ICICI Bank closes in on credit card leader HDFC Bank

ICICI Bank is emerging as a strong challenger for long-time leader HDFC Bank in India’s credit card market, thanks to strong take-up for its co-branded card with Amazon, according to an analysis of RBI’s January numbers. ICICI Bank accounted for 2.41 lakh of the 13 lakh new credit cards added in January 2022. With this, […]

Axis Bank terms resignation reports ‘speculative’

Axis Bank, one of India’s top three private sector banks, called reports of resignation of its two top officials “speculative assertions”. Responding to a notice from the stock exchanges, Axis Bank said: “The bank does not comment on speculative assertions around its internal functioning.” It said it will inform the exchanges of any “material, unpublished […]

FULL TEXT – PNB STATEMENT on Nirav Modi; Axis, Allahabad Bank involved

Punjab National Bank, India’s second largest public sector bank, has issued a statement on exactly what happened in the Nirav Modi case that resulted in nearly $1.77 bln of unauthorized liabilities being taken on by the bank. In the statement, PNB detailed exactly how the bank was taken for a ride by some of its […]

Axis Bank confirms exiting POS maker Mswipe

Axis Bank confirmed it had sold its 8% share in new-generation card-swiping-machine company Mswipe Technologies. In a regulatory filing, the private sector bank said it sold its 8% stake for Rs 80.94 cr, or Rs 4,249 per share. Mswipe is one of the new generation, low-cost swipe-machine companies, and offers cheaper rates to merchants. Instead […]

After Freecharge, Axis Bank wins virtual POS provider Paynear for its UPI platform

Paynear, which helps shopkeepers and businesses to accept card payments without buying a point-of-sale (POS) machine, has tied up with Axis Bank to implement support for UPI or Unified Payment Interface. UPI allows users to send and receive money and make payments using IDs that resemble email addresses (for example, rajesh@icici). Paynear is an Indian […]

Axis Bank adds augmented reality to mobile app

Axis Bank said it added an augmented reality-based feature on its Mobile App that will enable home seekers to search and locate properties which are pre-approved by the bank for financing. Jagdeep Mallareddy, Head Retail Lending, Axis Bank, said, “The new augmented reality feature will help users to easily identify any property that is available […]

Axis Bank app gets support for fingerprint authentication

Axis Bank, India’s third largest private sector bank, has added touch authentication for transactions through its mobile app for its iOS app. The feature will not be available in the Android version of the app. Bank customers using Apple iPhone 5s and above can now complete their financial transactions such as bill payments, mobile recharge […]

Axis Bank to offer higher interest for locked in fixed deposits

Axis Bank, India’s third largest private sector bank has launched a Fixed Deposit scheme titled “Fixed Deposit Plus”, which gives customers a higher rate of return on their fixed deposit investment compared to regular Fixed Deposit rates. The differential rates on Fixed Deposit Plus with a lock in are currently available for a minimum period […]