Public sector insurer The New India Assurance (NIACL) has been reclassified as a 'public shareholder' of Axis Bank from being a 'promoter' earlier. Last week, the country's third-largest private sector lender had received a request from NIACL to reclassify it to public category from promoter category investor.
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
