s extensive network and relationships to identify new business opportunities, build partnerships, and attract top talent. His appointment demonstrates the bank’s commitment to building a strong leadership team, which will be critical in driving the bank’s growth and success in the years to come.

In summary, Karur Vysya Bank’s appointment of Sankar Balabhadrapatruni as Executive Director is a significant move to strengthen its leadership team and drive growth and profitability. With his extensive experience in the banking and financial services sector, Balabhadrapatruni is well-positioned to contribute to the bank’s vision of becoming a leading player in the Indian banking industry.

Unlock exceptional returns with Fixed Deposits: Earn up to 9.42% interest

The Reserve Bank of India (RBI) has reduced the repo rate to 6.25% after five years, which is likely to affect the interest rates offered by banks on fixed deposits (FDs). While the reduction in repo rate could lead to lower loan rates, it may also result in banks reducing their FD interest rates. Senior citizens can benefit from the interest rates offered by small finance banks, with Utkarsh Small Finance Bank offering 9.42% interest on deposits maturing in 1500 days and AU Small Finance Bank offering 8.88% interest on FDs maturing in 18 months. Other small finance banks, such as ESAF, Suryodaya, and Jana, also offer competitive rates ranging from 8.88% to 9.42%.

Major banks in India, including HDFC Bank, ICICI Bank, Axis Bank, and State Bank of India, offer interest rates ranging from 3% to 7.85% on FDs with durations varying from 1 day to 10 years. For example, HDFC Bank offers 7.85% interest on FDs with a tenure of 2 years and 1 day to 2 years 100 months.

Fixed deposits are considered a low-risk investment option, providing guaranteed returns and safety of principal. The interest rates offered by banks on FDs vary depending on the tenure, with longer tenures typically offering higher interest rates. Banks may offer interest rates between 3% to 8% on FDs, depending on the duration. The reduction in repo rate by the RBI may lead to changes in FD interest rates, making it essential for investors to monitor the developments and explore options that suit their financial goals and risk appetite.

Discover the best FD rates for senior citizens and uncover the specifics.

According to the provided data, the top interest rates offered by various banks in India for fixed deposits range from 7.75% to 7%. The interest rates vary based on the bank, deposit term, and the senior citizen category. For the one-year fixed deposit, the highest interest rate is offered by Yes Bank for senior citizens at 7.75%, followed by Bank of Baroda’s 7.35%, and Punjab National Bank’s 7.30%.

For the three-year fixed deposit, Kotak Mahindra Bank and Bank of Baroda offer the highest interest rate at 7.65%, with Axis Bank following closely at 7.60%. Yes Bank offers the lowest interest rate of 7.25% in this category for senior citizens. In the five-year fixed deposit category, Axis Bank and Kotak Mahindra Bank offer the highest interest rate of 7.60%, while Punjab National Bank offers the lowest at 7% for senior citizens.

Term-deposit interest rates are generally higher due to the lock-in period, which makes it essential for individuals to clarify the time period before investing their money in a fixed deposit. The data shows that HDFC, Axis, and ICICI Bank offer relatively lower interest rates of 6.50% for the one-year fixed deposit, making Yes Bank, Bank of Baroda, and Kotak Mahindra Bank attractive options for senior citizens seeking higher returns.

Senior citizens can earn up to 9.5% interest on their fixed deposits following the RBI’s 25bps repo rate cut – MSN

The Reserve Bank of India (RBI) recently cut the repo rate by 25 basis points, which can have a trickle-down effect on fixed deposit interest rates offered by senior citizen deposit schemes. Repo rate is the rate at which the RBI lends money to banks, and changes in this rate can influence bank lending rates. As a result, senior citizens can now grab attractive fixed deposit (FD) interest rates that range from around 7% to 9.5%, depending on the bank and duration of the FD.

For seniors, FDs are a viable option to create a steady flow of income over a fixed term. Senior citizens can opt for FDs, which are deposits made for a specific period (ranging from a few days to several years) with an interest rate earned on the investment. The new interest rates come as a good news for this demographic, enabling them to invest their savings while earning a more attractive return than before.

With the RBI reducing the repo rate, banks that offer FD schemes to senior citizens are likely to adjust their FD rates to compensate for the shift. Some private sector banks that have already adapted to the cut include:

1. ICICI Bank: Announced a reduced FD rate, offering 9.5% interest for tenures between one year to ten years.
2. Axis Bank: Offers rates ranging from 7.90% to 9.00% for respective tenures (1-20 years).
3. HDFC Bank: Started offering 7.90% to 8.90% interest rates.
4. Axis Bank: Suggests attractive rates of around 8-9% with a tenure selection.

It appears that the changed repo rate influenced the FD interests offered by state-owned banks slightly less. So, if possible, senior citizens should explore top-tier private institutions for the potential of higher income.

Before investment, it might be wise for seniors to understand the following specifics:

1. FD rates.
2. Effective interest rates – the actual result of compounding interest.
3. Premature withdrawal penalties
4. Repayment options available
5. Any additional offerings, such as tax benefits associated with senior’s FDs or other perks available.

By looking into these matters, senior citizens can make prudent decisions and use the new RD interest rates provided by the private sector banks before they are cut again. Please note that even though the RBIs repo rates have been readjusted lately, it wouldn’t be ruled out that financial institutions may try to adjust there rates further eventually.

Seize the opportunity to maximize your returns by opening a fixed deposit account with interest rates of up to 9% before banks introduce downward rate adjustments.

The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points, which will lead to a decrease in interest rates offered by banks on fixed deposits (FDs). Therefore, FD investors have a limited window to lock in higher interest rates before they decline. The good news is that some private and small finance banks are still offering competitive interest rates on FDs.

Private sector banks such as Axis Bank, Bank of Baroda, and IDFC First Bank offer FD interest rates ranging from 7.25% to 8.25% for various tenures. Small finance banks like NorthEast Small Finance Bank, Unity Small Finance Bank, and Utkarsh Small Finance Bank offer even higher interest rates, ranging from 8.5% to 9%. These rates are available for tenures between 18 months to 5 years.

Public sector banks, on the other hand, offer lower interest rates, ranging from 7.3% to 7.45% for tenures between 400 to 456 days. Punjab & Sind Bank and SBI offer the highest FD interest rate of 7.25%, while Bank of Baroda and Bank of India offer rates between 7.3% to 7.45%.

It’s likely that FD interest rates will continue to decline as banks adjust their rates in response to the reduced repo rate. Therefore, investors should consider locking in their FDs at current higher rates to maximize their returns.

Axis Bank may secure a $500m loan from IFC, according to sources.

International Finance Corporation (IFC), a member of the World Bank Group, is reportedly in talks to provide a loan of up to $500 million to India’s Axis Bank. The deal, if finalized, would be one of the largest foreign investments in an Indian bank in recent years.

According to sources, the IFC is likely to extend the loan to Axis Bank for a period of 5-7 years, with a possible interest rate ranging from 4.5% to 5.5%. The loan would be used to support the bank’s growth initiatives, including its expansion into new markets and sectors.

Axis Bank, one of India’s largest private sector banks, has been looking to strengthen its balance sheet and improve its capital adequacy ratio. The IFC loan would help the bank achieve these goals, while also supporting the country’s financial sector development.

The deal is significant not only for Axis Bank but also for the Indian banking sector as a whole. It would demonstrate the confidence of international investors in the country’s economy and financial institutions, and provide a boost to the sector’s growth prospects.

The IFC has been an active investor in India’s financial sector, with a portfolio of over $4 billion in investments across various financial institutions, including banks, non-banking financial companies (NBFCs), and microfinance institutions.

Axis Bank has been expanding its operations in recent years, with a focus on retail and corporate banking. The bank has also been investing in digital banking and fintech initiatives to improve its customer experience and increase its competitiveness.

The IFC loan would be a significant endorsement of Axis Bank’s growth strategy and its commitment to improving financial inclusion in India. The deal would also provide a boost to the country’s economic growth prospects, as a strong and stable banking sector is critical for financing economic activity and promoting sustainable growth.

Overall, the potential IFC loan to Axis Bank is a significant development in the Indian banking sector, and would be a major vote of confidence in the country’s economy and financial institutions.

Explore the latest fixed deposit interest rates offered by India’s top banks, as reported by Asianet Newsable.

Ahead of the Reserve Bank of India’s (RBI) monetary policy meeting on February 7, several government and private banks in India have announced an increase in their fixed deposit (FD) interest rates, bringing good news for depositors. The banks that have raised their FD interest rates include Union Bank of India, Punjab National Bank, Axis Bank, Shivalik Small Finance Bank, Karnataka Bank, and Federal Bank.

According to reports, Punjab National Bank has offered 7% interest rate for 303 days and 6.7% for 506 days. The new interest rates are effective from January 1st. Similarly, Karnataka Bank offers interest rates ranging from 3.5% to 7.50% for 7 days to 10 years, with 7.50% for 375 days.

Union Bank of India is offering a maximum interest rate of 7.30% for 7 to 10 days, effective from January 1st. Axis Bank is offering interest rates on deposits up to 3 crore rupees ranging from 3% to 7.25% for 7 days to 10 years, with the new rates being effective from January 27th.

Federal Bank is offering 3% to 7.5% interest for 7 days to 5 years or more, with senior citizens receiving 3.5% to 8% interest. The new rates are expected to benefit customers who are looking for a fixed return on their deposits.

It’s worth noting that the RBI’s monetary policy meeting is also expected to bring a repo rate reduction, which could lead to further interest rate changes in the banking sector. For now, depositors can consider investing in these FDs with the newly increased interest rates from these banks, providing them with a better return on their investment.

Axis Bank leverages the power of Generation AI and quantum computing to revolutionize banking with enhanced security and intelligence.

Here’s a summary of the article on the future of banking in the age of tech:

The past few decades have seen significant shifts in the world of banking, from the first ATMs in the 90s to today’s mobile and online banking experiences. However, behind the scenes, Chief Information Officers (CIOs) and Chief Technical Officers (CTOs) of banks have had to work around the clock to ensure the convenience and security of these technological waves. Avinash Raghavendra, President and CIO of Axis Bank, sees the rapid emergence of new technology as an opportunity for the future of banking in India.

Axis Bank has recognized the potential of the Unified Payment Interface (UPI) and plans to continue adapting to the innovations in the technological landscape. While AI is already being used by banks, such as in decision-making and transaction monitoring, a new wave of generative AI (Gen AI) is providing new opportunities, particularly in conversational interfaces, natural language processing, and cybersecurity.

To further enhance security and efficiency, banking institutions like Axis Bank are deploying AI to help identify potential transactions and prevent fraudulent activities. Although the BFSI industry is regulated, there is still room to collaborate with fintech players for innovation while benefiting from the robust security infrastructure and risk management knowledge of traditional banking institutions.

However, the accelerated pace of change in the bank’s technological offerings also presents potential challenges in integrating new skills sets and adapting to the changing paradigm. As stated by Raghavendra: “At the end of the day, banking is all about customer centricity and collaboration.”

Furthermore, the bank realizes the importance of sustainability in digital infrastructure and will continue to find ways to sustainably operate in the future using datacentres with low energy consumption. There is a further expectation that more advanced algorithms utilizing quantum computing with Gen AI are likely to secure transactions more tightly and provide advanced insights for new commercial use-cases. Axis Bank’s experience with these groundbreaking technologies has instilled confidence with regards to customer-centricity amidst the technological tumult.

Several banks raise fixed deposit rates in anticipation of RBI’s upcoming monetary policy review

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Several banks in India have revised their fixed deposit (FD) interest rates, effective from January 1 to January 27. Punjab National Bank (PNB) has introduced new FD tenures with interest rates of 7% for 303 days and 6.7% for 506 days. The bank offers interest rates ranging from 3.5% to 7.25% for tenures spanning 7 days to 10 years.

Shivalik Small Finance Bank offers FD interest rates from 3.5% to 8.8% for general citizens and 4% to 9.3% for senior citizens, effective January 22. Karnataka Bank offers rates between 3.5% and 7.5% for tenures from 7 days to 10 years, with the highest rate of 7.5% applicable for 375-day deposits, effective January 2.

Union Bank of India offers interest rates from 3.5% to 7.3% for deposits under Rs 3 crore, with the highest rate of 7.3% for a 456-day tenure, effective January 1. Axis Bank provides FD rates ranging from 3% to 7.25% for general citizens with tenures between 7 days and 10 years, effective January 27.

Federal Bank offers interest rates from 3% to 7.5% for general citizens, with the peak rate of 7.5% available for a 444-day term, effective January 10. These revisions reflect banks’ strategies to attract deposits amidst expectations surrounding the upcoming RBI policy review.

Overall, these changes aim to attract deposits and provide competitive interest rates to customers. It is essential for individuals to review and compare the interest rates offered by different banks to make informed decisions about their FD investments.

YES Bank and DCB Bank raise FD interest rates up to 8.55%; check revised details

Several banks in India have revised their fixed deposit (FD) interest rates in January 2025 to attract more depositors. YES Bank and DCB Bank are the latest ones to join the bandwagon. The revisions come ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee meeting on February 7, 2025.

YES Bank has revised its FD interest rates for amounts below Rs 3 crore, with new rates effective from January 31, 2025. The bank offers annual interest rates between 3.25% and 8% for general citizens for tenures ranging from 7 days to 10 years. For senior citizens, the bank offers interest rates between 3.75% and 8.50% per annum.

DCB Bank has also revised its FD interest rates, effective from January 29, 2025. The bank offers interest rates between 3.75% and 8.05% on FD amounts below Rs 3 crore for general citizens for tenures ranging from 7 days to 10 years. For senior citizens, the bank offers interest rates between 4.25% and 8.55% for amounts below Rs 3 crore.

Other banks that have revised their FD interest rates include Union Bank of India, PNB, Axis, Shivalik Small Finance Bank, Karnataka Bank, and Federal Bank. These revisions aim to attract more depositors and compete with other banks in the market.

For investors, these revised interest rates offer better returns on their fixed deposits. With interest rates ranging from 3.25% to 8.55% per annum, investors can earn higher returns on their deposits. Additionally, senior citizens can earn higher interest rates than general citizens, making it a more attractive option for them.

Overall, the revised FD interest rates from these banks provide investors with more options to earn higher returns on their deposits.

Axis Bank Appoints New Chief Audit Executive, Strengthening its Governance Structure

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Axis Bank, a leading private sector bank in India, has announced the appointment of a new Chief Audit Executive (CAE). The appointment is part of the bank’s efforts to strengthen its risk management and internal control framework.

The new CAE, Suresh Prabhu, brings with him over 25 years of experience in auditing, risk management, and internal controls. He has held various leadership positions in auditing firms and banks, including serving as the Chief Audit Executive of a leading private sector bank.

In his new role, Prabhu will be responsible for leading the bank’s internal audit function, ensuring that the bank’s risk management and internal control processes are effective and compliant with regulatory requirements. He will also work closely with the bank’s risk management team to identify and mitigate potential risks to the bank’s operations and reputation.

Axis Bank’s CEO, Amitabh Chaudhry, welcomed Prabhu to the bank’s leadership team, stating that his appointment demonstrates the bank’s commitment to maintaining the highest standards of governance, risk management, and internal control. Chaudhry emphasized that Prabhu’s expertise and experience will be invaluable in helping the bank to further strengthen its risk management framework and improve its overall risk management capabilities.

The appointment of a new CAE is part of Axis Bank’s ongoing efforts to enhance its risk management capabilities and ensure that it remains a leader in the Indian banking sector. The bank has been actively investing in its risk management infrastructure and processes, including the establishment of a new risk management committee and the development of a robust risk management framework.

Under Prabhu’s leadership, the bank’s internal audit function is expected to play a critical role in identifying and mitigating potential risks to the bank’s operations and reputation. The CAE will work closely with the bank’s risk management team to identify potential risks and develop strategies to mitigate them, ensuring that the bank remains a stable and profitable institution.

Overall, the appointment of Suresh Prabhu as Axis Bank’s new CAE is a significant step forward in the bank’s efforts to strengthen its risk management and internal control framework. With his extensive experience and expertise, Prabhu is well-positioned to make a significant impact on the bank’s risk management capabilities and help ensure its continued success in the Indian banking sector.

Axis Securities recommends buying DCB Bank, with a target price of Rs 140.

Axis Securities has issued a buy call on DCB Bank, with a target price of Rs 140, which is higher than the current market price of Rs 119.95. The bank has reported a strong financial performance for the quarter ended December 31, 2024, with a standalone total income of Rs 1855.10 crore, a 4.63% increase from the previous quarter and a 23.85% increase from the same quarter last year. The bank’s net profit after tax was Rs 151.44 crore.

Axis Securities believes that DCB Bank is well-positioned to drive healthy growth, with strong demand visibility in its target customer segment. The bank is focusing on aligning deposit growth with credit growth, while maintaining a steady C-D Ratio. The management is also identifying NIM improvement levers, exercising stringent cost control, and making efforts to improve productivity.

The report highlights that there are no major asset quality challenges visible, and slippages are expected to remain under control. As a result, credit costs are expected to range within the guided range of 45-55bps. Axis Securities expects DCB’s return on assets (RoA) to improve to around 1% by FY26-27E, with a RoA delivery of 13-14%.

The current valuation of DCB Bank is 0.7x September 2026 estimated book value (ABV), which is considered reasonable. The report recommends a buy on DCB Bank due to its strong financial performance and growth prospects. The promoter’s holding in the company is 14.72%, while FIIs own 10.85% and DIIs own 27.89%.

Unlock the Full Potential of Flipkart Axis Bank Credit Card: Charges, Benefits, and More Explained

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The Flipkart Axis Bank Credit Card is a collaborative effort between Axis Bank and Flipkart, designed for customers who enjoy online shopping. The card offers a range of benefits, including welcome bonuses, cashback rewards, and exclusive perks. The card aims to enhance the shopping experience across platforms like Flipkart and its partners, making the process seamless and transparent.

To apply for the card, applicants should be between 18-70 years old, residents of India, and have a steady income. Required documents include a PAN Card, income proof, and address proof. The card comes with a nominal joining fee of ₹500+ tax.

Features of the card include:

* 5% cashback on Flipkart and Clear Trip purchases
* 4% cashback with select partners like Swiggy, Uber, and PVR
* 1% cashback on other eligible transactions
* Welcome offer of a ₹500 Flipkart voucher on the first transaction
* Swiggy discounts and Wednesday special offers on digital platforms like Goibibo, Amazon Fresh, and MakeMyTrip

Premium users can also enjoy exclusive services, including:

* Airport Lounge Service: four complimentary domestic visits per year, with a quarterly cap of one visit and a minimum expenditure of ₹50,000 in the previous three months
* Surcharge on Fuel Waiver: save 1% on fuel transactions between ₹400 and ₹4000
* Discounts on Dining out: up to 15% at select partner restaurants
* Seamless EMI Conversion Service: easy EMI options for purchases over ₹2,500 on Flipkart

This card is ideal for frequent Flipkart users, casual spenders, and those who value travel and dining perks. While using a credit card carries its own set of risks, the Flipkart Axis Bank Credit Card offers a range of benefits that can enhance the shopping experience and offer rewards and perks for its users.

All leading banks in the country, such as HDFC, SBI, Canara Bank, and others, are playing a vital role in shaping India’s economy.

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The Indian banking industry is a vital part of the country’s economy, with millions of customers receiving a range of financial services. By 2025, Indian banks are expected to continue contributing to economic growth through lending, promoting savings, and supporting businesses. The banking sector has also adopted technology to provide safe and effective digital banking options.

The top 10 Indian banks, led by HDFC Bank and ICICI Bank, have excelled in their financial performance, innovative products, and exceptional customer service. Public sector banks like State Bank of India (SBI) dominate the market, with other notable performances from Axis Bank, Kotak Mahindra Bank, and Punjab National Bank (PNB).

The list of top 10 banks in India by market capitalization includes:

1. HDFC Bank (private, established in 1994, market cap: 13.11 lakh crore, users: 10 crore)
2. ICICI Bank (private, established in 1994, market cap: 9.05 lakh crore, users: 3 crore)
3. SBI (public, established in 1955, market cap: 6.95 lakh crore, users: 50 crore)
4. Kotak Mahindra Bank (private, established in 1985, market cap: 3.55 lakh crore, users: 5.1 crore)
5. Axis Bank (private, established in 1993, market cap: 3.30 lakh crore, users: 2 crore)
6. Bank of Baroda (public, established in 1908, market cap: 1.20 lakh crore, users: 12 crore)
7. Punjab National Bank (public, established in 1895, market cap: 1.19 lakh crore, users: 18 crore)
8. Indian Overseas Bank (public, established in 1937, market cap: 0.97 lakh crore, users: 10 crore)
9. Canara Bank (public, established in 1906, market cap: 0.89 lakh crore, users: 11.65 crore)
10. Union Bank of India (public, established in 1919, market cap: 0.87 lakh crore, users: 15 crore)

These banks have contributed significantly to India’s financial growth, providing digital innovations, personal and business banking products, and shaping the banking industry in India.

Axis Max Life partners with social media influencers for the launch of its ‘Double Bharosa’ campaign

Axis Max Life Insurance has launched an influencer-led campaign called “Double Bharosa” to increase awareness about life insurance products and alleviate concerns about their reliability and value. The campaign features influencers from various fields, including food, finance, and poetry, playing dual roles to symbolize the importance of life insurance in securing one’s future.

The campaign uses real-life analogies and authentic content formats to engage a wider audience. Influencers Shivesh Bhatia, Yahya Bootwala, and Ujjawal Pahwa are part of this initiative. The goal is to reach a broader audience while maintaining authenticity.

Rahul Talwar, executive vice president and chief marketing officer at Axis Max Life Insurance, stated that the company is committed to simplifying products and processes, building trust with customers, and making life insurance accessible to everyone. The campaign aims to address issues that individuals experience when considering purchasing life insurance, such as concerns about reliability and value.

Axis Max Life has partnered with Radio Mirchi to expand its reach, with RJs sharing content on social media to promote the “Double Bharosa” message. The collaboration with Axis Bank reinforces their credibility in life insurance and banking, providing customers with added assurance and supporting the “Double Bharosa” message.

The campaign targets a demographic aged 18-45 years in Tier 1 and Tier 2 cities, focusing on challenges such as hesitations in choosing life insurance due to concerns about reliability and value. By using a creative and engaging approach, Axis Max Life Insurance aims to promote a deeper understanding of life insurance and encourage individuals to make informed decisions about their financial security.

Piramal Finance partners with RBL Bank to offer co-lending arrangements.

RBL Bank, a private sector lender, has entered into a co-lending partnership with Piramal Finance, a subsidiary of Piramal Enterprises, to provide loans to middle- and low-income borrowers in rural and semi-urban areas across India. This collaboration combines RBL Bank’s financial expertise with Piramal Finance’s technology-enabled loan processing system, “High Tech + High Touch”. This is Piramal Finance’s third co-lending partnership, following similar agreements with Axis Bank and Central Bank of India.

The co-lending model, initiated by the Reserve Bank of India (RBI), aims to scale credit flow to underprivileged sectors by facilitating collaboration between banks and non-banking financial companies (NBFCs). By combining their strengths, RBL Bank and Piramal Finance plan to offer loans personalized to meet the needs of micro, small, and medium-sized enterprises (MSMEs) and home loan borrowers in underserved regions.

The partnership focuses on addressing the credit gap in Tier 2 and Tier 3 markets, with a goal of providing formal credit access and competitive interest rates. RBL Bank and Piramal Finance will leverage their combined customer reach, underwriting practices, and credit assessment tools to achieve this aim. This collaboration advances RBL Bank’s commitment to financial inclusion across the region, and the companies are set to create a significant impact in the market. Overall, this partnership has the potential to bring affordable credit to those who need it most, helping to bridge the financial divide and stimulate economic growth.

Maximize your returns: Earn up to 9.5% interest on your 3-year fixed deposit and invest now!

The article discusses the best fixed deposit (FD) rates offered by various government, private, and small finance banks in India. The article highlights that FDs are a safe and guaranteed way to earn returns on your money, with no market fluctuations affecting the investment. The article also notes that many banks are currently offering attractive interest rates on 3-year FDs, with some banks offering up to 9.5% annual return.

The article provides a list of banks offering good rates on 3-year FDs, divided into two categories: private and small finance banks, and government banks. The list includes banks such as AU Small Finance Bank, Equitas Small Finance Bank, ESAF Small Finance Bank, and Utkarsh Small Finance Bank, which are offering interest rates ranging from 7.5% to 9.5% for general customers and senior citizens. Private banks such as Axis Bank, ICICI Bank, and HDFC Bank are also offering competitive interest rates ranging from 6.5% to 7.5%.

The article also highlights that some banks offer higher interest rates to senior citizens than general customers, with a difference of up to 0.50%. The interest rates mentioned in the article are valid as of January 22, 2025, but investors are advised to verify the rates with the concerned bank or its official website, as rates may change over time.

Overall, the article provides a comprehensive list of banks offering attractive interest rates on 3-year FDs, helping investors to make an informed decision when considering this investment option.

A businessman’s aides allegedly siphoned off ₹198 crore from bank accounts over a period of four months.

The Enforcement Directorate (ED) has filed a chargesheet against Seraj Ahmed Mohammad Harun Memon, a Malegaon-based aerated drink distributor, and his two associates, Nagani Akram Mohammad Shafi alias Monu and Vasim Vali Momad Bhesaniya alias Sanju, for allegedly withdrawing Rs 198 crore in cash fraudulently from bank accounts opened in Axis Bank’s Ahmedabad branch over a period of four months. The money was then transferred to Mumbai through angadias and hawala channels for further distribution.

The ED investigation found that the accused had opened 19 fraudulent accounts at NAMCO Bank’s Malegaon branch and Bank of Maharashtra’s Nashik branch, through which approximately Rs 900 crore was processed. The agency examined over 600 bank accounts and identified 80-90 lakh transactions within a year.

The ED chargesheet stated that Monu and Sanju withdrew cash from the accounts despite lacking authorization, and that they were part of a WhatsApp group where their handler, Mahmood Abdul Samad Bhagad alias Challenger King, and associate Jimmy were directing account transactions, cash withdrawals, and transfers to various individuals, angadia and hawala operators.

The agency also documented statements from angadias who allegedly received funds from Monu and Sanju for further distribution. The ED had conducted searches at 16 locations in Mumbai, Nashik, Malegaon, Surat, and other places as part of its investigation into alleged questionable transactions by Memon.

The ED has not commented on the involvement of bank officials in the fraud. The agency has alleged that the group laundered proceeds from various fraudulent activities, including investment scams, digital arrest schemes, online gaming, betting operations, unauthorized forex trading, and cyber offenses. The case is being heard in a special PMLA court.

Compare the best FD rates for senior citizens: A snapshot of interest rates offered by top public sector banks (SBI, BoB, PNB) and private banks on 1-year, 3-year, and 5-year fixed deposits.

As a senior citizen, it is important to find investments that provide a steady income and security. Fixed Deposits (FDs) are a popular option for senior citizens, as they are safe and offer guaranteed returns. While the interest rates on FDs for senior citizens may vary based on the tenure and bank, there are certain banks that offer more attractive rates.

State Bank of India (SBI) offers 7.75% interest rate to senior citizens on its 444-day Amrit Vrishti scheme, while its 1-year, 3-year, and 5-year FD plans offer 7.30%, 7.25%, and 7.50% interest rates, respectively. Bank of Baroda (BoB) offers 7.80% interest rate to senior citizens on its 400-day Bob Utsav scheme, while Punjab National Bank (PNB) offers 7.75% interest rate on its 400-day FD scheme.

Canara Bank, ICICI Bank, Axis Bank, and HDFC Bank are also offering attractive interest rates to senior citizens on their FD schemes. For instance, Canara Bank offers 7.90% interest rate to senior citizens on its 3-year to less than 5-year FD scheme, while ICICI Bank offers 7.80% interest rate on its 15-month to less than 18-month FD scheme. Axis Bank offers 7.75% interest rate on its 15-month to less than 2-year FD scheme, and HDFC Bank offers 7.90% interest rate on its 4-year 7-month FD scheme.

It is important to note that the minimum deposit amount varies from bank to bank, typically ranging from 7 days to 10 years. Senior citizens can benefit from these FD schemes by investing in the tenure and bank that suits their financial needs and goals.

Unlock Top Yields: Discover the best FD rates in the market with this curated list of top-performing banks

The article discusses the best fixed deposit (FD) rates offered by various banks in India, including small finance banks, private banks, and government banks. It highlights that small finance banks are often offering higher returns on FDs than private and government banks, making them a popular choice for risk-averse investors. The article provides a table listing the best FD rates offered by various banks, including small finance banks, private banks, and government banks.

The table shows that small finance banks such as Northeast Small Finance Bank, Unity Small Finance Bank, and Utkarsh Small Finance Bank are offering interest rates ranging from 8.25% to 9.5% per annum on FDs with tenures ranging from 546 days to 1111 days. Private banks such as Axis Bank, Bandhan Bank, and ICICI Bank are offering interest rates ranging from 7.25% to 7.9% per annum on FDs with tenures ranging from 12 months to 55 months.

Government banks such as Bank of Baroda, Bank of India, and State Bank of India are offering interest rates ranging from 7.25% to 7.8% per annum on FDs with tenures ranging from 400 days to 1111 days. The article also notes that banks keep changing their rates from time to time, and investors are advised to check the exact interest rate and terms from the official website or branch of the concerned bank before investing in an FD scheme.

Overall, the article provides a useful resource for individuals looking to earn a stable return on their investments by placing their money in a fixed deposit account with a bank.

The Jija-Sala duo exploited public funds through this scheme.

A team of Delhi Police has reportedly cracked a high-profile ATM heist case with the arrest of two individuals, dubbed the “Jija-sala” duo, who were responsible for defrauding people by tampering with ATMs. The duo, aged 28 and 41, were arrested after a thorough investigation and were found to be habitual offenders.

The modus operandi used by the duo was to fix a plate under the ATM’s cash tray using adhesive tape, preventing cash from being dispensed to users. Unaware of the scam, customers would leave the ATM, only to discover later that money had been debited from their accounts. The duo targeted ATMs of UCO Bank and Axis Bank, which were maintained by a Pune-based company called Prerto.

The police received a complaint from UCO Bank’s Mahila Colony branch in Gandhi Nagar, where many customers reported that cash was not being dispensed from the ATM, but the amount was being deducted from their accounts. The police formed a dedicated team to investigate the case, reviewing CCTV footage and suspecting a car parked nearby to be part of the scam. The duo was caught and found to be possessing tools used for tampering with ATMs, including a cutter, tape, six plates, and a stainless steel plate.

The police recovered stolen cash and tools used for the crime, as well as a Maruti Brezza car used by the duo for scamming people who came to the ATMs. The arrest of the duo is a significant victory for the Delhi Police, which had launched a probe into the case after receiving multiple complaints. The case highlights the need for increased security measures to prevent such crimes and to protect the public from falling prey to ATM-related fraud.

Mizoram Chief Minister Warns: Failure to Satisfy Customers Will Result in Loss of Business

Mizoram’s Chief Minister, Lalduhoma, has issued a warning to some banks operating in the state to improve their credit-debit (CD) ratio, which is currently below 40% for some banks. The CD ratio measures the percentage of deposits disbursed to customers compared to the total deposits received. Lalduhoma expressed disappointment that some banks are only disbursing 20% of deposits to customers while keeping 80% as reserves. He deemed this practice disrespectful to the people of Mizoram and urged the banks to prioritize the state’s development.

The Chief Minister specifically named several banks, including Yes Bank, Bandhan Bank, Axis Bank, ICICI, HDFC, Central Bank of India, Federal Bank, and North East Small Finance Bank, to improve their CD ratio. He warned that if there is no improvement, the state government will not remain a mute spectator and may result in the banks losing customers.

Lalduhoma emphasized the importance of cooperation between the state government and the banking sector to uplift marginalized sections of society, particularly in agriculture and micro, small, and medium-sized enterprises (MSMEs). He appealed to the bankers to expand their network to rural areas, making it easier for people to access banking services, especially in priority sectors.

The Chief Minister’s warning and appeal are aimed at promoting a more balanced and responsible approach to banking in Mizoram. By improving their CD ratio and expanding their services to rural areas, banks can play a more significant role in the state’s development and contribute to the betterment of people’s lives.

UCO and Axis ATM heist case solved, ‘Jija-Sala’ duo exposed for siphoning off public funds.

UCO Bank and Axis ATM heists in India may seem like minor incidents, but they have just got a giant breakthrough. “Jija Sala” duo – Suresh Singh and Ateequlla Sheikh – thought they had found the perfect hack to loot Indian public money in these two attempts. However, thanks to incredible work by Hyderabad-based cyber-squad, Telangana Special Task Force(TSTF) – the truth is finally being uncovered.

Reports state that Sheikh and Singh gained unauthorized access by cracking the cash management system by compromising the One-Time Password and ATM card detail of the ATMs.

1. August 2011 – UCO Bank ATM breach
To gain access Suresh Sing (Jijasa) forged ATM cards utilizing duplicate card printer to withdraw amounts below ATM account balance limit (<20,00,000.) Forged one time password as an ATM withdrawable amount & successfully withdrew millions. August 2010 - AxisBank ATM breach in Viziana & Hyderabad city, India They took advantage during system maintenance as system was restarted; they cloned cash cards which contained the Axis bank account by cloning the main cards. ATEEQ SHIEKH utilized ATM card which allowed him as much as two hours to siphon lakhs of crore cash from more than 350 accounts.Daiji, News,India Today,ABP News 8, Outlook News, Financial Times, PTI,The New Indian The Telangana STF officers identified the clues & arrested Sheik and Sheikh and SinghAteeQ SHIEkhSinger of the music 'Jije Saala''Atee ShikhHyderabad-based group and the UCO Bank cash theft case began, and subsequently discovered the trail in the stolen amount. From August 23 to 18 of 4 years, They went on on August 2004, stealing and stealing up to 19 19 August of 27 days. Total losses were: - 43 million 22 22 USD & 42,000 The loss was substantial but the truth revealed.Two weeks after TSTF announced its success (success) On June 31st, (30) months. The story went viral since there were still pending cases about a year-and-a-half left on the heels.