Axis Bank has received an approval for investment of an amount of up to Rs 100 crore (in one or more tranches) in a new wholly owned subsidiary company of the Bank. This subsidiary shall exclusively act as Business Correspondent and Technological Service Provider to the Bank.
The Board of Directors at its meeting held on January 24, 2024, has approved the same. The incorporation of the Proposed Subsidiary is subject to the approval of MCA and other relevant statutory/regulatory authorities as may be applicable. The proposed subsidiary will be incorporated by April 30, 2024.
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.
