New Delhi: The department of telecommunications has written to all telecom and Internet service providers that it will not accept any bank guarantees by Axis Bank after the lender failed to invoke a bank guarantee issued by it on behalf of Aircel.

“Axis Bank has failed to invoke a bank guarantee issued by them on behalf of Aircel group of companies. This action by Axis Bank is a serious breach of trust and contract with the government of India.

Three companies under investigation by Indian securities regulators after their results were leaked on social media were told to consider internal audits and background checks for employees handling potentially stock-moving information, people familiar with the matter said.

The Securities & Exchange Board of India is seeking improved controls from Axis Bank, HDFC Bank and Tata Motors, whose quarterly results showed up on the messaging service of WhatsApp Inc.

India’s third largest private sector bank Axis Bank on Tuesday said it would soon be able to process payments over the popular chatting application ‘WhatsApp’.

The bank also termed the Unified Payment Interface (UPI) as a “huge opportunity”.

MUMBAI: The mumbai wing of the Serious Fraud Investigation Office has summoned ICICI Bank CEO Chanda Kochhar and Axis Bank CEO Shikha Sharma in the Rs 5,000 crore loan extended to Mehul Choksi’s Gitanjali Gems. The summons sent to both Kochhar and Sharma requests them to appear in person or send a representative.

The Rs 12,636 crore fraud at Punjab National Bank (PNB) is forcing Reserve Bank of India (RBI) to swing into action.

On Monday, the central bank revealed it has imposed penalties on two banks – Axis Bank for under-reporting non-performing assets (NPAs) and Chennai-based Indian Overseas Bank (IOB) for breach of know your customer (KYC) norms.

Private sector lender Axis Bank is looking at transferring some lumpy bad loans to stronger sponsors through NCLT resolution next year, as it follows a strategy of serving only the better-rated borrowers, a top official has said.

The bank is one of the worst-affected in the private sector after the Reserve Banks asset quality review, which led to a huge increase in bad loans over the past two years.

Axis Bank has raised its Marginal Cost of Funds based Lending Rates (MCLR) by ten basis points across the three and six month, one, two and three year categories with one-year MCLR now standing at 8.4 per cent.

The bank followed other private lenders like HDFC Bank and IndusInd Bank in increasing MCLR — indicating a trend.

Mumbai: Axis Bank on Thursday indicated that it no longer has any exposure to the Rs 11,400-crore fraud detected at PNB.

Responding to reports of undertaking buyer's credit transactions with PNB, Axis Bank said in the normal course of business, it carries out such transactions against letters of undertaking (LoUs) issued by other banks through its overseas branches.

Private sector Axis Bank today launched the fourth edition of ‘Evolve’, an annual multi-city knowledge series for Bank’s SME customers here. The current edition of evolve, titled “Transform your Family Business into your dream company”, will empower the SMEs understand the winning strategies and best practises that have helped some of the leading family businesses in India grow into reputable enterprise.

Private sector lender Axis Bank’s net profit for the quarter ended December 2017 rose by 25 per cent to Rs 7.26 billion (Rs 726 crore) on robust growth in net interest income. This was against a net profit of Rs 5.79 billion (Rs 579 crore) in previous year’s corresponding quarter.

Net interest income rose by nine per cent to Rs 47.3 billion (Rs 4,730 crore) during the September–December quarter from Rs 43.34 billion (Rs 4,334 crore) in the same quarter a year ago.

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