Axis Bank Ltd.

Axis Bank, India's third largest private sector bank, in arrangement with Suvidha Infoserve, has launched a prepaid card to allow instant on-boarding, cash deposit and withdrawal for the customer. The card intends to serve the migrant population and is built on components of its business correspondent network, instant Aadhaar-based e-KYC and interoperability of the prepaid card. The card has a limit of loading up to Rs 50,000 as balance. The card is issued at a price of Rs 100 and the charges per transaction range from 1-2 percent of the amount being transacted.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. The Bank has a large footprint of 2402 domestic branches (including extension counters) and 12,922 ATMs spread across the country as on March 31, 2014.