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Axis Bank held a contest. But RBI isn't playing

Livemint

Livemint · 11m ago

Axis Bank held a contest. But RBI isn't playing

Axis Bank's internal contest, the Achievers' Club, has been flagged by the Reserve Bank of India (RBI) for contravening guidelines. The contest, aimed at rewarding top performers in its rural business vertical, offered incentives for raising high-value accounts, forex income, and meeting loan disbursement targets, going against regulations prohibiting banks from offering incentives for deposit mobilization. The RBI has asked Axis Bank to respond and explain the rationale behind the contest. Experts suggest that the regulator's intervention may be to address concerns about potential mis-selling and prioritizing short-term sales goals over long-term customer interests.

Related News

Axis Bank Saves The Day As Paytm Shifts Nodal Account Post RBI’s Refusal To Extend Deadline

Inc42 · 1y ago

Axis Bank Saves The Day As Paytm Shifts Nodal Account Post RBI’s Refusal To Extend Deadline

Fintech major Paytm has shifted the nodal account of Paytm Payments Bank to Axis Bank, ensuring seamless merchant settlements. The move comes after the Reserve Bank of India (RBI) refused to extend the deadline for termination of the nodal accounts of Paytm Payments Bank. RBI extended the deadline for business restrictions to March 15 from February 29. Paytm's shares saw a massive selloff after the directive, but closed 5% higher at INR 341.50 on Friday.

RBI Imposes Penalties on ICICI Bank, Bank of Baroda, Axis Bank, 2 Other Lenders

OutlookIndia

OutlookIndia · 3m ago

RBI Imposes Penalties on ICICI Bank, Bank of Baroda, Axis Bank, 2 Other Lenders

The Reserve Bank of India (RBI) imposed penalties on five banks, including ICICI Bank, Bank of Baroda, and Axis Bank, for non-compliance with certain regulatory directives. ICICI Bank was fined Rs 97.80 lakh for lapses in cybersecurity, KYC, and card issuance protocols. Bank of Baroda faced a Rs 61.40 lakh penalty over customer service and financial services non-compliance. Penalties were also issued to IDBI Bank, Bank of Maharashtra, and Axis Bank for related compliance deficiencies.

Private equity giants circle Axis Finance in potential $1 billion deal

Livemint

Livemint · 1m ago

Private equity giants circle Axis Finance in potential $1 billion deal

Axis Bank is exploring a sale of its non-banking financial arm, Axis Finance, to comply with proposed RBI regulations mandating banks reduce stakes in subsidiaries. The sale, estimated between $800 million to $1 billion, has attracted interest from private equity firms like Blackstone and Warburg Pincus. Axis Finance offers diverse lending services, with assets under management of ₹36,962 crore. The deal will help align operations with RBI rules on concentration risks and overlapping lending businesses.

Paytm shifts back-end payment settlements to Axis Bank from Paytm Payments Bank

Economic Times

Economic Times · 1y ago

Paytm shifts back-end payment settlements to Axis Bank from Paytm Payments Bank

Paytm has moved its nodal accounts or escrow accounts to private-sector lender Axis Bank in order to comply with regulatory requirements from the Reserve Bank of India. This move ensures that merchants who accept digital payments through Paytm can continue doing so. Paytm Payments Bank has been given a 15-day extension by the RBI to continue offering banking services, after which customers will only be able to withdraw funds. Paytm was reportedly in talks with HDFC Bank, Axis Bank, and Yes Bank for shifting its settlements business.

RBI allows Paytm to migrate UPI payment business to other banks

Economic Times

Economic Times · 1y ago

RBI allows Paytm to migrate UPI payment business to other banks

The Reserve Bank of India (RBI) has approved the transfer of Paytm's UPI-based payments business from Paytm Payments Bank to four to five other banks. Paytm has been asked to stop onboarding new users until the migration is complete. The RBI has also asked Paytm to create settlement accounts with one or two banks to ensure merchant payments continue uninterrupted. Paytm is in the process of migrating accounts to Axis Bank. The National Payments Corporation of India (NPCI) has been asked to consider Paytm's request to become a Third-Party Application Provider (TPAP) for UPI operations. Several major banks, including HDFC Bank, Axis Bank, Yes Bank, and ICICI Bank, are expected to become payment service provider banks for Paytm. The clarification from the RBI will allow banks to enter the Paytm business. Additionally, banks may require fresh Know Your Customer (KYC) details from merchants to prevent fraudulent activities. The RBI directive puts Paytm on the same footing as competitors such as Google Pay, Amazon Pay, and PhonePe, who offer UPI-based payment services.

Avendus Wealth Management hires former Axis exec as new chief

VCCircle

VCCircle · 1y ago

Avendus Wealth Management hires former Axis exec as new chief

Former Axis Bank executive, Apurva Sahijwani, has been appointed as the new Managing Director and CEO of Avendus Wealth Management, the wealth management arm of Avendus Capital. Sahijwani brings over 25 years of experience in private banking and wealth management, having previously held roles at Axis Bank, Kotak Wealth, ICICI Bank, HSBC, and Citibank. Avendus Wealth Management currently has $6 billion in assets under management and caters to a wide range of clients including family offices, UHNIs, and corporates.

Paytm Touches Upper Circuit In Fourth Straight Session - StartupNews.fyi

Startup News FYI

Startup News FYI · 1y ago

Paytm Touches Upper Circuit In Fourth Straight Session - StartupNews.fyi

Paytm shares have seen a respite from their sharp fall following the Reserve Bank of India's (RBI) crackdown on Paytm Payments Bank. The extension of the business restrictions deadline to 15 March and the announcement of shifting the nodal account to Axis Bank have provided some optimism to the company's shareholders. Since Friday, Paytm shares have gained 21.5%. This comes after the RBI issued a notification on 31 January barring Paytm Payments Bank from banking services, which caused concerns among investors and brokerages. Despite this, Bernstein maintains an 'outperform' rating and a PT of INR 600 for Paytm.

Indian markets rally after RBI maintains rates, changes stance to neutral

YourStory

YourStory · 10m ago

Indian markets rally after RBI maintains rates, changes stance to neutral

- BSE Sensex jumped over 550 points to revisit the 82,000-level in morning trade on Wednesday. - RBI changed its monetary policy stance to 'neutral', hinting at a possible rate cut in future. - Buying in banking and IT stocks contributed to the positive trend in the markets. - Some major gainers among the 30 Sensex companies were State Bank of India, Axis Bank, Bajaj Finance, Tata Motors, Bharti Airtel, PowerGrid, and HCL Technologies. - The RBI decided to keep the policy rate unchanged at 6.5% for the tenth consecutive time. - The RBI remains watchful of elevated food inflation despite India's strong GDP growth.

Paytm Touches Upper Circuit In Fourth Straight Session; Shares Near INR 400 Mark

Inc42 · 1y ago

Paytm Touches Upper Circuit In Fourth Straight Session; Shares Near INR 400 Mark

Paytm shares have seen a positive turnaround after a sharp decline due to the Reserve Bank of India's (RBI) crackdown on Paytm Payments Bank. RBI extended the deadline on the bank's business restrictions, and Paytm announced shifting its nodal account to Axis Bank, providing some optimism. Paytm shares gained 21.5% since Friday, and several brokerages view the regulatory actions as restricted to the Paytm Payments Bank entity, expecting limited long-term impact on the overall business. However, there are concerns regarding potential declines in payment GMV and the impact on payment processing margin. The Enforcement Directorate's investigation into possible foreign exchange violations has not found any breaches so far.

Paytm Gets NPCI Nod To Become A Third-Party Application Provider

Inc42 · 1y ago

Paytm Gets NPCI Nod To Become A Third-Party Application Provider

One97 Communications, the parent company of Paytm, has obtained a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI). This comes just before the deadline for Reserve Bank of India's (RBI) curbs on Paytm Payments Bank. With the license, Paytm can now operate UPI services under a multi-bank model, with Axis Bank, HDFC Bank, State Bank of India, and Yes Bank acting as payment system provider banks. The NPCI has advised Paytm to migrate existing handles and mandates to the new PSP banks at the earliest.

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