Tag: Axis bank

Axis Bank and Shoppers Stop launch new co-branded credit card — know fees, charges and key benefits

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Axis Bank, a private sector bank, has collaborated with fashion, beauty, and gifting omnichannel destination Shoppers Stop to unveil their latest offering – the Axis Bank Shoppers Stop Credit Card. This co-branded credit card is designed to provide customers with benefits and features tailored to enhance their shopping experience, the companies said in a joint statement.

The Axis Bank Shoppers Stop Credit Card offers welcome benefits and rewards on purchases.

Cardholders can also get the convenience of fuel surcharge waivers, dining privileges, and more, Axis Bank said.

Some of the key features and benefits of the new credit card include:

• Complimentary membership to the ‘Shoppers Stop First Citizen Club Golden Glow’ program for cardholders.
• Rewards up to 20 First Citizen points earned for every spend at Shoppers Stop.
• Never expiring First Citizen Points.
• Dining privileges with Eazy Diner, offering cardholders a 15% instant discount on transactions, subject to certain conditions.
• Exclusive offers through Grab deals.
• 1% fuel surcharge waiver on all fuel transactions falling within the range of ₹400 to ₹5,000, with a maximum cap of ₹400 on waivers in a statement month.

Here’s a table summarising the fees and charges associated with the Axis Bank Shoppers Stop Credit Card:

(Source: Axis Bank website)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Axis Bank Block Deal: 3.34 crore shares change hands in likely clean out trade by Bain Capital

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As many as 3.34 crore shares or 1.1% of the outstanding equity of Axis Bank Ltd. changed hands during a pre-market block window.

The transaction value and the price at which the shares changed hands is yet to be ascertained.

Based on a termsheet accessed by CNBC-TV18, it was reported on Monday that Bain Capital is likely to sell up to 3.34 crore shares in the private lender, in what can potentially be a clean out trade.

The offer price for the book was kept in the range of ₹1,071 – ₹1,076.05 per share. At the lower end of the price band, the offer price was a discount of 0.5% to Monday’s closing price.

Shares of Axis Bank have opened 1.3% higher at ₹1,090. The stock has remained flat over the last 12 months.

To be updated with more details.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Block deal alert: Bain Capital set to sell up to 3.3 crore shares in Axis Bank

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Private equity major Bain Capital is likely to sell up to 3.34 crore shares of Axis Bank through a block deal, according to the term sheet CNBC-TV18 accessed on Monday, April 8.

The offer size is substantial at $431 million, with the book ranging between ₹1,071 and ₹1,076.05 per share, a discount of nil to around 0.5% from Monday’s closing price of ₹1,076.05.

#NewsFlash | As per the termsheet CNBC-TV18 has an access to, Bain Capital is likely to sell up to 3.3 crore shares in Axis Bank via block deal. Offer size is at a discount up to 0.5%#AxisBank #BainCapital #BlockDeal pic.twitter.com/r5l18PDn1v

— CNBC-TV18 (@CNBCTV18Live) April 8, 2024

In mid-December 2023, the Boston-based firm through its various arms sold a 1.1% stake in Axis Bank for a deal size of over ₹3,400 crore. Bain Capital’s December 2023 stake sale was more than double the price at which it had bought the stake in 2017.

After the block deal, Ashish Kotecha of Bain Capital stepped down from the board of Axis Bank after the PE firm’s last stake sale, CNBC-TV18 reported. Bain Capital has been selling its stake in Axis Bank in small tranches over the last one year.

With the latest block deal, Bain Capital will make a complete exit from the private sector lender, ending its more than six years of investment in Axis Bank. In one of the largest PE investments in India’s banking sector, Bain Capital invested ₹6,854 crore in Axis Bank in November 1917, picking under 5%.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

CCI clears Axis Bank-Max Life Insurance Company deal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Fair trade regulator Competition Commission of India (CCI) on Tuesday said it has approved Axis Bank’s proposed acquisition of a stake in Max Life Insurance Company Ltd.

Last year in August, the company announced a capital infusion by Axis Bank by issuance of 14.25 crore equity shares to help Max Life to support its future growth ambitions, augment its capital position and improve solvency margins.

“Competition Commission of India approves the subscription to 14,25,79,161 equity shares of Max Life Insurance Company Ltd by Axis Bank Ltd,” according to a post by CCI on X.

Also Read: CCI approves acquisition of Sharekhan and Human Value Developers

Private sector lender Axis Bank provides services in retail banking, which includes retail lending, while Max Life Insurance is engaged in the business of providing life insurance and annuity products and investment plans in India.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Axis Bank says malicious merchants behind fraudulent credit card transactions, no system breach

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Axis Bank has addressed concerns raised by its customers regarding unauthorised international transactions on their credit cards. Sanjeev Moghe, President & Head of Cards and Payments at Axis Bank, clarified that there had been no breach of the bank’s systems.

Speaking to CNBC-TV18.com, Moghe said, “We would like to reassure our customers that their Axis Bank cards remain safe for use. There has been no breach of any Axis Bank’s systems. We have seen a few unauthorised transactions, as reported by our customers. This is a malicious attempt from certain merchants.”

He further added that Axis Bank has taken action to block these merchants and reported them to relevant associations.

The bank’s response followed numerous complaints from its credit cardholders regarding fraudulent international transactions, even among those who had previously disabled international transactions.

Many customers received messages prompting them to activate international transaction facilities, despite having disabled them.

Explaining the nature of the fraudulent transactions, Moghe highlighted that since these were international e-commerce transactions, they were not subjected to the two-factor authentication process.

However, he assured customers that they have full charge-back rights, and the amounts involved are fully recoverable.

To address concerns and report unauthorised transactions, Axis Bank customers can contact their credit card customer care at 1860 419 5555 or visit their nearest Axis Bank branch.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Credit card changes from April 1: Why are lenders adjusting benefits and what should consumers do

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As April 1 approaches, major credit card issuers in India are gearing up for changes in their policies regarding the accrual of reward points and lounge access benefits. Lenders like SBI Card, ICICI Bank, Axis Bank, and others are making these changes.

While these adjustments might raise concerns among users, it’s crucial to understand the reasons behind the restructuring of credit card offerings.

So, what’s going on?

According to Rohit Chhibbar, Head of Credit Cards Business at Paisabazaar, devaluation is not an uncommon practice and can stem from various internal and external factors, including the bank’s strategic decisions, the sustainability of its rewards programs, and prevailing market and economic conditions.

Credit cards typically undergo several changes throughout their lifecycle, encompassing modifications in rewards programs, promotional offers, annual fees, and eligibility criteria.

Echoing similar sentiments, Adhil Shetty, CEO of BankBazaar, stressed the broader challenges faced by credit card firms and their partners in maintaining sustainable operations.

He explained that these challenges range from meeting customer demands amidst inflation to tough competition and the need to improve margins.

He highlighted the necessity for credit card firms to reassess their rewards programs and adapt to evolving market dynamics.

“Banks are further differentiating their offerings to stay relevant and adjusting benefits to align with their target customer base,” he told CNBC-TV18.com.

He mentioned that while customers may witness changes or reductions in rewards in the short term, these adjustments aim at long-term sustainability.

So, what should customers do?

Chhibbar emphasised the importance of evaluating the impact of any major devaluation on personal finances.

“If the card has undergone a major devaluation and now falls below the expectations, the only real choice, as a consumer, is to look at other alternative credit cards, either from the existing ones or a new one. While doing this, consumers should ensure that the alternative option also suits their spending habits and is significantly better than the devalued card in terms of the overall value it provides,” he told CNBC-TV18.com.

He further suggested users compare available options based on individual spending habits and the overall value provided.

A look at the changes

Effective April 1, 2024, SBI Card will cease the accrual of reward points on rent payments for select cards, including AURUM, SBI Card Elite, and SimplyCLICK SBI Card.

On the other hand, ICICI Bank will increase the minimum spend required for complimentary airport lounge access to ₹35,000 in the preceding calendar quarter for several credit cards, including the Coral Credit Card and MakeMyTrip ICICI Bank Platinum Credit Card.

Effective April 1, 2024, YES Bank will mandate a minimum expenditure of ₹10,000 in the ongoing quarter to qualify for domestic lounge access benefits across all its credit cards.

Axis Bank, meanwhile, will make revisions to the Magnus Credit Card from April 20.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Axis Bank revises lounge access rules for select debit cards, changes effective from May 1

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Axis Bank will make changes to the benefits associated with its debit cards, effective from May 1, 2024. These modifications will impact users of the Burgundy, Delight, and Priority cards.

Under the revamped guidelines, Burgundy debit cardholders will be required to conduct transactions amounting to at least ₹5,000 via their card in the three months preceding May to qualify for complimentary access to airport lounges.

Additionally, a 1% mark-up fee on dynamic currency conversion will be levied on Burgundy cardholders for international transactions, whether carried out on swipe machines or online platforms abroad.

Moreover, Burgundy cardholders will get benefits from the BookMyShow offer, entitling them to four tickets valued at ₹500 each and four tickets valued at ₹1,000 each per month.

For Priority cardholders, the majority of benefits will remain unaltered. However, adjustments have been made to the BookMyShow offer, with users now eligible for a 25% discount on tickets (up to ₹350) and a 20% discount on food and beverages (up to ₹60).

The Delight card, on the other hand, will no longer facilitate international transactions or offer BookMyShow benefits.

Additionally, Axis Bank has announced changes to its Magnus credit card from April 20, 2024. These revisions include adjustments to reward earnings, lounge access programmes, and annual fee waiver exclusions.

Spends on insurance, gold/jewellery, and fuel categories will no longer qualify for reward points. Benefits, including complimentary concierge services and airport meet and assist services, will be discontinued.

The lender will also make changes to the domestic airport lounge access programme, necessitating a minimum spend of ₹50,000 in the preceding three months for lounge access.

The number of complimentary guest visits for both domestic and international lounges will also be reduced from eight to four per calendar year.

ALSO READ | SBI to increase annual maintenance charges by ₹75 on these debit cards from April 1

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Paytm enables FASTag recharges via its app — here’s how to do it

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Paytm has launched a new feature enabling direct FASTag recharges through its mobile application. This development aims to support users amid the regulatory scrutiny faced by Paytm Payments Bank Ltd (PPBL).

The RBI earlier directed Paytm Payments Bank to halt the onboarding of new customers and refrain from accepting fresh deposits post March 15, 2024.

Here are the steps to recharge FASTag via Paytm app:

Step 1: Tap ‘FASTag Recharge’ option under ‘Bill Payments’ section

Step 2: Select the FASTag issuing bank which can be IDFC First Bank, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, State Bank of India, AU Bank, Airtel Payments Bank, Axis Bank, Bandhan Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Equitas Small Finance Bank, Federal Bank, IDBI Bank, IOB Fastag, Indian Bank, Indian Highways Management Company, IndusInd Bank, Karnataka Bank, UCO Bank, The South Indian Bank Ltd, Union Bank of India and others.

Step 3: Enter the FASTag linked vehicle number and tap on ‘Proceed’.

Step 4: Confirm details, enter amount.

Step 5: Tap on ‘Proceed to Pay’ to complete

Once the recharge process is complete, the amount will be updated to the FASTag.

Meanwhile, Paytm users who wish to buy HDFC FASTag can follow the process mentioned below:

Step 1: On the Paytm app, search for ‘Buy HDFC FASTag’ and tap on it.

Step 2: Enter customer and vehicle details.

Step 3: Make payment and get the HDFC FASTag delivered to the home address.

FASTags are mandatory for all four-wheeler vehicles and use radio-frequency identification technology (RFID) for a reusable tag affixed to the vehicle’s windscreen.

When a vehicle crosses a toll plaza, the FASTag facilitates the instant automatic deduction of toll charges, making toll payments more efficient.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Axis Bank launches digital US dollar fixed deposits for NRIs at GIFT City

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Axis Bank on Monday (March 26) announced the introduction of digital US dollar fixed deposit for non-residential Indian (NRI) customers at Axis Bank IBU- GIFT City. With this introduction, Axis Bank said it becomes the first bank to offer a digital journey for GIFT City Deposits.

NRI customers of Axis Bank can now open US dollar Fixed Deposits at GIFT City through ‘Open by Axis Bank’; the mobile banking application of Axis Bank.

The US Dollar fixed deposit offers investment tenures ranging from seven days up to ten years.

Customers can also request partial or full pre-mature closure of the FD from the Axis Bank mobile application.

Vivek Gupta, President & Head – Wholesale Banking Products, Axis Bank said, “The IBU’s digital US Dollar FD will enable NRI customer’s multiple options of tenure and interest rates to choose from and they can be assured of high-quality service from the IBU’s dedicated team.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reward points, airport lounge access and more: These credit cards to have new usage rules from April 1

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Beginning April 1, major credit card issuers in India, such as SBI Card, ICICI Bank, Axis Bank and others, are bringing in significant modifications to their usage policies, particularly the accrual of reward points and lounge access benefits.

Here are some major changes announced by credit card firms so far:

SBI Card overhauls reward points policy

SBI Card has updated its policies on the accrual of reward points. Commencing from April 1, 2024, the accrual of reward points on rent payments will be discontinued for a range of credit cards offered by the lender. AURUM, SBI Card Elite, SimplyCLICK SBI Card, are the primarily impacted cards among others.

ICICI Bank to raise minimum spend for lounge access

ICICI Bank has revised criteria for complimentary airport lounge access. Starting from April 1, 2024, customers will have to spend a minimum of ₹35,000 in the preceding calendar quarter to unlock one complimentary airport lounge access for the subsequent quarter. This modification applies to a variety of ICICI Bank credit cards, including the Coral Credit Card, MakeMyTrip ICICI Bank Platinum Credit Card, and others.

YES Bank adjusts lounge access benefits

Yes Bank will revamp its domestic lounge access benefits from April 1, 2024. The bank has officially communicated that, for all its credit cards, cardmembers will be required to expend a minimum of ₹10,000 in the ongoing quarter to qualify for lounge access in the subsequent quarter.

Axis Bank changes Magnus Credit Card benefits

Axis Bank has announced changes to its Magnus Credit Card from April 20 onwards. 2024. These revisions include adjustments to reward earnings, lounge access programs, and annual fee waiver exclusions.

Spends on insurance, gold/jewelry, and fuel categories will no longer qualify for reward points.

Benefits including complimentary concierge services and airport meet and assist services will be discontinued.

The lender will also make changes to the domestic airport lounge access program, necessitating a minimum spend of ₹50,000 in the preceding three months for lounge access.

The number of complimentary guest visits for both domestic and international lounges will also be reduced from 8 to 4 per calendar year.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow