Axis Bank Ltd.

Axis Bank, India’s third largest private bank has increased the interest rate on credit card dues from 2.95% to 3.25%. The bank has decided to increase the interest rate for those customers whose cards were originated at lower rate. After this rate hike, the customers who will not pay the charges on time will now be charged an additional fine along with the outstanding dues.

Axis Bank has reported 19.06% rise in its net profit at Rs 1604.11 crore for third quarter ended December 31, 2013 as compared to Rs 1347.22 crore for the same quarter in the previous year. Total income of the bank has increased by 9.94% at Rs 9433.55 crore for quarter under review as compared to Rs 8580.30 crore for the quarter ended December 31, 2012.