Axis Bank Ltd.

Axis Bank has concluded acquisition of 13.67% stake in Assets Care and Reconstruction Enterprise (ACRE) from IFCI for Rs 22.72 crore. The shares were bought at Rs 31 per share. The transaction was completed after regulatory approvals including that from Reserve Bank of India.

Consequently, IFCI has transferred 73.28 lakh shares of ACRE, an asset reconstruction company engaged in the acquisition of assets (NPAs) from Banks/FIs and their resolution, to Axis Bank.

Axis Bank is consistently educating the stakeholders to adopt to digital banking channels. The bank has enabled the local kirana stores, autorickshaws, vegetable & milk vendors and other small ticket size vendors to accept payment digitally through QR code. This digital initiative is offering convenience to the customers and facilitating small vendors to make cashless transactions. The bank has additionally deployed micro ATM facility for cash withdrawal across corporates, Police, Airports & Housing societies.