Axis Bank

Money Laundering Case: RBI Initiating Action against ICICI, HDFC and Axis Banks

Money Laundering Case: RBI Initiating Action against ICICI, HDFC and Axis Banks

It was in last month that online portal named as Cobrapost took the names of the three banks, ICICI bank, HDFC Bank and Axis Bank for indulging in the act of money laundering.

The online portal said that they exposed these banks by carrying out a sting operation. Their investigation revealed that there were some bank officials who offered to launder unaccounted money in insurance schemes.

Stay Away from three Banks included in Cobra Sting: Experts

Stay Away from three Banks included in Cobra Sting: Experts

After the allegations were leveled by news portal Cobrapost, three banks caught in the sting operation have launched their individual investigations into the matter. The three private banks that are under scanner are ICICI Bank, HDFC Bank BSE 0.75 % and Axis Bank BSE -1.28 %.

Some bankers at these banks were seen in a sting operation telling customers to avoid tax by declaring oneself as a farmer, offering lockers to hoard cash, and investing these funds in insurance products.

Axis Bank Introduces “Nischint” Scheme

Axis Bank Introduces “Nischint” Scheme

If you take home loan from Axis Bank, you have to pay interest rate at 11.75% for the whole tenure: this is the new scheme started by the bank.

By this scheme, Axis Bank has become the only bank which would charge interest rate at an even rate. The loan for the property would be available for 85% and at 20 lakhs and 80% loan would only be available if the loan is above 20 lakhs.

KRChoksey recommends Axis Bank

KRChoksey recommends Axis Bank

KRChoksey has recommended a buy rating on Axis Bank with an target price of Rs 1601 on January 17 and further he is bullish on Axis Bank as per the 2011 research report.

Axis Bank has reported an outstanding set of figures with net profit moving up by 36% on a yearly basis at Rs 891 crore which is greater than then market prospect.

Greater than anticipated NII development and delta in trading increase were major grounds for the discrepancy. NII developed by 28% on a yearly basis and 7% on a quarterly basis geared up by strong loan development and chronological margin development.

Max New York Life partners Axis Bank for insurance products

Max New York Life partners Axis Bank for insurance products

Insurance giant, Max New York Life Insurance has entered into a partnership agreement with Axis Bank for the distribution of its insurance product through the bank's network of branches across the country.

Under the agreement, the insurer will provide customized life insurance solutions to bank customers. The partnership will allow Max New York Life Insurance to expand its distribution channels and increase its presence across the country. The partners expect to attract about 2 million customers.

Axis Bank Announces to Buy 4% in Max Insurance

Max India Ltd. today announced that its board has given its approval to sell around 4% stake in Max New York Life Insurance to private lender Axis Bank.

"Board of Directors of the company approved in-principle, the proposal of Max New York Life Insurance Company MNYL)... to issue equity shares of approx 4% of MNYL to Axis Bank, the terms of which are currently under finalization", Max India informed the Bombay Stock Exchange.

Max New York Life Insurance Co. is a 74:26 joint venture initiated by Max India and New York Life International LLC.

Global Markets Tapped by Banks

Global Markets Tapped by Banks

It has been reported that more Indian companies are expected to regulate the market abroad for finances through External Commercial Borrowings and bond issues, since in the coming few months, interest rates are probable to solidify in the local markets.

Recently, the Bank of India's $550-million bond matter was oversubscribed to the tune of $4 billion, whereas Axis Bank's $350 million issue was subscribed quadruple.

In the beginning of this month, the Reserve Bank of India increased reverse repo and repo rates by 25 basis points.

Shikha Sharma takes charge at Axis Bank as MD & CEO

Axis BankAxis bank, country's third largest private bank, has appointed Shikha Sharma as the Managing Director and Chief Executive Officer (MD & CEO) of bank following approval of its shareholders in its general meeting held in Ahmadabad. She also gets place in the Axis Bank's board of directors as additional director.

Axis Bank to enter ‘Mutual Fund Business’

Private sector lender, Axis Bank, after setting its reputation in banking sector, ready to enter mutual fund business. The new company will be a wholly-owned subsidiary of the bank and will carry out asset management business. The bank plans to begin the new venture in the coming 6 to 8 months period.

Last month, the bank got nod from the SEBI to start its independent asset management firm and now it is waiting for the equity markets to stabilize before rolling out the first fund.