Mumbai Police are probing allegations that Reliance Home Finance diverted bank funds after securing loans using misleading financial documents, according to a complaint filed by Axis Bank.
Axis Bank informed the stock exchanges in a regulatory filing on Wednesday that it will infuse ₹1,500 crore into its wholly owned subsidiary, Axis Finance.
At close, the Sensex was down 1,097 points or 1.37% at 78,918.90, and the Nifty was down 315.45 points or 1.27% at 24,450.45.
IndiGo, India’s preferred airline, has partnered with Axis Bank to introduce two co-branded credit cards aimed at redefining travel and lifestyle experiences for Indian consumers.
Speaking at the Axis Champions Awards held at Axis House in Mumbai, the Deputy Governor said that while banks often celebrate performance, true institutional strength lies in how results are achieved.
During the quarter, recoveries and upgrades from NPAs were Rs 2,543 crore, while write-offs were Rs 3,341 crore.
Prior to joining Axis Bank, Chaudhry served as MD and CEO of HDFC Standard Life Insurance Company.
Max Life's holding company Max Financial Services and Axis Bank had first announced their intent to bring in the latter as a strategic partner in Max Life in February 2020.
The deceased got the financial help due to an MoU signed between BBMB with Axis Bank for the welfare of its employees.
With this acquisition, Axis Bank aims to strengthen its position in the insurance sector, pursuant to its investment in Fettle Tone LLP.
