Axis Bank Partners with JSW MG Motor on Innovative Dual Loan Scheme Anchored in Battery‑as‑a‑Service Model

Axis Bank, one of the largest private sector banks in India, in collaboration with JSW MG Motor, has introduced an innovative Dual Loan program designed to make electric mobility more accessible and future-ready for Indian customers.

Anchored in MG’s pioneering Battery-as-a-Service (BaaS) model, this initiative allows customers to avail separate loans for the vehicle and its battery, significantly reducing the upfront cost of ownership. The program offers up to 100% on-road funding and flexible tenures of up to 8 years for the battery, turning conventional fuel expenses into predictable, long-term value, and making sustainable driving a practical, intelligent choice.

Commenting on the partnership, Munish Sharda, Executive Director, Axis Bank, said, “At Axis Bank, we are committed to offering customer-friendly solutions and driving innovation in vehicle financing. We are delighted to partner with JSW MG Motor India on the pioneering Dual Loan program, which enhances the EV financing ecosystem in India by providing smart and flexible options across segments. We are confident that this collaboration will help make greener choices more accessible to customers and support the wider adoption of electric vehicles.”

“For electric mobility to move from aspiration to adoption, we must make ownership both practical and progressive. The Dual Loan program builds precisely on that premise, separating the battery from the vehicle cost to give customers financial flexibility without compromise. Much like how consumers have embraced subscription models in technology, BaaS allows them to experience cutting-edge mobility with smarter economics. Together with Axis Bank, we’re turning innovation into everyday access, accelerating India’s journey towards a more sustainable future.” Said, Anurag Mehrotra, Managing Director, JSW MG Motor India.

BaaS (Battery-as-a-Service), launched in September 2024 by JSW MG Motor India, addresses one of the biggest barriers to EV adoption – the high upfront cost – by separating the cost of the battery from the vehicle. Building on this innovation, JSW MG Motor India and Axis Bank, who have been partners since 2019, have now introduced the dual loan financing, further strengthening their collaboration across channel and retail finance solutions.

This innovative financing solution not only makes EV ownership more affordable but also gives customers greater flexibility to upgrade their vehicles without being constrained by price. With Axis Bank as a financing partner, the program reaches a wider customer base and expands access to smart mobility solutions. Through this collaboration, JSW MG Motor India and Axis Bank aims to provide customers with greater choice and financial control, while also contributing to the growth of India’s EV ecosystem.

Axis Bank is one of the largest private sector banks in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture, and Retail Businesses. It has 5,976 domestic branches (including extension counters) and 13,177 ATMs and cash recyclers spread across the country as on 30th September 2025. The Bank’s Axis Virtual Centre is present across eight centres with over ~1,786 Virtual Relationship Managers as on 30th September 2025. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge, Axis Pension Fund and Axis Bank Foundation.

About JSW MG Motor India

SAIC Motor, a global Fortune 500 company with a presence in over 100 countries and JSW Group (India's leading conglomerate with interests across B2B and B2C sectors) formed a joint venture - JSW MG Motor India Pvt. Ltd. in 2023. The joint venture aims to build a smart and sustainable automotive ecosystem while staying focused on developing a diverse portfolio of vehicles to give car buyers better access to advanced technologies and futuristic products with attractive value propositions. JSW MG Motor India Pvt. Ltd. is committed to introducing world-class technology, strengthening the manufacturing landscape, bringing the best of innovation across its business operations, and generating significant employment opportunities through extensive localisation.

Axis Bank, boAt & Mastercard Launch Smartwatch That Lets You Pay with a Tap—No Wallet Needed

Axis Bank, one of the largest private sector Banks in India, today announced that it has collaborated with boAt, India’s No.1 wearable brand, and Mastercard, a global technology leader in payments, to seamlessly integrate tap & pay NFC enabled payments for its newly launched ‘Wave Fortune’, a cutting-edge smartwatch. Priced competitively at ₹3,299 (₹2,599 during special offers), Wave Fortune is designed to empower users with convenience, security, and a next-level smartwatch experience

Axis Bank cardholders can now securely tokenize and store their debit and credit cards on the WAVE Fortune Smartwatch via Crest Pay, boAt’s official payments app and make contactless payments effortlessly. This feature, powered by Mastercard’s tokenization technology and supported by the robust token requestor infrastructure of TAPPY Technologies, allows single-step payment of up to ₹5,000 on a POS device without entering card PIN, ensuring both speed and security.

Powered by Mastercard, the payment system allows users to securely tokenize and store their cards within the smartwatch strap for quick and seamless transactions. Axis Bank credit and debit cardholders on Mastercard and VISA networks will continue to enjoy the rewards and benefits of their linked card while making payments with the Wave Fortune smartwatch.

Commenting on the partnership, Arnika Dixit, President & Head - Cards, Payments and Wealth Management, Axis Bank, said, “At Axis Bank, we have been continuously working on innovation-led partnership models to offer innovative and secure digital banking solutions to customers. In this effort, we are delighted to have partnered with boAt to truly make payments on-the-go, seamlessly integrating contactless payments into people’s day-to-day lives. Bringing in our expertise in tokenized contactless payments, ‘Wave Fortune’, a cutting-edge smartwatch will allow the users with the highest standards of safety and security, combined with a quick and convenient payment experience.”

Sameer Mehta, Co-founder and CEO, boAt, said, "At boAt, we are always striving to push the boundaries of technology to enhance everyday convenience. Our partnership with Axis Bank brings secure, effortless payments to the wrist, making contactless transactions more accessible than ever."

Gautam Aggarwal, Division President, South Asia at Mastercard said, “In the near future, payments will be gesture-based — integrated into our daily routines, with transactions occurring in a frictionless manner. Wearable devices, irrespective of the form factor, will play a key role in this evolution, offering quick and secure payment experiences. As a company committed to shaping this future of commerce, Mastercard is delighted to power the tokenization enabled smartwatch, empowering users to pay with their credit or debit cards.”

Wave Fortune Smartwatch

In addition to its contactless payment functionality, the Wave Fortune smartwatch is designed to keep users connected, stylish, and productive - whether at the gym, on the move, or in business settings. It brings secure, on-the-go payments to the wrist and reflects boAt’s vision of merging convenience with innovation to create lifestyle-driven wearables.

A Display That Shines, Features That Deliver

• Vivid 1.96” HD display with 240x282 resolution and 550 nits brightness for exceptional clarity - even under direct sunlight
• Wake gesture for quick access to time and notifications
• DIY Watch Face Studio to personalize your home screen with images, themes, or artworks

Fitness and Utility 

• Built-InEarn boAt Coins by achieving fitness milestones - redeemable for boAt offers
• Ultra-clear Bluetooth Calling, interactive dial pad, contact saving, and direct access to Crest Pay

The Wave Fortune smartwatch is now available in Active Black on the [boAt website].

Axis Bank and JPMorgan Partner to Enhance Blockchain-based Payments

JPMorgan and Axis Bank have partnered to enhance blockchain-based payments, introducing 24/7 programmable USD clearing for commercial clients. This collaboration  aims to streamline cross-border transactions, offering real-time payment execution and improved liquidity management.

A 24/7 programmable USD clearing is a blockchain-based payment system that allows businesses to settle USD transactions in real time, anytime, without being restricted by traditional banking hours. This system is powered by Kinexys, JPMorgan's blockchain platform, and has been adopted by Axis Bank, making it the first Indian bank to offer this capability.

Traditional payments often involve multiple intermediaries, leading to delays. Blockchain enables real-time settlements, significantly reducing processing times from days to minutes.

The Axis–JPMorgan partnership leverages Kinexys, JPMorgan's blockchain platform, to streamline cross-border transactions, offering real-time payment execution and improved liquidity management. Axis Bank is the first Indian bank to adopt this infrastructure, operating out of GIFT City, India's international financial hub.

The Kinexys platform has already processed over $1.5 trillion in transaction volume, with a daily average exceeding $2 billion, reflecting a 10x year-over-year growth in payment transactions.

This move aligns with India's broader push for financial innovation, integrating blockchain into mainstream banking. This could be a game-changer for businesses seeking faster, more transparent payments.

To recall, in early of last month Axis Bank become the first Indian bank to execute an aircraft financing transaction through its International Banking Unit (IBU) at GIFT City IFSC. The landmark deal was completed for AI Fleet Services Ltd (AIFS), the leasing arm and wholly owned subsidiary of Air India (a Tata Group Company).

In January 2022, Axis Bank executed India’s first domestic trade transaction on the Secured Logistics Document Exchange (SLDE), a Government of India-backed blockchain platform. This initiative enhances transparency, speed, and auditability in trade finance.

Notably, Axis Bank is part of a 15-bank consortium exploring blockchain solutions for trade finance, aiming to reduce fraud and improve transaction efficiency.

Axis Bank First Indian Bank to Execute Aircraft Financing at GIFT City IFSC

Axis Bank, one of the largest private sector banks in India, has become the first Indian bank to execute an aircraft financing transaction through its International Banking Unit (IBU) at GIFT City IFSC. The landmark deal was completed for AI Fleet Services Ltd (AIFS), the leasing arm and wholly owned subsidiary of Air India (a Tata Group Company). This milestone marks a major breakthrough in India’s aviation finance sector, traditionally dominated by multinational banks, and reinforces GIFT City’s role as an emerging hub for aircraft leasing and financing.

The deal involves a long-term USD Loan for the purchase of 34 training aircraft, which will be deployed at Air India’s upcoming pilot training institute in Amravati, Maharashtra. This facility is set to become one of India’s largest pilot training hubs, contributing to the country's expanding aviation infrastructure.

By financing this transaction, Axis Bank is reshaping the aviation finance ecosystem by providing Indian airlines with access to home-grown funding solutions and strengthening India’s financial self-reliance in global aviation.

GIFT City is emerging as India’s Aircraft Financing Hub. For the first time in India’s banking history, all key stakeholders in the transaction—Lender, Borrower, Law Firm, Facility Agent, and Security Agent are GIFT City entities. The Government of India has been actively promoting GIFT City as a strategic alternative to global aviation finance centers, and Axis Bank’s leadership in this space is a significant step toward realizing that vision.

Rajiv Anand, Deputy Managing Director, Axis Bank said, “At Axis Bank, we believe in pushing the boundaries of financial innovation to empower India’s long-term economic growth. This pioneering aircraft financing deal, structured end-to-end by our GIFT City IBU Team, is a strategic step towards creating a robust aviation finance ecosystem within India. By leveraging its presence in the IFSC ecosystem, our GIFT City franchise has demonstrated capabilities to offer home grown financing options that strengthen India’s position in the global aviation landscape. As India’s aviation industry scales new heights, Axis Bank remains committed to providing dynamic and customized financial solutions that align with the vision of an Atmanirbhar Bharat."

Sanjay Sharma, Chief Financial Officer, Air India said,

Air India has embarked on a five-year transformation journey Vihaan.AI, placing an order for 570 aircraft, and GIFT City will be important for financing of these aircraft. In FY 2023-24, our leasing arm AI Fleet Services Ltd (AIFS) executed eight finance lease transactions worth more than USD 1 billion while the recent transaction for 34 training aircraft was one of the first transactions where an Indian bank has been involved in a long tenor, US dollar aircraft financing. We are glad to see GIFT City maturing further and emerging as an aircraft leasing and financing option for airlines as Indian aviation takes strides.

Key Highlights of the Transaction:

• First Indian Bank to Finance an Aircraft Deal - A historic step in domestic aviation financet
• Srengthening India’s Aviation Financing Capabilities – Paving the way for more Indian banks to support fleet expansion needs. 
• Supporting Pilot Training Infrastructure – Financing 34 training aircraft to enhance India’s pilot training capacity
• Providing Indian airlines with homegrown financing options
• Reinforcing GIFT City’s Position – A milestone in establishing India as a global hub for aviation finance and leasing

‘One Axis’ Approach in Aviation Finance – Axis Trustee acted as Facility Agent and Security Trustee, making it an integrated financial solution from Axis group.

India’s aviation sector is projected to require approximately USD 30 billion in funding over the next decade for fleet modernization and expansion. Historically, Indian airlines have relied on multinational banks for aircraft loans due to the lack of a strong domestic financing framework. Axis Bank’s entry into this space provides a new pathway for Indian carriers, enabling them to tap into Indian banking expertise for their fleet expansion needs.

As India’s aviation industry continues to soar, Axis Bank remains committed to providing innovative financial solutions that empower domestic enterprises and strengthen India’s standing in the global aviation sector.

Bain Capital Reportedly Selling $431 Mn Worth Stake in Axis Bank To Make Exit

Bain Capital is reportedly planning to sell a stake worth approximately $431 million in Axis Bank through a block deal. The private equity firm is offering 33.4 million shares at a price range of Rs 1,071 to Rs 1,076.05 per share. This move is expected to mark Bain Capital's exit from the lender after an investment period of over six years.

On the day prior to the announcement, Axis Bank's shares closed 1.7% higher at Rs 1,077 on the National Stock Exchange. Over the past year, Axis Bank's shares have provided investors with returns of over 26%.

The private equity firm, which first invested in the bank in November 2017, will be exiting its holding through a stake sale. This move comes after Bain Capital has gradually reduced its stake in Axis Bank over the past years, with previous sales in December last year and earlier.

Bain Capital's decision to sell its stake in Axis Bank is likely driven by a strategy to realize profits from its investment. The private equity firm has seen a substantial increase in the bank’s valuation since its initial investment in November 2017, and it may view the current market conditions as an opportune time to exit the investment. This is a common practice in the private equity industry, where firms invest in companies and later sell their stakes when they believe they have maximized their return on investment. It's also worth noting that Bain Capital has been gradually reducing its stake in Axis Bank over the past years, indicating a strategic divestment plan.

The sale of Bain Capital's stake in Axis Bank will have no direct impact on the bank's day-to-day operations. Such transactions typically involve the transfer of shares between investors and do not affect the operational aspects of the company. However, it might have some influence on the bank's stock market performance in the short term, as large block deals can sometimes lead to volatility in the share price.

The Securities and Exchange Board of India (SEBI) defines a block deal as a single transaction of a minimum quantity of shares or a minimum value of Rs 5 crore. Block deals are executed separately from regular market trading and take place through a separate trading window. Block deals last for 35 minutes, starting at the beginning of trading hours.

After Bain Capital sell its entire stakes, Axis Bank's management and operational strategy will continue to be guided by its board and executive team. The bank has been performing well, with shares giving over 26% returns to investors in the last year, indicating a strong operational standing. The exit of a major investor like Bain Capital is more of a financial market event than an operational one for Axis Bank.

The current ownership structure of Axis Bank is such that foreign Institutions hold the largest share with 52.92%, Mutual Funds and Banks have a 20.74% stake. Other Investors include 2.8%.

The General Public holds 5.22% while Financial Institutions have a 7.16% stake. There are also shares held as GDRs, accounting for 3.22%.

This structure reflects a diverse set of investors, with a significant portion being held by institutional investors, which is common for large private sector banks. Promoters, such as SUUTI [created by restructuring the Unit Trust of India (UTI)], LIC, GIC, and other insurance companies, played a key role in the bank's establishment but currently do not hold any shares. The bank's strong institutional investor presence indicates confidence in its management and growth prospects.

Axis Bank has several major investors. Notably, Oman’s Pension Fund and Government Pension Fund Global are among the most recent investors. Additionally, the bank's financial reports indicate a strong institutional investor presence, with the number of FII/FPI investors increasing and mutual funds also raising their holdings. Axis Bank's own presentations highlight their strategic initiatives and performance, which likely attract and retain such investors.

Mahindra Lifespaces and Axis Bank Partner for Green Homes Loans at 0.25% Less Interest

Mahindra Lifespaces customers can avail loans at 0.25% lower rates for green projects.

Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the Mahindra Group, today, announced its partnership with Axis Bank, one of the largest private sector banks in India. Through this partnership, all Mahindra Lifespaces customers can now avail home loans at a competitive interest rate, which is 0.25% less than the standard home loan rates. Emphasising on the core values of this collaboration, the loan application and disbursal process will be seamless with reduced paperwork, to minimise paper wastage and ensure efficient document management.

Through this partnership, both the entities aim to encourage customers to choose sustainable housing projects and adopt eco-friendly practices in their day-to-day lives. Mahindra Lifespaces is deeply committed to promoting sustainability, driving positive environmental impact, and enabling customers to craft their lives more meaningfully with its business operations, while delivering value through innovative policies and product designs.

Vimalendra Singh, Chief Business Officer (Residential) - West, Mahindra Lifespace Developers Ltd. said, “We believe our partnership with Axis Bank will incentivise our customers to choose eco-friendly buildings, and reduce their carbon footprint while enjoying favorable interest rates. This also underscores our steadfast commitment to promoting sustainable development. As developers with a 100% green portfolio, and a standing commitment to build only Net-Zero homes from 2030, we fervently advocate environmental responsibility. Both our brands and their unwavering dedication to forging a brighter world for future generations, will deliver enhanced value to our customers.”

Sumit Bali, Group Executive and Head, Retail Banking, said, “With growing awareness, customers have become more conscious about the eco-system and are actively seeking financial solutions to reduce carbon footprint in their day-to-day lives. We are excited to partner with Mahindra Lifespaces, with whom we share a common vision of ushering customers towards an environment friendly lifestyle. By integrating innovative, eco-conscious practices, the two organisations are actively encouraging customers to embrace green homes with loans provided by Axis bank to build their dream abode and, contribute to a greener planet ’’

Axis Bank and Mahindra Lifespaces are fostering responsible home ownership and shaping a future where sustainability and financial choices go hand in hand. This initiative is set to pave the way for a brighter and greener tomorrow, urging customers to make conscious choices that benefit their families and the planet.

About Mahindra Lifespace Developers Ltd.

Established in 1994, Mahindra Lifespace Developers Ltd. (‘Mahindra Lifespaces’) brings the Mahindra Group’s philosophy of ‘Rise’ to India’s real estate and infrastructure industry through thriving residential communities and enabling business ecosystems. The Company’s development footprint spans 34.46 million sq. ft. of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5000 acres of ongoing and forthcoming projects under development / management at its integrated developments / industrial clusters across four locations.

Mahindra Lifespaces’ development portfolio comprises premium residential projects; value homes under the ‘Mahindra Happinest®’ brand; and integrated cities and industrial clusters under the ‘Mahindra World City’ and ‘Origins by Mahindra’ brands respectively. The Company leverages innovation, thoughtful design, and a deep commitment to sustainability to craft quality life and business growth.

The first real estate company in India to have committed to the global Science Based Targets initiative (SBTi), all Mahindra Lifespaces’ projects are certified environment friendly. With a 100% Green portfolio since 2014, the Company is working towards carbon neutrality by 2040 and actively supports research on green buildings tailored to climatic conditions in India. Mahindra Lifespaces® is the recipient of over 80 awards for its projects and ESG initiatives.

Learn more about Mahindra Lifespaces® at www.mahindralifespaces.com

Flipkart Partners Axis Bank to Facilitate Digitally-enabled Personal Loans for Customers

Joins hands with Axis Bank, its first banking partner, to co-create a digitally-enabled personal loan offering for Flipkart’s customers

Customers can avail instant, end-to-end digital personal loans up to Rs 5 lakhs with loan approval within 30 seconds on Flipkart

The loan purchase option offers a high repayment cycle ranging from a period of 6 to 36 months

Flipkart, India’s homegrown e-commerce marketplace has entered into a strategic partnership with Axis Bank, one of the largest private sector banks, to facilitate personal loans for its valued customers, adding additional convenience and enhanced benefits to its 450 million customers. The newly introduced personal loan service offers highly competitive loan options, granting access to amounts as high as Rs 5 lakhs, allowing customers flexible repayment cycles ranging from 6 to 36 months. Flipkart’s introduction to personal loans demonstrates its commitment to addressing customers’ demands in today's financial environment and leveraging the potential of digital lending.

As Indian consumers continue to evolve, an increasing aspiration exists to enhance their lifestyles. Flipkart and Axis Bank have constantly innovated digital-first solutions to simplify customer journeys. The personal loan facility will empower customers with increased purchasing power and improve accessibility and affordability. Flipkart has made substantial commitments to create an extensive lineup of credit offerings and comprehensive financial solutions, including Pay Later, Product Financing, Seller Financing, Credit Cards, and an expansion into Personal Loans.

Dheeraj Aneja, Senior Vice President - Fintech and Payments Group at Flipkart, said, "Through strategic collaborations with leading banking institutions, we have successfully empowered our customers with a wide array of affordable payment options, including Buy Now Pay Later (BNPL), Equated Monthly Installments (EMI), and Co-branded Credit Cards. We are delighted to now introduce a Personal Loan service in partnership with Axis Bank. Our focus is to enable credit and enhance purchasing power by granting access to liquidity precisely when needed. These financial solutions cater to the evolving demands of consumers, offering greater flexibility and convenience throughout their purchasing journeys. Our commitment lies in reshaping the online shopping landscape, ensuring accessibility and inclusivity for all."

Speaking on this launch, Sameer Shetty, President & Head – Digital Business & Transformation, Axis Bank, said, "Axis Bank is a full suite financial solutions provider and we continue to build on innovation led partnership models with a commitment to drive access to formal credit in India with offerings that will benefit the customer the most. In this endeavour, we are pleased to partner with Flipkart, to provide unparalleled lending solutions to a wider spectrum of customers offering customised solutions that cater to the specific needs of users. Together, we are set to bring forth a new era of convenience and accessibility for customers.”

Customers can expect the approval process for their loans to be completed in a mere 30 seconds. To initiate their loan application, they must provide basic details such as PAN (Permanent Account Number), date of birth, and work details. Once these details are provided, Axis Bank will approve their loan limit. Customers can then select their preferred loan amount and repayment method, considering their comfortable monthly repayment capability. Flipkart will present a comprehensive loan summary, repayment details, and terms and conditions for review before finalising the loan application.

The Flipkart Group is one of India's leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+ and Cleartrip.

Started in 2007, Flipkart has enabled millions of consumers, sellers, merchants, and small businesses to be a part of India's digital commerce revolution, with a registered customer base of more than 450 million, offering over 150 million products across 80+ categories. Our efforts to democratize commerce in India, drive access and affordability, delight customers, create lakhs of jobs in the ecosystem, and empower generations of entrepreneurs and MSMEs have inspired us to innovate on many industry firsts. Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns – customer-centric innovations have made online shopping more accessible and affordable for millions of Indians. Together with its group companies, Flipkart is committed to transforming commerce in India through technology.

For more information, please write to media@flipkart.com

Axis Bank is one of the largest private sector banks in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture, and Retail Businesses. With its 4,903 domestic branches (including extension counters) and 15,953 ATMs across the country as on 31st March 2023, the network of Axis Bank spreads across 2,741 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge, Axis Pension Fund and Axis Bank Foundation.

For further information on Axis Bank, please refer to the website: https://www.axisbank.com

NIIT and Axis Bank Partner to Launch FinTech Engineering Programme

Business Wire India

Axis Bank – NIIT Digital Banking Academy, a joint initiative by Axis Bank, India’s third-largest private sector bank, and NIIT Institute of Finance, Banking and Insurance (NIIT IFBI), has launched its second programme for experienced IT professionals - “FinTech Engineering Programme” that offers a great career as “FrontEnd and BackEnd Application Developers” with Freecharge, one of the leading digital platforms for financial service’s and a wholly owned subsidiary of Axis Bank.

The Axis Bank - NIIT Digital Banking Academy was launched this year for building a high-quality talent pool for Axis Bank in FinTech Roles. The Academy has been successfully running the ‘FinTech Professional Programme’ under this joint initiative.

The FinTech Engineering Programme offers graduates with 1+ years of experience an opportunity to become FinTech professionals and join Freecharge as Deputy Manager (IT). The programme is immersive in nature, where the learners perform tasks of similar complexity, as they would face in their role. Post successful completion of this 12 weeks immersive programme, learners will be deployed in FinTech roles at FreeCharge as either FrontEnd Application Developer or BackEnd Application Developer.

The course will include a common Foundation Module upon completion of which, candidates will undergo modules related to FrontEnd Developer or BackEnd Developer roles. The course will culminate with a project where candidates will apply and demonstrate the competencies that they have gained over the course. Overall, the programme will include exposure to live projects and extensive practice and mentoring to enable candidates to acquire the experience and confidence to perform in their roles.

Bimaljeet Singh Bhasin, President, Skills and Careers Business, NIIT Ltd., said, " At NIIT, we have always believed in working closely with the industry to build talent which is future ready and is equipped with modern digital and technology skills. We had recently launched the Axis Bank - NIIT Digital Banking Academy, in collaboration with Axis Bank, to build talent for the fintech sector. Today, we are announcing the FinTech Engineering Programme from the Academy to prepare candidates for a promising engineering career in Freecharge by Axis Bank. This is another milestone in our efforts to build a strong talent pipeline for the bank.”

Siddharth Mehta, MD & CEO Freecharge stated, “At Freecharge, we have always believed in nurturing & grooming budding talent by providing them with the right training opportunities. Through our partnership with NIIT, a leader in the skill development space, we look forward to building a talent pool of industry-ready engineers, who are not just proficient in technology, but also have a good understanding of the FinTech domain.”

For more information please visit: https://www.niit.com/india/graduates/software-engineering/fintech-engineering-program

Axis Bank partners AI Startup for AI powered Conversational Banking IVR 'AXAA'

• A  multilingual BOT; can converse in English, Hindi and Hinglish 
• AXAA is capable of recognizing the intent and nature of the customer’s query effectively 
• Accelerates engagement and problem solving, using automated speech recognition and natural language understanding (NLU)

With an aim to address the increasing number of queries from customers effectively and promptly, Axis Bank, India’s third largest private sector Bank today has announced the launch of Automated Voice Assistant ‘AXAA’, an Artificial Intelligence powered conversational voice BOT. The launch of AXAA is in line with the Bank’s “Dil se Open” philosophy, to build a sharper customer focus and embark on a journey of constant innovation and enhancement. AXAA operates like a humanoid and has power to change the paradigm of customer experience from conventional Interactive Voice Response (IVR) system to a new era of call steering and precise response with very high degree of accuracy and consistency. It will assist customers to traverse through the IVR and address their queries and requests, without the need for any human intervention in most cases.

AXAA is a next-gen multilingual voice BOT that can converse in both English, Hindi and Hinglish. It is a unique service that helps accelerate engagement strategy and uses cutting edge automated speech recognition, natural language understanding technology boosted by Artificial Intelligence powered business algorithms. AXAA provides an augmented customer experience that automates the contact center operations and is capable of handling a lac customer queries and requests per day with ability to scale up faster. This automated voice assistant has been deployed to enhance customer experience by enabling in-depth understanding of their queries, its context and the intent of the call. 

Speaking on the launch, Mr. Ratan Kesh, EVP and Head - Retail Operations and Service, Axis Bank said, “Our objective is to re-define the role we can play in the life of our customers, by elevating digital banking to new domains of customer service. These initiatives are part of the Bank’s goals and priorities as outlined in its strategy based on the three vectors of (GPS) Growth, Profitability and Sustainability. This new technology will not only enhance customer experience, but will also increase efficiency of our contact centre operations. More importantly it will help our employees to focus on more complicated queries and request from customers and thereby improve productivity while improving quality and customer experience. AXAA will work side by side with expert customer service officers in delivering consistent and superior experience to customers. AXAA also enables us to incorporate more automated self-services on IVR and brings the customer closer to adoption of the digital platform.’’ 

The Bank has partnered with the service provider Vernacular.Ai to deploy AXAA on phonebanking IVR. Vernacular.Ai extends end-to-end technical support on the solution and renders professional services for the deployment and integration of voice BOT with Axis Bank's applications.  

On the occasion, Mr. Sourabh Gupta, CEO and Co-founder, Vernacular.Ai said, “We are very excited to partner with Axis Bank on their digital journey to provide a first of its kind banking experience to millions of its customers across India. An early adopter of new technologies, Axis Bank is known for its customer-centric approach to innovation. Our voice AI platform - AXAA will help Axis Bank offer its customers a superior engagement experience in a language that they are comfortable with, and resolve more issues with no waiting times. Voice is the future of human interface with machines, and AXAA is the most advanced and accurate voice AI platform for Indian language speech and dialects.” 

AXAA is capable of recognizing the intent and nature of the customer’s query with success rate more than current industry benchmark and is able to contain the call on IVR without any human intervention. In case AXAA is unable to service or cater to a particular customer query, she will direct the call directly to one of the expert service officers (a human assistant), minimizing the navigation time on conventional IVR. Axis Bank remains committed to embracing digital technologies to be able to serve its customers better. 

About Axis Bank: 

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,528 domestic branches (including extension counters) and 11,971 ATMs across the country as on 30^th June 2020, the network of Axis Bank spreads across 2,559 centers, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation. To read more about the Bank, please visit https://www.axisbank.com.

About Vernacular.ai: 

Vernacular.ai is a Series A funded start-up and an AI-first SaaS business that is driven with a mission to become the leading voice AI/automation system in the world and currently services leading enterprise clients across BFSI, Hospitality, F&B, and other industries. The Bengaluru-based start-up won the seed capital investment of the year in 2018, by venture intelligence and was nominated at the ET Start-up Awards 2018.

Axis Bank becomes 1st Bank to On-board A School on "Bharat Bill Pay System"

• Axis Bank has developed its own in-house certified platform for Biller Operating Unit and Customer Operating Unit

Axis Bank has been continuously striving to make digital banking solutions available for its customers, both institutional and individuals. Access to necessities from the safety of homes and convenience of time have become even more crucial in the current times and hence providing innovative digital solutions is a key mandate. Axis Bank has roped in the education sector into the digital Banking ecosystem by on-boarding the Delhi-based Mount Olivet Senior Secondary School - the first school to have gone LIVE on Bharat Bill Payment System (BBPS). This initiative enables a one-stop school fees payment platform for the parents.

This is the first of many such tie-ups that the Bank is working towards, which include DPS Bareilly, DPS Akrampur, DPS Indira Nagar, DPS Jankipuram, DPS Gomti Nagar, DPS Kalyanpur, Allen House Public School Ghaziabad, DPS Eldeco, Allen Kids Kakadeo, Allen Kids Swaroop Nagar, DPS Saharanpur, Sri Chaitanya Schools, Hyderabad and St. Lawrence Convent School, Delhi.

Once such education institutions go LIVE on BBPS, it would enable all parents to conveniently pay using a wide network of more than 68 banks, more than 10 payment apps and through more than 2.5 lakh retail agents. Multiple modes of payments will be made available and instant confirmation will be received on the payments.  

Axis Bank has developed its own in-house certified platform for Biller Operating Unit and Customer Operating Unit. The Bank is enabling its Internet Banking / Mobile Banking platforms, AxisPay and Freecharge on BBPS so that individual customers can make all bill payments through BBPS and can avail the benefits of this platform. The Bank has its own in-house bill hosting mechanism as well as strategic alliances with various ERP service providers to ensure that all biller needs are met.

BBPS is a one-stop bill payment ecosystem conceptualized by the Reserve Bank of India (RBI) and driven by the National Payments Corporation of India (NPCI). It is an integrated, interoperable and accessible bill payment system. Through BBPS, payments can be made across a wide range of categories such as electricity, telecom, DTH, cable, gas, water, municipal taxes, school fees, housing society maintenance, hospital bills, EMIs, recurring deposits, insurance premium and many more. All entities on the BBPS platform have the assurance of the trusted brand of NPCI-BBPS. An effective mechanism for handling customer complaints has also been put in place.

Some of the key benefits for Billers:

• Wider reach - 68+ banks, 10+ payment apps and 2.5 lac+ retail agents become collection points for the biller


• Multi-channel, multi-mode collection enabled - channels: Bank IB/MB, payment app, retail outlet; modes: CC/DC/UPI/cash, etc.


• Single on-boarding - biller can come on-board BBPS through one Biller Operating Unit (such as Axis Bank) and multiple integrations are not needed


• Cost effective as compared to any other digital solution currently available in the market


• Minimal technical development required as IT integration is done by the bank


• All bill collections are credited directly to bank account electronically. Hence fraud / theft risks are mitigated


• Assured settlement by NPCI for the transactions passing through Bharat Bill Payment Central Unit (BBPCU)

Some of the key benefits for individual Customers:

• Single window for all bill payments across utilities, school fees, housing society charges, hospital bills, club memberships, etc.


• Payment can be initiated through any channel and mode of customer’s choice and convenience (channels: Bank IB/MB, payment app, retail outlet; modes: CC/DC/UPI/cash, etc.)


• No convenience fees charged


• Instant confirmation of bill payment


• Brand assurance of NPCI for safety and security


• Complaints resolution mechanism implemented by NPCI across channels

On this occasion, Rajiv Anand, Executive Director – Wholesale Banking, Axis Bank said, “At Axis we have always looked at opportunities to provide best-in-class products & services and accelerate the digital transformation journey of customers. BPPS is an innovative digital solution that brings convenience, efficiency and security to businesses across multiple sectors for recurring payments. BBPS has the potential to bring many institutions into the digital Banking gamut. Axis Bank has been one of the sponsor banks for BBPS, aggressively promoting it since its inception. The education sector is critical for the future of our nation and through Axis BBPS solution, parents will now have the convenience of paying school fees digitally, thus enabling them make all the necessary payments on time staying safely indoors.”

Cyril Amarchand Mangaldas Advises Axis Bank on Acquisition of up to 30% Stake in Max Life

Cyril Amarchand Mangaldas advised Axis Bank Limited (Axis Bank) on acquisition of up to 30% stake in Max Life Insurance Company Limited (Max Life) from Max Financial Services Limited (Max Financial) by way of a secondary transfer of shares. For the acquisition, Axis Bank, Max Financial, and Max Life executed a share purchase agreement on April 27, 2020.

The General Corporate, Capital Markets, Competition Law and Taxation Practices of Cyril Amarchand Mangaldas advised on the Transaction.

The Transaction Team was led by Yash Ashar, Partner; and Indranath Bishnu, Partner; with support from Pranjita Barman, Principal Associate; Soumyadipta Chanda, Principal Associate; Anirud Sudarsan R, Associate; and Viraj Dhurrin, Associate.

The Capital Markets Advisory team was led by Gokul Rajan, Partner; with support from Aashima Johur, Principal Associate Designate.

The Competition Advisory team was led by Anshuman Sakle, Partner; with support from Kaustav Kundu, Principal Associate; and Shreya Joshi, Associate.

The Corporate Due Diligence team was led by Indranath Bishnu, Partner, with support from Soumyadipta Chanda, Principal Associate; Viraj Dhuri, Associate; Anirud Sudarsan R, Associate; and Soumyaditya Dasgupta, Associate.

The Tax Due Diligence team was led by Daksha Baxi, Head - International Taxation; Mekhla Anand, Partner; and Kunal Savani, Director; with support from Shiladitya Dash, Senior Associate; Bipluv Jhingan, Associate; and Jesika Babel, Associate

The Corporate Secretarial Team that assisted in preparing the RoC search report involved Manik Makwana, Senior executive - corporate secretarial services; Mihir Sangani, Executive - corporate secretarial services; Charmi Sanghvi, Executive - corporate secretarial services; Rasika Bharadkar, Executive - corporate secretarial services; and Shikha Mody, Executive - corporate secretarial services.

As a part of the Transaction, Axis Bank, Max Financial, Max Life, Mr. Analjit Singh, Max Ventures Investment Holding Private Limited (Max Ventures), and Mitsui Sumitomo Insurance Company Limited (MSI) entered into a shareholders agreement to record the inter se rights and obligations of the aforesaid parties.

The completion of the Transaction is subject to approval of the Insurance Regulatory Development Authority of India (IRDAI), Reserve Bank of India (RBI) and Competition Commission of India (CCI).

Cyril Amarchand Mangaldas takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co., whose pre-eminence, experience and reputation of almost a century has been unparalleled in the Indian legal fraternity. Tracing its professional lineage to 1917, the Firm of Cyril Amarchand Mangaldas is now the largest full-service law firm in India, with over 750 lawyers including over 130 partners, and offices in India's key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.

The firm, Cyril Amarchand Mangaldas, was awarded recently awarded with "India - Firm of the Year" at the AsiaLaw Regional Awards 2019 and "India Deal Firm of the Year" at the In-House Community Counsels of the Year Awards 2019. The firm was also named as the "Most Innovative National Law Firm of the Year - India for 2018" at the IFLR Asia Awards, having also been successful in winning the prestigious & coveted "National Law Firm of the Year, 2018 for India" at the Chambers Asia-Pacific Awards. The firm was also voted as the "Employer of Choice for 2018" from India, by the Asian Legal Business, now 4 years in a row, building upon the several awards that the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. had won in the past.

Max Life to be 70:30 Joint Venture between Max Financial Services and Axis Bank

• Deal marks coming together of 3rd largest private bank and 4th largest private life insurer.


• Strategic transaction to strengthen the franchise and bring long term orientation to the relationship.


• Axis Bank to own 30% stake in Max Life post transaction closure.


• Max Life to include Axis Bank logo in its brand tag line to demonstrate the close-knit partnership

Axis Bank Limited (Axis Bank) and Max Financial Services Limited (MFS) announced the signing of definitive agreements to become joint venture partners in Max Life Insurance Company Limited (Max Life). Axis Bank will hold 30% stake in Max Life post transaction closure. The development will result in a mutually beneficial and enduring relationship between Axis Bank and Max Life and bring the stability of a long-term partnership to India's fourth largest private life insurance franchise. The joint venture arrangement will significantly improve Max Life's competitive position vis a vis its competitors, including the other large bank owned private life insurers.

The Boards of Axis Bank, MFS and Max Life approved the transaction late on 27th April 2020. This is an outcome of the inter-se discussions after the three companies had signed a confidentiality and exclusivity arrangement on 20th Feb 2020 to explore the possibility of a long-term strategic partnership between Axis Bank and Max Life.

Max Financial Services presently holds a 72.5% stake in Max Life and Mitsui Sumitomo Insurance (MSI) owns 25.5% stake. Axis Bank also has a minor stake in the life insurer.

The aforesaid transaction with Axis Bank follows the ongoing swapping by MSI of 20.6% stake that it holds in Max Life with a 21.9% stake in MFS. MFS also plans to purchase MSI's balance stake in Max Life. Post completion of the series of transactions, Max Life will become a 70:30 joint venture between MFS and Axis Bank. The proposed transactions are subject to approval of requisite corporate and regulatory authorities (including IRDAI, RBI and CCI).

Max Life's tag line will include Axis Bank's name, which will further enhance customer trust in the brand and highlight the strength of the partnership.

Axis Bank is the third largest private bank and Max Life is the fourth largest private life insurer in India. The two companies have had a successful business relationship for over a decade, providing long term saving and protection products to over 19 lakh customers. The total premium generated through this relationship has aggregated to over Rs. 38,000 crores. Both companies have invested extensively in product and need-based sales training, thereby leading to consistent increase in productivity.

Announcing the transaction, Mr. Amitabh Chaudhry, MD and CEO, Axis Bank, said, "We continue to believe in the long-term prospects of India's under-penetrated life insurance space, current environment notwithstanding. We see this joint venture creating immense value for our stakeholders given our long standing, high performing partnership with Max Life. We believe this transaction will allow us to deepen our working relationship leading to better integrated teams and infrastructure and a superior alignment in our approach."

Welcoming the development, Mr. Analjit Singh, Founder and Chairman, Max Group, said, "This move is an emphatic signal that Max Life will become an even more formidable player in the Indian life insurance space. We at Max Group have had a long-standing record of having successful joint ventures. We achieve this by choosing partners with complementary skills, a matching belief system and a shared vision for the future of the business. I believe that in Axis, we have found an exceptional partner and we have conviction that this will make Max Life fundamentally stronger, better performing and will bring stability to the franchise. We will run the organization as if it's an equal partnership, a philosophy which has held us in good stead earlier as well."

Mr. Pralay Mondal, Executive Director - Retail Banking, Axis Bank, added, "This transaction would enable Axis Bank to take its partnership with Max Life to the next level. Max has been a well-managed, professional organization with product and distribution capabilities that can be significantly augmented by this partnership, thus leading to greater customer value."

Elaborating the rationale for the potential transaction, Mr. Mohit Talwar, Vice Chairman, Max Group and Managing Director, Max Financial Services said, "The strategic benefits of this partnership will be multi-pronged and will continue to unfold over a long period of time. I have no doubt that this joint venture has the potential to catapult Max Life further up on the life insurance league table. The combined trust of the Max and Axis franchise will hold us in good stead, especially in the current scenario where people are seeking safety in well governed and trusted institutions."

Axis Capital acted as the sole advisor to Axis Bank for this transaction.

About Axis Bank

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,415 domestic branches (including extension counters) and 12,173 ATMs across the country as on 31st December, 2019, the network of Axis Bank spreads across 2,521 centres, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.

About Max Financial Services

Max Financial Services Limited (MFS), a part of the leading Indian multi-business conglomerate Max Group, is the parent company of Max Life, India's largest non-bank, private life insurance company. MFS actively manages a 72.5% stake in Max Life Insurance Company Limited, making it India's first listed company focused exclusively on life insurance.

MFS is listed on the NSE and BSE. Besides a 28.3% holding by Analjit Singh sponsor family, some of Max Financial Services' marquee shareholders include KKR, New York Life, Baron, Vanguard, Blackrock, Aberdeen, First Voyager, Jupiter, Dimension, East Spring and the Asset Management Companies of Nippon, HDFC, ICICI Prudential, Aditya Birla Sun Life, Mirae, BNP, DSP and Sundaram.

About Max Life

Launched in 2000, Max Life is India's largest non-bank private life insurer and the fourth largest private life insurance company, with gross premium income of Rs. 14,575 crore and a Claims Paid Ratio of 98.74% in FY19 It currently has over 4 million policies in force and has a pan-India presence through 345 branch units. Max Life Insurance offers comprehensive long-term savings, protection and retirement solutions through its high-quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record demonstrated over the last 2 decades, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision 'to be the most admired life insurance company by securing the financial future of our customers'. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.

Axis Bank-backed TReDS Platform, Invoicemart crosses $1 Bn Throughput

India’s leading digital invoice discounting marketplace, Invoicemart became the first TReDS (Trade Receivable Discounting System) platform to cross USD 1 billion in business volume as on March 4, 2020. Launched in 2017, the platform has scaled exponentially with the participation of over 4522 MSME sellers, 603 buyers, 37 financiers; and has successfully processed discounting of 4.80 lakh MSME invoices. Backed by Axis Bank, India’s third largest private bank, Invoicemart, an ISO 27001 certified TReDS platform continues to maintain its leadership position amongst the TReDS exchanges with over Rs. 7500 crores worth of invoices discounted on the platform.

Speaking on this achievement, Prakash Sankaran, MD & CEO, A.TReDS Ltd. said, “There is a tremendous potential in our offering and the numbers reflect the confidence reposed by all the stakeholders including MSMEs, Financiers and Corporates – both Government and Private. It is gratifying that evenwith the ongoing COVID-19 crisis, Invoicemart has continued to provide MSMEs the access to funds, thus emerging as the largest TReDS platform with volumes of Rs.490.51 crore and 23917 invoices discounted in March’20.

Delayed payments and access to working capital are the two prime challenges of our MSMEs today. Invoicemart eases the discounting process to ensure timely and credible working capital finance for MSMEs. It has successfully on-boarded over 5000 participants, which shows the growing adoption of TReDS model amongst MSMEs.”

About Invoicemart:

Invoicemart is a Trade Receivable Discounting System (TReDS) platform, operated by A. TReDS Ltd., a joint venture between Axis Bank Ltd and B2B e-commerce company mjunction services ltd. It is a platform which connects MSME sellers and their corporate buyers to multiple financiers. This platform enables discounting of invoices of the MSME sellers raised on large buyers, through a transparent bidding mechanism that ensures financing of receivables at competitive market rates.

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,415 domestic branches (including extension counters) and 12,173 ATMs across the country as on 31st December, 2019, the network of Axis Bank spreads across 2,521 centres, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.

Axis Bank Launches ‘Axis Aha!’ - An AI-Led Virtual Assistant to Enhance Online Customer Experience

Conversational Banking’ has turned a new leaf with the launch of ‘Axis Aha!’, an efficient virtual assistant powered by cutting-edge technology which includes proprietary Artificial Intelligence and machine learning algorithms.

‘Conversational Banking’ has turned a new leaf with the launch of ‘Axis Aha!’, an efficient virtual assistant powered by cutting-edge technology which includes proprietary Artificial Intelligence and machine learning algorithms. This unique chatbot provides relevant and contextual responses to customer queries and even helps make transactions on the chat window itself. Customers can initiate transactions either through voice or chat. This transactional innovation is a ground-breaking way to enable customers to execute transactions, explore products and avail banking services using simple words used in our daily conversations.

Currently hosted on the home page of the Bank website, www.axisbank.com, ‘Axis Aha!’ is capable of performing diverse actions like fund transfer, bill payments, recharges and also manage card limits, block credit and debit cards, besides others. The voice and chat interface also provides customers an opportunity to query on any of his banking needs. Axis Aha is a part of the Bank’s continuous endeavor to simplify banking by the extensive use of technology. This interface will gradually be extended to the Mobile banking app and the Internet Banking application.

Sharing his thoughts on the launch of ‘Axis Aha!’, Praveen Bhatt, Head - Digital Banking & Customer Experience, Axis Bank, said, “The launch of ‘Axis Aha!’ takes the customer-centricity approach of the bank to an entirely different level as it lays a very strong foundation for artificial intelligence based voice and chat enabled ‘conversational banking’. In a time-starved world, Axis Aha with its unique action orientation offers customers the benefit of completing simple transactions either through voice or chat in the very moment without having to navigate through any other channel.”

Some unique features of ‘Axis Aha!’ are as follows:

State of the art technology:

• ‘Axis Aha!’ is powered by cutting-edge algorithms leveraging concepts of artificial intelligence and machine learning



• It is capable of crafting intelligent micro-conversations to guide, execute, suggest, remind and simplify basic banking for the customers



• The chatbot resides on a comprehensive banking knowledge base along with self-learning algorithms continuously improve the experience

Rich Features:

• ‘Axis Aha!’ currently provides the following capabilities – funds transfer, bill payment, recharge, block card, manage debit card



• Upcoming features include ordering cheque book, card pin set /reset, card limit change, download e-statement/loan statement, apply for loans, cards, etc.



• The chatbot is fast; customers can straight away state their needs and it will be serviced without getting lost in the sea of navigation panels



• It also can answer and guide customers with their queries regarding Axis Bank products and services, address grievances, apart from tracking application status as well as reporting fraud

Via - BusinessWire India

Axis Bank To Launch 'Axis Start-up Social', A Networking Event for Startups in India

Axis Bank, India's third largest private sector bank is launching an exclusive networking property, Axis Start-up Social, at a 'one-of-its-kind' event aimed at supporting the country's start-up ecosystem. 'Axis Start-up Social' will go 'live' today at a gathering of the country's leading start-up players at 'WeWork' a leading co-working place in Bengaluru.

The objective of this platform is to provide an opportunity for start-ups to network and share knowledge. Significantly, this initiative firmly underlines the Bank's unflinching commitment towards providing multiple opportunities for start-ups in India to thrive and scale to the next-level-of-growth. The unveiling of 'Axis Start-up Social' comes close on the heels of the launch of the bank's innovation lab, Thought Factory, which looks to aid start-ups to expand, besides opening up avenues with potential investors and companies.

The Bank also launched its Axis Start-up Banking product earlier this year, which is bundled with all key technology-enabled products and caters comprehensively to banking needs of start-ups. Over 100 leading names among the start-up community are expected to converge at the launch.

India continues to be a hotbed for start-ups, especially with the Government’s relentless focus to provide a congenial environment for them to conduct business.

As per a recent Nasscom Startup Report, the year has seen an addition of over 1,000 start-ups bolstering India's position as one of the leading start-up ecosystems across the world. This takes the total number of technology start-ups in the country to over 5,000, as per the Report. Importantly, while Technology continues to dominate conversations, start-ups in other sectors such as Healthcare, and Education and Logistics have also gathered pace.

Speaking about the initiative, Sidharth Rath, Group Executive, Corporate & Transaction Banking, Axis Bank said, "We are excited to launch Axis Start-up Social, a platform through which we hope to provide the much required, 'extra edge' to the start-up community by handholding them, sharing knowledge and providing the required financial solutions. Today, the Indian ecosystem is flooded with innovative ideas but what is missing is the presence of the right channel and guidance in terms of acceleration, scaling up and funding. Through Axis Start-up Social, we endeavour to create an ecosystem to encourage innovation and the next-level-of-growth opportunities to start-ups that are ready to take that leap."

Ripple-powered Instant Payment Services Now Live in India with Axis Bank, Standard Chartered

Three banks (Axis Bank, Standard Chartered, and Rakbank) have announced their decision to adopt Ripple’s blockchain-based payment platform, the RippleNet, as a means of making cross-border transactions.

To meet increasing demand for real-time payment services, Axis Bank (based in India), Standard Chartered (Singapore), and RAKBANK (United Arab Emirates) will now use RippleNet to send live, fast, frictionless cross-border payments.

RippleNet is a blockchain network operated by distributed ledger firm Ripple that provides real-time, business-to-business (B2B) global payments.

For Standard Chartered and Axis Bank, the Ripple-powered corporate payment service will allow each bank to offer their business customers an enhanced payments experience, ultimately enabling their end-customers to manage their cash flow, costs, and float better.

By our estimates, there are between 200-300 large, international corporates with regional treasury hubs in Singapore. These corporates span industries including fast-moving consumer goods (FMCG) and retail.

Often these corporates manufacture their products in India before shipping them to Singapore for worldwide distribution. In fact, the Singapore-India trade corridor is worth $15 billion.

Gautam Jain, global head of digitisation and client access, transaction Banking at Standard Chartered said: “The successful launch of our commercial cross-border payment service marks a significant milestone in the financial industry’s progress in applying distributed ledger technology for corporates. We are incredibly proud to be leading the way in this area. This affirms our commitment to digitisation and innovation as we continuously look at new way

Axis Bank President of Transaction Banking Himadri Chatterjee said: “While there have been significant innovations in domestic payments, cross-border remittance has seen limited developments. Using APIs and distributed ledger technology, there is an opportunity to radically change the way international payments are handled. We are excited with the potential the technology has to bring innovative services to the market and help us enhance value to our customers.”

Ripple had already begun spreading its business in Indian subcontinent by setting up its office in Mumbai, in September.

Post Acquisition, FreeCharge Employees To Get Retention Bonus

Here comes the another development from the Snapdeal’s digital payments platform, FreeCharge. According to the media sources, FreeCharge employees are being given a six-month retention bonus. Recently, IndianWeb2 reported that Snapdeal board has given a green signal for FreeCharge sale to Axis Bank for Rs 385 crore. The acquisition marks the end of a two-year long process where numerous buyers came forward to pitch their bid for FreeCharge.

Following the recent announcement, Freecharge employees are now being handed over a letter for the retention bonus. The retention bonus being given to employees is for a period of six months and those choosing to leave the company after a month or so will be only be given part of the bonus.

The firm is taking this step to ensure that employees don't quit the company while Axis Bank takes over FreeCharge. The retention bonuses will be given to the employees on the basis of their seniority and the time spent in the organisation.

According to the people aware of the retention bonus being handed out the move is linked to employees stock ownership plan (ESOPs) since FreeCharge's valuation eroded significantly over the last one year.

Jasper Infotech, FreeCharge’s parent company which also owns and operates Snapdeal, had also been on a lookout to raise fresh funds for the payments provider so as to compete head-to-head with the growing popularity of Paytm in the country.

On the other hand, Snapdeal's largest investor SoftBank has been orchestrating its merger with bigger rival Flipkart. But the process which is still under way with multiple hurdles has restricted the completion of the deal.

Snapdeal Board Okays FreeCharge Sale To Axis Bank

Troubled ecommerce company, Snapdeal has finally made up its mind to sell its digital payments platform, FreeCharge to country's third-largest private sector lender, Axis Bank, according to a report in the Economic Times (ET).

The sale marks the end of a two year long process where numerous buyers came forward to pitch their bid for FreeCharge. Jasper Infotech, FreeCharge's parent company which also owns and operates Snapdeal, had also been on a lookout to raise fresh funds for the payments provider so as to compete head-to-head with the growing popularity of Paytm in the country.

According to the ET report, the deal could end up valuing FreeCharge somewhere between Rs 385 crore-Rs 390 crore, which would be a steep plunge from the Rs 2,400 crore figure that Jasper Infotech paid in the year 2015 to acquire the company.

Founded in 2010 by Kunal Shah and Sandeep Tandon, FreeCharge was acquired by Snapdeal in April 2015 for a whopping $450 million. It is currently valued at less than 80% of that amount. The payments provider recently also received an investment of $3.38 million from its parent Jasper Infotech itself.

The report also revealed that an official announcement on the sale could be made anytime now.

Earlier in the week, we reported how global ecommerce giant Amazon had made a late $70-$80 million (Rs 466 crore- Rs 532 crore) bid to acquire the digital payments platform owned by troubled e-commerce marketplace Snapdeal.

While Amazon's bid of $70-$80 million was higher than Axis Bank's $60-$65 million bid but, it seems, their lazy attitude of getting on the train at the very last moment costed them the deal.

Prior to Amazon and Axis Bank, there have been several other offers on Snapdeal’s plate for its payment unit. Earlier this year, we have reported how Paytm, MobiKwik, Bank of Baroda (BOB) and Times Internet (Read Here) were all interested in buying the online mobile wallet on sale. In fact, Paytm had even signed a non-exclusive term sheet with FreeCharge at an expected deal value of $45 – $90 million, but the talks never progressed beyond that.

The company backed by investors such as Valiant Capital Management, Tybourne Capital Management, and Sequoia Capital had secured total of $177.65 million in six rounds of funding including the funds infused by its parent company.

According to the ET report, not only has the Snapdeal board green lighted FreeCharge's sale, it has also given a go ahead to Flipkart's revised offer for Snapdeal and an official announcement on the same can also be made within this week.

The troubled e-commerce player received a total of two offers from the Indian ecommerce leader Flipkart for an all-stake acquisition in July. Snapdeal rejected Flipkart's initial $850 million buyout offer as Snapdeal’s board felt that the offer made by the ecommerce leader undervalued their company. But, since Flipkart wasn't yet ready to give up on Snapdeal, it made a second offer of around $900 million-$950 million.

Snapdeal Board Okays FreeCharge Sale To Axis Bank

Troubled ecommerce company, Snapdeal has finally made up its mind to sell its digital payments platform, FreeCharge to country's third-largest private sector lender, Axis Bank, according to a report in the Economic Times (ET).

The sale marks the end of a two year long process where numerous buyers came forward to pitch their bid for FreeCharge. Jasper Infotech, FreeCharge's parent company which also owns and operates Snapdeal, had also been on a lookout to raise fresh funds for the payments provider so as to compete head-to-head with the growing popularity of Paytm in the country.

According to the ET report, the deal could end up valuing FreeCharge somewhere between Rs 385 crore-Rs 390 crore, which would be a steep plunge from the Rs 2,400 crore figure that Jasper Infotech paid in the year 2015 to acquire the company.

Founded in 2010 by Kunal Shah and Sandeep Tandon, FreeCharge was acquired by Snapdeal in April 2015 for a whopping $450 million. It is currently valued at less than 80% of that amount. The payments provider recently also received an investment of $3.38 million from its parent Jasper Infotech itself.

The report also revealed that an official announcement on the sale could be made anytime now.

Earlier in the week, we reported how global ecommerce giant Amazon had made a late $70-$80 million (Rs 466 crore- Rs 532 crore) bid to acquire the digital payments platform owned by troubled e-commerce marketplace Snapdeal.

While Amazon's bid of $70-$80 million was higher than Axis Bank's $60-$65 million bid but, it seems, their lazy attitude of getting on the train at the very last moment costed them the deal.

Prior to Amazon and Axis Bank, there have been several other offers on Snapdeal’s plate for its payment unit. Earlier this year, we have reported how Paytm, MobiKwik, Bank of Baroda (BOB) and Times Internet (Read Here) were all interested in buying the online mobile wallet on sale. In fact, Paytm had even signed a non-exclusive term sheet with FreeCharge at an expected deal value of $45 – $90 million, but the talks never progressed beyond that.

The company backed by investors such as Valiant Capital Management, Tybourne Capital Management, and Sequoia Capital had secured total of $177.65 million in six rounds of funding including the funds infused by its parent company.

According to the ET report, not only has the Snapdeal board green lighted FreeCharge's sale, it has also given a go ahead to Flipkart's revised offer for Snapdeal and an official announcement on the same can also be made within this week.

The troubled e-commerce player received a total of two offers from the Indian ecommerce leader Flipkart for an all-stake acquisition in July. Snapdeal rejected Flipkart's initial $850 million buyout offer as Snapdeal’s board felt that the offer made by the ecommerce leader undervalued their company. But, since Flipkart wasn't yet ready to give up on Snapdeal, it made a second offer of around $900 million-$950 million.

Axis Bank Becomes India's Third Bank To Use Blockchain Tech for Its Operations

Private sector bank, Axis Bank has started the year on a high by following the footsteps of its peers Yes Bank and ICICI Bank, and becoming the third bank in India to begin using block chain solutions for its operations.

The third largest private sector lender in the country will be taking help of fintech firm Ripple's network for cross-border transactions- an area that the bank is aggressively pursuing nowadays keeping in mind the future growth.

A statement given out by V Srinivasan, deputy managing director, Axis Banks reads, "We are committed to using innovation in technology to make banking simple and convenient for our customers."

Srinivasan strongly believes that remittances, which have over the years become a key strategic area for Axis bank will benefit significantly by the usage of blockchain technology as it will enable real-time affordable money transfers.

While the current system takes up to five days to transfer money, blockchain can achieve the same instantaneously.

For the unversed, the blockchain solutions is a distributed database that meticulously maintains a continuously growing list of ordered records called as the blocks. It is said to be transparent, significantly reduce turnaround times, and also ensures zero errors in the process.

Axis Banks' announcement comes just a few months after it had partnered with Kotak Mahindra Bank to test the blockchain technology for new client-facing services. In October last year, the rumour mills were hot with the news that Axis Banks was planning to launch products using the tech but the bank never gave an official statement about the launch dates.

Axis Bank's interest in blockchain first came to light in the middle of last year when it had launched a new FinTech accelerator partly aimed at exploring new services for blockchain.

Given the fact that India has acquired the status of being the fastest-growing major economy in the whole wide world and is also a top player in remittances, hence the country needs to keep pace with payments innovations happening in the world.

It was the ICICI Bank that had first announced about using the blockchain solutions for international trade finance and remittances in October last year. This was followed by Yes Bank announcing the usage of the technology for vendor financing last week.