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18th Oct 16 Axis Bank cuts it benchmark MCLR by 5 base point rates
Axis Bank cuts it benchmark MCLR by 5 bps with effect from Tuesday. The bank has reduced down its rates across tenures, effectively reducing the overnight rates to 8.80 per cent while their three year lending rate is 9.35 percent. The bank announced the reduction after its peers such as ICICI, Kotak Mahindra, and Indian bank cut their lending rates following the RBI monetary policy review on October 4th, 2016.
15th Oct 16 Axis, Kotak Mahindra Banks tests blockchain transactions
ICICI Bank has done successful execution of its first two transactions using blockchain technology, now other private sector banks gear up for the technology. Axis Bank and Kotak Mahindra Bank are conducting pilot transactions in trade settlements and cross border remittances, while HDFC is still assessing the opportunity.
04th Oct 16 Axis Bank sells Rs 1000 cr of Essar Steel debt to Edelweiss ARC
Axis Bank sold its loans to Essar Steel worth Rs. 1000cr to Edelweiss Asset Reconstruction Company at the discount of 45 per cent. Axis becomes the forth bank after HDFC( 550cr), ICICI( 1,600cr) and Federal bank( 70cr) to sell its loans to Essar steels raising the total amount of funds to Rs. 2,220 cr.
12th Sep 16 Freecharge, Axis Bank tie-up to launch UPI payments for consumers, merchants
Freecharge has tied up with Axis Bank to start Unified Payments Interface (UPI) enabled payment on its Android app. This app will enable consumers to make instant seamless transactions from their smartphone using a virtual payment address (VPA). Consumers can create a virtual address on the Freecharge Android app and link it to their bank account to register on the UPI app. This feature will allow consumers to pay on Freecharge in a secure way for transactions and bill payments.
27th Aug 16 Axis Bank launches NFC payments on GoQii devices, opens innovation lab for startups
Axis Bank launches NFC payments on GOQii fitness wearable devices and also opened an innovation lab called Thought Factory that would focus on developing innovative tech solutions which can improve customer experience in banking. This is the first time that health and fintech are working together in the Indian startup network. The bank has identified 120 startups for this scheme for a three month mentorship program. The lab will also host accelerator programs for startups who will work closely with intrapreneurs from Axis.