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<keyword id="6355975" type="CITY" weightage="80" keywordseo="Axis-Bank">Axis Bank</keyword> and <keyword id="6653" type="CITY" weightage="80" keywordseo="ICICI-bank">ICICI Bank</keyword> share a similar profile in terms of corporate exposure and funding roads, power companies, etc, still there could be a divide emerging between the two. 
 
The stock performance of the two banks clearly point out the divide as the latest quarter financial performance indicate investors believe that Axis Bank is better place than ICICI. 
 The past year saw Axis outperform ICICI by a huge margin. Axis rose 68.71% in the past year when compared with ICICI, which gained 12.23%. The broader BSE <keyword id="54657" type="CITY" weightage="60" keywordseo="Bankex">Bankex</keyword> rose 21%. 
 
ICICI Bank's March quarter earnings rose 10.2% to Rs 2,922 crore, while Axis reported an 18.36% advance to Rs 2,180.6 crore. 
"Axis' earnings growth for the past few quarters has been at 18% while that of ICICI Bank has been at around 10%. Its growth is almost double, which is driving investors to the stock," Vaibhav Agrawal, Vice President research - banking at Angel Broking told Economic Times, adding "Axis Bank's asset quality has been steady while ICICI Bank has seen a rise in its net nonperforming loans. This has also been a positive for Axis Bank." 
 
Meanwhile, Anish Tawakley, analyst with Barclays, said for ICICI Bank, the slippages from the restructuring book are very high as loan exposures come out of the moratorium. 
 
"In large corporates, there can be some lumpy accounts. Even if the economy picks up, they can see stress as they are highly leveraged,” he told ET. 
Even though Axis and ICICI apparently emerged from their past issues - partly created by the economic slowdown that saw bad loans of the industry's largest bank rise to 1.40% of total assets - investors seem to choose former over latter. 
 
"As far as the impact of NPA additions is concerned, as the bank has previously explained, the higher slippages to NPA have come mainly from the existing restructured portfolio; hence the impact on NII and margins is not significant," an ICICI Bank spokesman told the financial daily. 
 Both ICICI and Axis are run by chips of the same block - <keyword id="45875" type="PERSON" weightage="80" keywordseo="Chanda-Kochhar">Chanda Kochhar</keyword> and <keyword id="6356453" type="PERSON" weightage="80" keywordseo="Shikha-Sharma">Shikha Sharma</keyword> - who rose up the ranks at ICICI under KV Kamath. 
 
The newspaper reported that Sharma, who spent almost three decades at the ICICI Bank Group before moving to head Axis Bank in 2009, showed some aggressive management style by buying Enam Securities for Rs 2,070 crore, while Kochhar spent steadying the ship by pulling back funds from overseas businesses. 
 
"Asset quality continues to be challenging due to the tough operating environment and the economic recovery being slower and volatile," Kochhar said during the post-earnings call. In the past few years, she said. 
 
Kochchar added that restructuring was done keeping in mind assumptions of a possible turnaround in the economy. "But the pick-up in economic activity has been gradual and volatile affecting these companies. Asset quality in 2016 will be better than last year," said Kochhar. 
 
"The asset quality environment continues to be challenging with economic activity being weak," V Srinivasan, executive director at Axis Bank, told ET, adding, “We will have to monitor our exposure."

Indian investors are cozying up to Axis bank. Know why

If you thought exchanging messages and photos were the only things you could with WhatsApp, think again! Thanks to Axis Bank, now you can transfer funds via WhatsApp, Facebook, Twitter, e-mail and even phone contact lists. 
 Axis Bank, India’s third largest private sector bank, on Monday launched ‘<keyword id="2846040" type="UNKNOWN" weightage="80" keywordseo="ping-pay">Ping Pay</keyword>’ service, a unique multi-social payment app in partnership with <keyword id="2471131" type="UNKNOWN" weightage="60" keywordseo="Fastacash">Fastacash</keyword>, a Singapore-based venture-capital backed firm that enables value transfers like money, airtime, coupons, etc. 
 
Through ‘Ping Pay’, now smartphone users would be able to transfer funds to recharge mobile, to even non-Axis Bank account holders. 
 
The person-to-person fund transfers through Ping Pay would happen via Immediate Payment Service (IMPS) and presently the transaction limit is at Rs. 50,000 per day. The service would be round-the-clock. 
 
During the launch, Rajiv Anand, Group Executive &amp; Head - Retail Banking, Axis Bank, said, “Launch of Ping Pay, a unique multi-social payment solution is yet another milestone in our journey to offer digital solutions to our customers. Our focus has always been to provide customers with innovative products and services with a distinctive user experience. We are proud and excited to introduce Ping Pay, which we view as our contribution towards facilitating the move towards a less cash economy.” 
 
The move by Axis Bank is seen as a strategic one in bringing superior customer convenience, embedded in a seamless and secure process. 
 
Ping Pay will also play an important role in India’s progress towards becoming a cashless economy. India is largely a prepaid mobile market. 
 
Vince Tallent, Chairman &amp; CEO, Fastacash said that India was one of the fastest growing social and messaging markets, with most of these services being accessed from mobile devices. 
 
“Together with Axis Bank, with whom we share a strong working relationship, a common vision and goal, we are delivering innovation in digital banking and bringing to consumers payment solutions that are secure and seamless. Our focus is really on simplifying the entire digital banking and payment experience,” he added. 
 
Axis Bank account holders can download the Ping Pay app, which provides an innovative, gesture based user experience that enables money transfers without having to type in the account number and the IFSC code. 
 
When sending money through social networking site, the user can select one messaging channel and selects the name of the person to whom the money is to be sent. They enter the amount to be sent and set a “ping code” that is shared separately with the receiver. 
 
Upon confirming the transaction, the money is immediately sent. 
 
The receiver has 15 days to transfer the money to his/her bank account. In the event, the receiver does not claim the money received within 15 days, the transaction would be auto-reversed to the sender’s account.

Now you can transfer funds via WhatsApp; courtesy Axis Bank

New Delhi, Jul 2 () Private sector lender Axis Bank on Thursday said it has received board of director's approval for raising funds up to Rs 15,000 crore though issuance of various securities. In a regulatory filing Axis Bank said the board at its meeting held on Thursday has approved the proposal relating to raising of funds not exceeding Rs 15,000 crore. The fund raising will be "through issue of equity shares/depository receipts and/or any other instruments or securities representing either equity shares and/or convertible securities linked to equity shares," the filing said. The filing further said the fund raising can be through Qualified Institutional Placement (QIP)/ American Depository Receipts (ADRs)/ Global Depository Receipts (GDRs) programme, preferential allotment or such other permissible mode or combinations as may be considered appropriate by the Board. The fund raising proposal, will be subject to the approval of shareholders at the ensuing 26th Annual General Meeting (AGM) of the bank. In a separate filing, the lender said that the board has also decided to convene and hold the AGM of the shareholders on Friday, July 31, 2020 through Video Conferencing, in compliance with the relevant provisions of the Companies Act. Shares of Axis Bank were trading at Rs 423.10 apiece on BSE, down 2.34 per cent from the previous close. KPM DRR DRR

Axis Bank gets board nod to raise up to Rs 15,000 cr

New Delhi, Jul 3 () Private sector lender Axis Bank plans to raise up to Rs 50,000 crore through debt securities and equity share to maintain adequate level of capital for risk weighted assets and fund business growth. Under the proposal, Axis Bank will raise Rs 35,000 crore through debt securities in Indian or foreign currency, while Rs 15,000 crore to be raised through issuance of equity shares or securities convertible into equity shares, Axis Bank said in a regulatory filing. The board of bank has already approved the capital mop-up. The private sector lender said its annual general meeting (AGM) is to be held on July 31, 2020 and it will seek shareholders' approval for the proposals. The AGM will take place through video conferencing. Keeping in view the projections of the bank in domestic and overseas operations, it may need to raise additional funds in one or more tranches in Indian as well as overseas market in the form of capital to maintain desired capital to risk weighted assets ratio (CRAR) by issue of debt securities denominated in Indian rupees or any other permitted foreign currency, Axis Bank said. The debt securities, it said, can be through instruments like long term bonds, green bonds, masala bonds, optionally/compulsorily convertible debentures, and non-convertible debentures on a private placement basis, during the period of one year, from the date of passing of this special resolution. Axis Bank said the board of directors will seek to obtain permission of shareholders for borrowing/raising funds of "an amount not exceeding Rs 35,000 crore, on a private placement basis". The said limit of Rs 35,000 crores will be within the overall borrowing limit of Rs 2,00,000 crore as approved by the members in June 2018, it said. On the equity fund raise, it said the bank has grown consistently over the last several years. Since the last equity capital raised by the bank in 2019, the business of the lender has continued to grow across various business lines. Regulatory requirements for equity capital continue to increase with the adoption of Basel III requirements by the Reserve Bank of India. As on March 31, 2020, the bank's common equity Tier I (CET 1) ratio was 13.34 per cent. Regulatory requirements for equity capital continue to increase with the adoption of Basel III requirements by the Reserve Bank of India. As per this roadmap, the minimum CET 1 ratio has increase to 8 per cent, with effect from September 30, 2020. Axis Bank said COVID-19 pandemic has significantly impacted many businesses across the country and a stronger capital base will further strengthen its ability to deal with unanticipated contingencies or market disruptions which may arise due to the pandemic. "Lending opportunities for the well capitalised banks continue to be strong, and the relative competitive position of the Bank in the sector continues to strengthen as well. "As macro-economic growth improves from current levels, to support the growth aspirations of the Bank, and to meet increasing regulatory requirements, it is important that the bank remains well-capitalised, with a strong CET 1 capital base," it said. In order to further strengthen CET 1 ratio and be well placed to deal with the COVID-impact on business from a position of strength, while ensuring that there is capital to support growth as the economy revives, the bank proposes to raise equity capital of not exceeding Rs 15,000 crore, it added. It said the board in the AGM will seek permission of members to create, offer, issue and allot with or without green shoe option, such number of equity shares, and/or equity shares through depository receipts, and/or securities convertible into equity shares or any other instrument or securities representing equity shares by way of a private placement, including qualified institutions placement (QIP). Axis Bank stock closed 1.17 per cent higher at Rs 428.50 apiece on BSE. KPM BAL

Axis Bank seeks shareholders nod to raise Rs 50k cr via debt, equity

India's third-largest private sector lender <keyword id="6355975" type="CITY" weightage="80" keywordseo="Axis-Bank">Axis Bank</keyword> is raising $500 million by selling bonds with five-and-a-half-year maturity. According to an executive of <keyword id="127691" type="CITY" weightage="80" keywordseo="Standard-Chartered-Bank">Standard Chartered Bank</keyword>, a banker to the issue, the bond is expected to be priced 195 basis points over the five-year US treasury, which was trading at about 1.58% on Monday. One basis point is 0.01 percentage point. 
 

	"It is a $500-million bond issue and the book has been oversubscribed four times," said the executive.
 <keyword id="55717" type="COMPANY" weightage="80" keywordseo="Standard-Poor">Standard &amp; Poor</keyword>'s Ratings Services assigned 'BBB-' long-term issue rating to a proposed issue. The rating on the notes reflects the long-term counterparty credit rating on the bank. "The proposed notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of Axis Bank. They shall, at all times, rank at par among themselves and with all other unsecured obligations of the bank," the rating company said. "It is to be seen if banks would swap the dollar funds raised overseas into rupee. Most of the issuers could keep the proceeds in dollar form to fund their overseas branches and Indian corporates to expand offshore," said Harihar Krishnamoorthy, head treasurer at <keyword id="327299" type="COMPANY" weightage="80" keywordseo="FirstRand-Bank">FirstRand Bank</keyword>. <keyword id="6653" type="CITY" weightage="80" keywordseo="ICICI-bank">ICICI Bank</keyword>, recently, raised about $600 million through Renminbi-denominated notes at a coupon of 4.2%. (Image: Axis Bank)

Axis Bank To Raise $500 Million Via Bonds

Mumbai, Apr 3 () Moody's Investors Service on Friday placed private sector lender Indusind Bank's ratings under review for downgrade and cut its outlook on ICICI Bank, Axis Bank and IDBI Bank by a notch due to asset quality concerns in the current challenging times.The global ratings agency also affirmed the deposit ratings of ICICI Bank, Axis Bank and IDBI Bank.The ongoing COVID-19 crisis is bound to have a major impact on various sectors, including banks, according to experts. The RBI has already moved by offering a three-month moratorium on loan repayments.The review for downgrade of IndusInd's ratings reflects the downside risks to asset quality amid the deteriorating macro environment and financial market volatility, the agency said in a note.The proportion of microfinance and vehicle finance for IndusInd Bank is higher than the peers and these loans have a high risk of getting impacted due to the current stress as they have limited capacities to repay, it said.The bank's funding is also weak when compared to other rated Indian banks, as reflected by its high deposit concentration and low share of retail deposits, the agency said, adding this makes the bank more susceptible to the dislocations in the financial markets, including on wholesale funding sources.Meanwhile, the outlook on Axis Bank and ICICI Bank's ratings has been revised down to negative from stable, while the same for the LIC-run IDBI Bank has been made "stable" from "positive" earlier.The agency attributed that the changes in outlook are driven by potential deterioration in asset quality."The economic shock, resulting from the nationwide lockdown will exacerbate existing negative pressures on asset quality from the already deteriorating operating environment prior to the outbreak," it explained.ICICI Bank and Axis Bank may stand to suffer because of their exposures to the small and medium enterprises, given the fact that such businesses have limited liquidity buffers to withstand difficulties, it said.The rating agency also said that retail loans, especially the unsecured ones like credit cards can also face reverses if the salaries of borrowers suffer as a result of the lockdown.For IDBI Bank, it acknowledged that very low new business origination provides a cushion, but flagged risks from poor loan underwriting standards.The agency has also lowered its assumption of systemic support for ICICI Bank and Axis Bank to 'moderate' from 'high', resulting in a one-notch downgrade of their counterparty risk assessments and local currency counterparty risk rating, it said. AA MKJ

Moody's cuts outlook on Indian banks over asset quality concerns

New Delhi, May 27 () Shares of Axis Bank on Wednesday zoomed over 14 per cent amid reports of fund infusion by private equity firm Carlyle. The stock jumped 13.46 per cent to close at Rs 387.35 on the BSE. During the trade, it advanced 14.96 per cent to Rs 392.50. On the NSE, it soared 14.23 per cent to settle at Rs 389.90. Axis Bank was the top gainer in the Sensex and Nifty pack. The company's market valuation jumped Rs 12,976.83 crore to Rs 1,09,308.83 crore on the BSE. In terms of volume, 20.52 lakh shares were traded on the BSE and over one crore on the NSE. According to reports, American company Carlyle may infuse USD 1 billion to own up to 8 per cent of Axis Bank. Issuing a clarification in this matter the bank said, "we would like to clarify that the news item is speculative and the bank has not taken any such decision in this regard...the bank shall keep the exchange duly informed as and when any decision is taken by it in this matter." Meanwhile, buying was also witnessed in ICICI Bank, HDFC Bank, IndusInd Bank, Kotak Mahindra Bank and SBI, rising up to 8.97 per cent. The BSE Bankex rallied 7.31 per cent. SUM RUJ RUJ

Axis Bank shares jump over 14 pc amid fund infusion buzz

<ul><li><keyword id="6377963" type="General" weightage="100" keywordseo="freecharge" source="Orion">Freecharge</keyword> has announced the rollout of its neo-banking platform.</li><li>The company will offer services such as fixed deposits, digital credit cards, personal loans and more.</li><li>It has partnered with <keyword id="6355975" type="General" weightage="20" keywordseo="axis-bank" source="Orion">Axis Bank</keyword> to offer banking services to its customers.</li></ul> Payments and recharge platform Freecharge have announced the rollout of its neo-banking platform. The Axis Bank-owned company has revealed that over 18,000 customers have already signed up for the new platform. Some of the services that its customers will be able to avail include — fixed deposits, recurring deposits, buy now, pay later (BNPL) services, digital debit and credit cards, personal loans and more. <cmsannotation type="cmsannotation" annotationid="What is a neo-bank?" comment="subhead" text="What is a neo-bank?">What is a neo-bank?</cmsannotation> A neo-bank is a financial institution that offers an alternative to traditional banks. They are digital banks that do not have any physical branches. While they do not have a bank license, they partner with existing banks to onboard customers. Freecharge has partnered with Axis Bank, its parent company to offer neo-banking services to its customers. <cmsannotation type="cmsannotation" annotationid="Phased rollout" comment="subhead" text="Phased rollout">Phased rollout</cmsannotation> Freecharge has been testing its neo-banking platform for some time now. It started offering buy now, pay later (BNPL) services to its customers in the first quarter of the year and is now testing lending services for small businesses. Customers can also enrol for fixed and recurring deposits on the platform using the Freecharge app. The company has also started offering mutual fund services, allowing users to invest in mutual funds right from the app. In the future, the company also intends to offer personal loans to its customers. “We launched BNPL, the first of the (digital) products, in the first quarter. The second one was small-ticket lending for small businesses," Freecharge chief executive officer <keyword id="1478618" type="General" weightage="20" keywordseo="siddharth-mehta" source="Orion">Siddharth Mehta</keyword> said in an <a href="https://www.livemint.com/technology/tech-news/freecharge-announces-roll-out-of-its-neo-banking-platform-11637082492876.html">interview</a>. “The extension of this is that we will launch the consumer financial services platform or the neo-bank. Then, eventually, we will move to the merchant," Mehta added. Freecharge will also partner with insurance providers in the coming months to allow its users to apply and renew their insurance policies. Early next year, the company aims to offer digital credit and debit cards to its users. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/now-you-can-invest-in-global-blockchain-companies-through-this-mutual-fund-heres-how-to-do-it/articleshow/87724967.cms">Now you can invest in global blockchain companies through this mutual fund ⁠— here's how to do it</a> <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-tumble-as-china-continues-its-crackdown-against-mining/articleshow/87738496.cms">Cryptocurrencies tumble as China continues its crackdown against mining</a> <a href="https://www.businessinsider.in/business/corporates/news/jpmorgan-takes-tesla-to-court-over-elon-musks-2018-tweets-demands-162-million/articleshow/87729405.cms">JPMorgan takes Tesla to court over Elon Musk’s 2018 tweets ⁠— demands $162 million</a>

Freecharge announces neo-banking platform, to offer fixed deposits, digital credit card and more

Who doesn’t love iPhones? If one keeps aside the exorbitant price that Apple asks for the latest device under its umbrella, then it is one of coolest tech pieces to own. And if you are an <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis bank</keyword> consumer, then here is why an <keyword id="6354606" type="COMPANY" weightage="20" keywordseo="iPhone">iPhone</keyword> is a ‘must-own’ device for you. They let you use ‘Touch ID’ - a one touch authentication for transactions through its mobile app—the only condition is, you should be using an Apple <keyword id="1460952" type="UNKNOWN" weightage="20" keywordseo="iPhone-5S">iPhone 5S</keyword> or above for the same. 
 
The company has unveiled this unique feature just today, using which you can pay your bills, recharge your mobile and transfer funds. Set up your fingerprint on the Axis Mobile app, and then you can authenticate subsequent financial transactions by either using Touch ID or your mPIN. 
 The company claims they are the first ones to introduce the concept of transacting on mobile using <keyword id="1877536" type="UNKNOWN" weightage="20" keywordseo="TouchID">TouchID</keyword>. Rajiv Anand, group executive and head Retail Banking, explains that the bank has come up with such an initiative seeing the surge in number of customers preferring mobile banking. 
 
He said, “Axis bank has currently witnessed Rs. 2,400 crore worth transactions through mobile banking during the month of June 2015. Mobile transactions have grown by nearly 113% y-o-y. Considering the traction being witnessed in mobile banking, we plan to introduce other innovative mobility solutions in the near future.” 
 
“The launch of ‘Touch ID’ authentication and Axis Watch application for customers further reinforces our commitment to making banking simple and hassle free for our customers,” added Anand. 
 The banking application is also available for <keyword id="1577486" type="UNKNOWN" weightage="20" keywordseo="Apple-watch">Apple Watch</keyword>. Customers can check their savings account balance, view last five transactions and notifications, access the ‘Near Me’ feature and search for ATMs/Branches/Offers near to them by simply syncing the Axis Mobile app with their Apple Watch, without the need for additional authentication.

You Searched For "Axis Bank funds" and got 9 results

Indian investors are cozying up to Axis bank. Know why

BI India Bureau

Now you can transfer funds via WhatsApp; courtesy Axis Bank

BI India Bureau

Axis Bank gets board nod to raise up to Rs 15,000 cr

PTI

Axis Bank seeks shareholders nod to raise Rs 50k cr via debt, equity

PTI

Axis Bank To Raise $500 Million Via Bonds

BI India Bureau

Moody's cuts outlook on Indian banks over asset quality concerns

PTI

Axis Bank shares jump over 14 pc amid fund infusion buzz

PTI

Freecharge announces neo-banking platform, to offer fixed deposits, digital credit card and more

Rounak Jain

Now, Axis bank consumers have more than one reason to buy an iPhone. Know more!

BI India Bureau

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