Axis Bank in Tuesday announced the launch a new co-branded credit card that offers a blend of insurance and a number of travel benefits for international frequent flyers.
Available in two versions, viz. World Select and World, the card will allow holders to enjoy reward points redeemable with Europe-based international frequent flyer program Miles & More's partners across various sectors like flights, hotels, car rentals and retail stores.
The reserve Bank of India (RBI) on Monday slapped three private sector banks, viz. Axis Bank, HDFC Bank and ICICI Bank, with hefty fines for violating know your customer (KYC) rules.
The central bank imposed a fine of Rs 5 crore on Axis Bank, and of Rs 4.5 crore and Rs 1 crore on HDFC Bank and ICICI Bank, respectively.
A statement released by the central bank stated, "After considering the facts of each case ... Reserve Bank came to conclusion that some of the violations were substantiated and warranted imposition of monetary penalty..."
The Reserve bank of India (RBI) has found irregularities at private-sector banks ICICI Bank, HDFC Bank and Axis Bank, but the government will not take any action in a hurry, Banking Secretary Rajiv Takru said.
The central bank launched an investigation into the to three private lenders' practices after a sting operation revealed that the banks are helping customers evade taxes via money-laundering.
The Reserve Bank of India (RBI) has reportedly found some private lenders guilty of violating know your customer (KYC) norms.
A source from the central bank revealed that the probe found that officials at ICICI Bank, HDFC Bank and Axis Bank violated KYC norms.
Speaking on the condition of anonymity, the source said, "The RBI, in its probe, has found that there have been some instances where bank officials have not done proper KYC for larger transactions."
Aniruddha Bahal, whjo is behind some major sting operations in the country exposing large scams, has discussed the latest Operation Red Spider with the media.
The new operation was aimed at exposing the nexus between India's top three private banks and politicians. The operations unearthed the money laundering activities at the banks in the country. The operation as conducted by a single reported working at CobraPost. The operation was conducted by CobraPost's associate editor Syed Masroor Hasan.
Indian bank, Axis Bank has launched an investigation after it was alleged that the bank is involved in money laundering activities.
The bank said that it will conduct a thorough investigation into the information that surfaced regarding the alleged money laundering activities at the bank. It said that the management looks at deviations form tis high standards very seriously.
Axis Bank stock gained nearly 3.7 per cent at 0354 GMT to around Rs 1,465.35 a share, its highest level since November 18, 2010, as the bank's stake sale attracted strong demand.
Axis Bank, India's third-largest private sector lender by market value, on Monday started a share sale to raise as much as Rs 55.5 billion (US$1 billion).
Indian Stock Markets continued in the positive territory on Thursday as the US markets gained smartly on Wednesday. Stock prices of Gold Loan companies witnessed huge demand after reports of loan valuation for gold ratio increase to 75 per cent.
JSW Steel has increased price of all steel products of the company. The stock price was higher in today's session. Maruti Suzuki and M&M witnessed higher sales during December compared to other auto majors facing tough times.
Axis Bank, the third-largest private sector lender in India, is reportedly mulling plans to sell around 4.58 crore new shares in order to meet Basel III norms.
The share sale is expected to generate more than Rs 6,000 crore for the lender, allowing it to boost its capital before the so-called Basel III norms kick in.
In a bid to capitalize on the available opportunities in the global market, two Indian lenders - Axis Bank and Indiabulls Financial Services - are seriously mulling plans to set up their offices in London.
Axis Bank has plans to set up its London office sometime early next year. It will be Axis Bank's first branch outside Asia.
Indiabulls Group's financial arm - Indiabulls Financial Services - also has plans to offer non-resident Indians (NRIs) and people of Indian origin credit for properties in India.
Axis Bank's net profit jumped 22 per cent to Rs 1,124 crore in the three months through September 2012 year-on-year, thanks to a strong rise in retail lending & fee income.
Net profit for the private sector lender's first half was also up 22 per cent at Rs 2,277 crore year-on-year.
Encouraged by some recent economic developments in the Indian economy, Asia Pacific-focused brokerage firm CLSA has recommended buy on private banks like ICICI Axis Bank and HDFC Bank.
In its latest report, the CLSA also recommended buy on Tata Steel and Tata Motors, thanks to the improving business of these two companies.
Private sector banks ICICI Bank, HDFC Bank and Axis Bank slashed interest rates on fixed deposits by 25 to 50 basis points across maturities ranging from a 91 days to lower than 5 years.
Axis Bank, India’s third largest private sector lender, has announced the launch of a new home loan product, called 'Happy Ending Home Loan', which rewards for loyalty.
Under the 'Happy Ending Home Loan' scheme, the bank will write off the last 12 instalments if the customer stays with it and makes regular payments for at least 15 years.
Kotak Mahindra Bank will soon be announcing quarterly results. The fast growing private bank is expected to declare positive results as per estimates of recent report by Prabhudas Lilladher. Kotak Mahindra Bank is currently trading with a P/E multiple of 41 and is hovering around its 52-week high of 612 on NSE.
HSBC Securities Mauritius is planning to sell its stake in two private sector banks, Axis Bank and Yes Bank, according to various reports citing sources.
The deal to sell stake was routed via block window at a discount of 3 per cent and the shares of the two banks have fallen significantly. The global banking major sold 4.75 per cent stake or 2.05 crore shares in Axis Bank through several block deals. The shares of the bank were trading 3 per cent lower at Rs. 970.30 on the Bombay Stock Exchange (BSE).
India's Axis Bank has said on Wednesday that it is evaluating partnerships for its asset management unit in India as well as in the international markets in a move to add value to the business.
The company did not confirm reports suggesting that U. K.'s Schroders is planning to acquire about 30% of Axis Asset Management unit.
A company spokesperson said, "When we are able to identify the right partner, we will assess the appropriate partnership arrangement."
Private sector bank, Axis Bank has reported a growth of more than 25% in its net profit to Rs 920 crore in the second quarter of the current fiscal year-on-year basis, due to a strong growth in net interest income.
The bank's net interest income grew 24% to Rs 2,007 crore backed by the growth in loan disannulments. Its loan advances rose 27% to Rs 1.41 lakh crore in the second quarter compared to the same period previous year. Meanwhile, the deposits in the bank grew 26% to Rs 82,140 crore in the quarter.
Mumbai, April 22 : Axis Bank, India's third largest private sector lender, said Friday its net profit soared 33 percent to Rs. 1,020 crore in the fourth quarter of 2010-11 on higher earnings from loan advances.
For the fiscal year ended March 31, the bank's net profit zoomed 35 percent to Rs. 3,388 crore as against Rs. 2,515 crore in the previous year, Axis Bank said in a statement.
The bank's net interest income grew 31 percent and fee income rose 30 percent in fiscal 2010-11.
Technical analyst Anu Jain has maintained 'buy' rating on Axis Bank Limited stock with a target of Rs 1392.
Mr. Singh said that the stock can be purchased with a strict stop loss of Rs 1250.
Today, the stock of the bank opened at Rs 1313.40 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 1608 and a low of Rs 1135 on BSE.
Current EPS & P/E ratio stood at 76.44 and 17.30 respectively.
Idea Cellular and Axis Bank made announcement about a mobile-based financial inclusion scheme, 'Idea MyCash', in Mumbai.
The latest reports from IIFL reveal that the trades can sell Axis Bank Future in the series of Rs 1,363-1,367 with stop loss of Rs 1,394 for target of Rs 1,300.
Today, the stock of the Axis Bank opened at Rs 1,305.00 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 1,608.00 and a low of Rs 1,105.00 on BSE.
Current EPS & P/E ratio stood at 76.44 and 16.72 respectively.