Tag: Axis bank

Axis Magnus Credit Card changes: Reward points revision from April 20, new lounge access rules from May 1

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

Listen to the Article (6 Minutes)

Axis Bank has announced revisions to the terms and conditions of the Magnus Credit Card starting from April 20, 2024. These changes encompass adjustments to rewards, benefits, and lounge access programmes.

As per the lender’s official website, the eligibility criteria for earning base and accelerated EDGE REWARD Points will change. Spends on insurance, gold/jewellery, and fuel categories will no longer qualify for reward points.

Further, partners under the Miles Transfer Program will be divided into Groups A and B.

Cardholders will be able to transfer a maximum of 1 lakh EDGE REWARD Points to Group A partners and 4 lakh EDGE REWARD Points to Group B partners in a calendar year, Axis Bank said.

Other changes in Magnus Credit Card features:

Discontinued benefits

Several features, including the buy-one-get-one-free offer on BookMyShow, 24*7 complimentary concierge services, and 8 complimentary airport meet and assist services, will be discontinued effective April 20, 2024.

All requests raised until April 19, 2024, for future travel dates will be fulfilled (as per terms and conditions and subject to availability). No new requests will be taken from April 20, 2024 onwards, the bank mentioned.

Revision of the domestic airport lounge access programme

Starting May 1, 2024, access to domestic airport lounges will be based on the cardholder’s spending in the previous three calendar months.

A minimum spend of ₹50,000 in the preceding three months will be required for lounge access, Axis Bank said.

In case of a newly issued card, the minimum spend criteria will be waived for the month of issuance followed by the next 3 calendar months.

This means if the card issuance date is March 20, 2024, users will be able to access the lounge for the period March 20 to June 30, 2024, without any minimum spending. But if users want to avail lounge access after this period (in this case July 2024), then they will be able to do so only by spending ₹50,000 from April 1 to June 30, 2024 (preceding 3 calendar months).

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

Domestic lounge: For the current calendar year, all Magnus customers will have four guest visits available from April 20, 2024, till December 31, 2024, irrespective of the number of guest visits utilised till April 19, 2024. From the next calendar year, Magnus customers can get four complimentary guest visits per calendar year.

International lounge: For the current card anniversary year, all Magnus customers will have four guest visits available from April 20, till the card anniversary date, irrespective of the number of guest visits utilised till April 19, 2024. From the next card anniversary year, Magnus customers can get four complimentary guest visits on Priority Pass, per card anniversary year.

ALSO READ | SBI Card to discontinue rent payment rewards from April 1: Check affected credit cards

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 suspends reward redemptions on Atlas Credit Card for select users: Here’s why

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

Listen to the Article (6 Minutes)

Axis Bank has temporarily halted reward redemptions on the Axis Atlas credit card for some of its customers. This decision comes as numerous cardholders, who had utilised their Atlas credit cards for travel expenses, are now required to furnish invoices proving that their trips were for leisure rather than business purposes.

Several cardholders received emails from the private lender, urging them to furnish details of their travel transactions from November 1, 2023, to February 29, 2024.

In the emails, Axis Bank emphasised that their cards are intended for personal spending.

Customers who have used their cards for commercial expenses or manufactured spending to accrue points are now subject to scrutiny.

Axis Bank has provided a 30-day notice period for affected customers to gather evidence proving the personal nature of their spending.

Upon submission of valid documents, their points redemption will be unblocked, the lender said.

An Axis Bank spokesperson, speaking to CNBC-TV18.com, stated, “Evaluating usage of the features and benefits offered on various credit cards is a periodic and ongoing exercise. As part of this exercise, whenever the bank observes a pattern of transactions that is non-personal, customers are requested to furnish evidence to establish the nature of such transactions. Communication to customers is part of a regular process to discourage inappropriate usage for business or commercial purposes, which are prohibited for personal credit cards.”

On the other hand, customers whose reward points have not been suspended can continue to earn reward points on ‘eligible transactions’ as per the card holder agreement signed with the bank.

Regarding the Axis Bank Atlas credit card, it is one of the air miles credit cards in India.

Unlike most co-branded air mile credit cards associated with specific airlines, this card provides general EDGE Miles instead of reward points.

These EDGE Miles can be redeemed across 10+ airlines and 3 hotel loyalty programs. The card also features unique tier-based advantages, enhancing its travel benefits.

With an annual fee of ₹5,000, the card is suited for travel enthusiasts, requiring a minimum annual income of ₹9 lakh for salaried individuals and ₹12 lakh for self-employed individuals.

Upon successful completion of three transactions within 30 days from card activation, cardholders can receive a welcome benefit of 5,000 EDGE Miles.

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 modifies gold membership terms on its Vistara Infinite credit card: Check key revisions

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

Listen to the Article (6 Minutes)

Axis Bank has revealed changes to the terms and conditions of its Vistara Infinite Credit Card, particularly focusing on the complimentary Club Vistara Gold Membership. Effective March 2024, cardholders can get the benefits of the Gold Tier, which will be issued in the first year after the payment of the annual fee.

This Gold Tier status will be valid for 12 months from the date of the upgrade, and members can expect it to be credited within 10 working days of fee payment, Axis Bank said on its website.

Retention criteria for subsequent years

From the second year onwards, to retain the Gold Tier status, customers must meet specific criteria.

This includes achieving 4 Vistara flights and accumulating 15,000 Tier Points within the last 12 months.

Failure to meet these requirements will result in an automatic revision to the perpetual Silver Tier until the set criteria are fulfilled in the next tier evaluation cycle.

Tier evaluation cycle

Gold tier status will be awarded only after completing one evaluation cycle and achieving the specified criteria.

Upgrades to the gold tier will not be considered if the customer fulfills the criteria before the completion of the cycle, Axis Bank said.

Tier Points are earned exclusively by flying with Vistara and are distinct from CV Points, which can be used for redeeming award flights or upgrade awards, the lender mentioned.

Other benefits of the card

The card offers welcome privileges, ongoing Club Vistara benefits, and activation/milestone benefits based on the card variant.

It provides lifestyle benefits such as extraordinary weekends by Axis Bank, golf sessions at premium golf clubs, and complimentary lounge access at select airports across India.

For Axis Vistara Infinite Cardholders, milestone benefits are based on the amount spent in a year.

These benefits range from bonus CV Points to complimentary Business Class tickets.

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

After Axis Bank, Paytm now in talks with Yes Bank to open a nodal account

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

Listen to the Article (6 Minutes)

Paytm is currently in discussions with Yes Bank to establish a nodal account for One 97 Communications & Paytm Payment Services, a person directly in the know told CNBC-TV18.

This move is aimed at ensuring seamless merchant settlements beyond March 15, by when the Reserve Bank of India (RBI) has asked Paytm Payments Bank to stop all banking activities.

Previously, Paytm managed its nodal accounts through its own bank, Paytm Payments Bank.

However, regulatory directives from the RBI necessitated the termination of these accounts, prompting Paytm to seek alternatives.

Last month, Paytm collaborated with Axis Bank to establish a nodal Escrow Account for OCL, Paytm Payment Services, and if negotiations prove successful, Yes Bank will become the second bank to facilitate such arrangements.

This setup will enable the handling of large UPI transaction volumes that Paytm processes between the two banks.

For the banks, this collaboration presents dual advantages. Firstly, it will earn fees for facilitating merchant settlements on behalf of Paytm. Secondly, it gains access to float available in these accounts, allowing the bank to deploy funds in money markets to generate additional income.

Simultaneously, Paytm has applied for third-party application provider (TPAP) status with the NPCI, CNBC-TV18 has learnt.

For this, Paytm has secured consent from Axis Bank and Yes Bank to serve as payment service providers (PSPs) for its UPI channel, as per sources. Furthermore, discussions are underway with SBI and HDFC Bank for similar PSP partnerships, CNBC-TV18 has learnt.

RBI had recently directed NPCI to certify 4-5 banks as Payment Service Provider (PSP) Banks for Paytm to ensure the eamless migration of ‘@paytm’ handles to other banks who are equipped to process high-volume UPI transactions.

These strategic initiatives are designed to ensure uninterrupted payment services for Paytm’s customers despite the cessation of banking operations from March 15.

In a separate development, One 97 Communications has disclosed to exchanges that Paytm and PPBL have mutually agreed to discontinue various inter-company agreements. Additionally, shareholders of the bank have consented to simplifying the Shareholders Agreement to enhance governance, irrespective of their individual interests.

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

Karnataka Deputy CM DK Shivakumar inaugurates 21 new Axis Bank branches in state

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

Listen to the Article (6 Minutes)

Private sector lender Axis Bank Ltd on Monday (February 26) said Karnataka Deputy Chief Minister D.K. Shivakumar has inaugurated 21 new branches in the state.

These new branches are located across various regions of the state, namely Bengaluru, Udupi, Vijayapura, Haveri, Hassan, Koppal, Tumkur, Shimoga and Vijayanagara, the lender said in a press release.

Among these, nine branches are situated in metropolitan areas, four in urban centres, three in semi-urban regions, two in rural areas, and three in rural unbanked regions. Axis Bank now has a total of 324 branches and 1525+ ATMs in Karnataka.

The newly-inaugurated branches will be equipped with state-of-the-art facilities and technology-driven banking solutions, aimed at enhancing customer convenience and efficiency.

Amitabh Chaudhry, MD and CEO of Axis Bank, said, “Our 21 new branches located at strategic locations represent more than just physical space, it is a promise — to empower, support, and serve. Our business in the state has seen significant expansion in the last few years, and we will strive to keep raising the bar with tailored solutions, exclusive benefits and value-driven approach that resonate with our customers’ aspirations.”

Ravi Narayanan, Group Executive & Head of Branch Banking, Retail Liabilities and Product, said, “It is a proud moment for all of us as we add these 21 new branches to our robust branch network in Karnataka.”

Along with Priyank Kharge, Minister of State for IT, BT and Science & Technology, the senior leadership of Axis Bank – Amitabh Chaudhry, MD and CEO; Subrat Mohanty, Executive Director, Banking Operations & Transformation; Ravi Narayanan, Group Executive & Head, Branch Banking, Retail Liabilities and Products; and Arnika Dixit, President & Head, Branch Banking, were present in the occasion.

Shares of Axis Bank Ltd ended at ₹1,085.40, down by ₹12.10, or 1.10%, on the BSE.

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’s nodal account shift to Axis Bank means fresh KYC for users: Here’s what we know so far

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

Listen to the Article (6 Minutes)

Paytm’s parent company, One97 Communications, has shifted its nodal account to Axis Bank from Paytm Payments Bank (PPBL). As a consequence of this shift, users will need to undergo a fresh Know Your Customer (KYC) process, according to Adhil Shetty, CEO of BankBazaar.

KYC is a crucial part of India’s banking norms, ensuring the verification of customer identity and address to prevent identity theft, financial fraud, and money laundering.

“Any change in the bank account necessitates updating KYC details, as it is a procedural requirement and essential for maintaining the integrity of customer data,” Shetty told CNBC-TV18.com.

It’s important to note here that Amitabh Chaudhary, Managing Director and CEO of Axis Bank, earlier also emphasised individual KYC procedures were necessary for Paytm merchants to be onboarded by the lender.

While speaking to CNBC-TV18 before the RBI’s new directive was out on Friday, February 16, Chaudhary illustrated a hypothetical scenario and acknowledged the time constraints associated with such an undertaking, mentioning that the KYC process cannot be completed by February 29, 2024.

Notably, Paytm Payments Bank will now cease to provide any banking services after March 15, extending the previous cutoff date of February 29.

What should users do now?

KYC serves as the initial step in establishing a banking relationship. It ensures that banks have accurate and up-to-date information about their customers.

Users who use digital payments on the Paytm platform will now need to participate in the KYC update process.

However, detailed information regarding this is not out yet.

(CNBC-TV18.com has reached out to Paytm and we will update the copy as soon as we have more details.)

Why the shift in the nodal account?

The RBI mandate requires intermediaries receiving online payments to maintain nodal accounts for seamless fund flow.

The nodal account acts as a special-purpose account, collecting funds from participating banks and facilitating payments to specific merchants.

In this case, the shift to Axis Bank is in response to the termination of the nodal accounts of One97 Communications Limited (OCL) and Paytm Payment Services Ltd (PPSL) maintained by PPBL.

In a statement to IANS, a Paytm spokesperson highlighted that the shift to Axis Bank’s nodal account, facilitated by opening an Escrow Account, ensures seamless merchant settlements.

An escrow account acts as a safe house for assets during ongoing transactions.

The RBI allows the shifting of escrow accounts from one bank to another with prior approval.

Additionally, the RBI has granted Paytm Payments Bank (PPBL) an extension in several directions previously issued.

Paytm Payments Bank customers will now no longer be able to make deposits or top-ups into their accounts, prepaid instruments, wallets, FASTags, or National Common Mobility Cards (NCMC) after March 15, 2024.

This date has been extended from the initially stipulated deadline of February 29.

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 shares hit upper circuit for second day on Axis Bank partnership, RBI deadline extension

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

Listen to the Article (6 Minutes)

The shares of One 97 Communications (Paytm) gained 5% to hit the upper circuit for the second straight session on Monday, February 19. This development came after the crisis-ridden company partnered with Axis Bank for the settlement of merchant payments.

One97 Communications has shifted its nodal account to Axis Bank through an escrow account that it has opened with it.

Additionally, the stock received a boost following the Reserve Bank of India’s (RBI) FAQs, providing clarification on the continuation of Paytm QR, Card machine, and Soundbox services beyond March 15.

At the opening bell, Paytm’s stock reached its upper price band of 5% at ₹358.55 on BSE.

While brokerage firm Bernstein recommended an outperform rating on the stock with a target of ₹550, Citi maintained a sell call on the stock despite suggesting a target of ₹550.

Citi acknowledged the positive impact of new partnerships on Paytm’s business and anticipated more bank collaborations.

According to Bernstein, the RBI’s regulatory actions primarily targeted Paytm Payments Bank (PPBL), with no intention to disrupt other essential functions of Paytm.

Paytm clarified in a BSE filing that the partnership with Axis Bank aimed to replace the nodal account previously used with Paytm Payments Bank.

Paytm Payment Services, a wholly owned subsidiary, has been utilising Axis Bank services since its inception.

Paytm Payments Bank has received an extension on various directives from the RBI.

After March 15, 2024, customers will no longer be able to make deposits or top-ups into their accounts, prepaid instruments, wallets, FASTags, or National Common Mobility Cards (NCMC).

This extension goes beyond the initially set deadline of February 29.

Exceptions to this rule include interest, cashbacks, sweep-ins from partner banks, or refunds, which may be credited at any time.

Customers retain the freedom to withdraw or utilise their balances without restrictions, as previously communicated.

Paytm Payments Bank will cease all banking services after March 15, except for withdrawals and balance utilisation.

The bank is prohibited from offering other banking services, such as fund transfers (including AEPS, IMPS, and UPI), Bharat Bill Payment Operating Unit (BBPOU), and the Unified Payments Interface (UPI) facility.

The Nodal Accounts of One97 Communications and Paytm Payments Services, maintained by PPBL, are to be terminated by February 29, consistent with previous instructions.

Paytm Payments Bank will facilitate the seamless withdrawal of customer deposits parked with partner banks under the automatic ‘sweep-in sweep-out’ facility, as stated by the RBI.

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 denies wrongdoing in Max Life shares transaction amidst Swamy’s allegations

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

Listen to the Article (6 Minutes)

Axis Bank Limited finds itself under scrutiny following a Public Interest Litigation (PIL) filed by senior BJP leader Subramanian Swamy in the Delhi High Court. The PIL alleges a massive fraud of ₹4,000 crores concerning the sale and purchase of shares of Max Life Insurance Company Limited.

Axis Bank has issued clarifications on the plea filed by Swamy, emphasising that they have obtained all necessary regulatory approvals for the transactions related to the sale/purchase of shares of Max Life Insurance. The bank expressed its commitment to defending against any unfounded allegations, asserting that there is no material impact on the bank due to the accusations.

Subramanian Swamy has urged the High Court to initiate an investigation into Axis Bank’s alleged fraudulent activities aimed at making “undue profits” through the sale and purchase of shares in Max Life Insurance. The bench of Acting Chief Justice Manmohan and Justice Manmeet PS Arora has listed the PIL for further hearing on March 13 after Axis Bank’s senior counsel mentioned they had not received a copy of the plea.

Swamy, in his petition, calls for the court to establish a committee of experts to investigate the matter, arguing that the “rot” in private sector banks needs to be exposed. Swamy alleges that Axis Bank unlawfully gained ₹4,000 crores through the non-transparent and regulatory violation-ridden sale and purchase of Max Life equity shares.

The petition details the transactions, highlighting that Axis Bank initially sold its 0.998% stake in Max Life to MFSL and Mitsui Sumitomo International in March 2021. However, within a short period, Axis Bank and its group entities acquired 12.002% shares from MFSL at a price range of ₹31.51 to ₹32.12 per share in March-April 2021. Swamy claims that this acquisition was below the fair market value, resulting in an illicit gain of approximately ₹4,000 crores.

The petition also notes that despite the Insurance Regulatory and Development Authority of India (IRDAI) imposing a penalty of ₹3 crores on Max Life, this amount is deemed “negligible” in comparison to Axis Bank’s alleged “fraud.”

Swamy requests the court to intervene by directing an investigation through a Committee of Experts and formulating comprehensive guidelines to prevent such acts in the future and regulate transactions between banks and financial/insurance institutions.

The petition emphasises the need to address “rampant corruption” in the banking and insurance industry, pointing out the executive’s “manifest unwillingness” to take necessary actions, which it claims gravely impairs the people’s right to live in a corruption-free society.

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

Will insist on KYC if we onboard Paytm Payments Bank customers, and this transition can’t happen by Feb 29: Axis Bank’s CEO

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

Listen to the Article (6 Minutes)

Axis Bank’s Managing Director and CEO Amitabh Chaudhary said on Tuesday (February 13) that regulatory approval from the Reserve Bank of India (RBI) is required for any possible takeover of Paytm Payments Bank (PPBL) merchants. Chaudhary emphasised this while sharing the banking industry’s current challenges in general, and the bank’s potential collaboration with Paytm.

However, the Axis Bank CEO, while talking to CNBC-TV18 in an interview,  clarified that there is no formal agreement in place with Paytm Payments Bank as of now.

Taking an example to illustrate a hypothetical scenario, he discussed the process that would be involved if Paytm Payments Bank merchants were to be onboarded by Axis Bank, individual Know Your Customer (KYC) procedures would be a necessity.

Chaudhary acknowledged the time constraints associated with such an undertaking, mentioning that the KYC process cannot be completed by February 29.

Notably, RBI had directed Paytm Payments Bank to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29.

Chaudhary stressed that Axis Bank would seek permission from the RBI.

Highlighting the necessity for a well-defined plan that aligns with the RBI’s vision, Chaudhary assured that Axis Bank would adhere to the regulatory guidelines diligently, and the bank is committed to a transparent and closely monitored process.

Chaudhary also drew attention to the potential disruptions in the market that could arise from such a collaboration, acknowledging Paytm Payment Bank’s significant presence as a FinTech giant with a large customer base.

Despite potential challenges, he conveyed Axis Bank’s readiness to support both its existing customer base and Paytm Payments Bank’s clientele during the transition.

While the CEO indicated that discussions with Paytm Payments Bank were ongoing, he reiterated the pivotal role of RBI in shaping the outcome of any collaboration.

The Axis Bank CEO’s comments came a day after he expressed the bank’s openness to working with Paytm during the launch of Axis Bank’s ‘2023 Burgundy Private Hurun India 500’ report.

RBI Governor Shaktikanta Das had recently ruled out a review of the central bank’s actions against Paytm Payments Bank Ltd (PPBL).

During the interview with CNBC TV18, Chaudhary further shed light on the RBI’s push for banks to slow down and the need for credit and deposit growth convergence.

He pointed out the challenges faced by banks, including geopolitical factors, fiscal consolidation, and monetary tightening.

Chaudhary stressed the significance of balancing credit and deposit growth, indicating that the current situation of high credit growth without adequate deposits is unsustainable.

Chaudhary highlighted the RBI’s message to banks to manage the Credit-Deposit (CD) ratio and the increase in risk rates in certain asset classes.

He attributed the war for deposits to factors such as rising call rates, increased bulk deposit rates, and a relentless pursuit of growth by banks.

Expressing his views on the future, Chaudhary predicted that credit and deposit growth would eventually converge. He believed that the RBI’s commitment to controlling inflation, coupled with tight liquidity, would result in prolonged higher interest rates.

As a consequence, he anticipated that credit growth would need to slow down or face increased interest rates in the future.

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