Axis Bank has received regulatory nod to act as a pension fund manager and has already crossed Rs 100 crore in assets under management (AUM) for its retirement business. The bank has received a commencement of business certificate from the Pension Fund Regulatory and Development Authority (PFRDA) on September 20, 2022 and the AUM has been managed in the first 45 days of the business.
The bank has launched a step-down subsidiary Axis Pension Fund Management through its subsidiary Axis Asset Management Company, which marks its foray into the retirement business.
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.
