From the beginning of the next financial year (April 1), failing to maintain a monthly average balance (MAB) in your State Bank of India (SBI) savings accounts will attract a charge.

SBI had suspended this charge in July 2012 to expand its customer base and generate low-cost deposits, as those in savings account earn interest rate of only 4 per cent. The bank said it is resuming the charge to partly cover costs for maintaining systems and operations of savings accounts. The charge will be calculated based on the gap between the MAB and the actual balance in the accounts.

Banks including HDFC Bank, ICICI Bank and Axis Bank today began charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The charges would apply to savings as well as salary accounts effective from today, leading private sector player HDFC Bank said in a circular.

Mumbai: Kotak Mahindra and Axis Bank,have strongly denied rumours that the biggest consolidation in banking space is in the works. For the past few weeks, the stock market has been abuzz with prospects of a merger between the two private banks.

Most people TOI spoke to said that there are strong reasons for such a merger, which could be worth around Rs 2.5 lakh crore ($37 billion) — making it the second most valuable Indian bank after HDFC Bank.

Shares of Axis Bank tanked over 6% after the private lender reported a whopping 73% decline in net profit at Rs 580 crore in the December quarter on account of rise in bad loans.

It had reported net profit of Rs 2,175 crore in the same quarter of last fiscal year.

Benchmark indices opened the day in red amid mixed cues in Asian markets as dollar gained after Federal Reserve Chair Janet Yellen hinted on hiking rates at a gradual pace this year.

Back home, investors remained cautious as the corporate earnings season continues. Yes Bank, Axis Bank and Federal Bank will announce their Q3 results today.

Mumbai: Shares of Axis Bank Ltd gained for the sixth consecutive session as they hit a two-month high ahead of its December quarter earnings on Thursday.

The stock gained nearly 10% since 10 January, while so far this year it gained 8.8%. In intraday trade, the stock touched a high of Rs 491.70 a share—a level last seen on 15 November 2016 and rose 0.6%.

India’s pioneering online automobile transactional marketplace Droom has firmly entrenched its foothold as a complete eco-system for buyers to have an impeccable automobile owning experience. In its latest effort to sustain such a status, Droom has tied up with Axis Bank, India’s third largest private sector bank, to provide quick sanction of loans on both new as well as used cars.

Loans are an integral element in almost all new and used car purchases and Droom’s recent collaboration with Axis bank is evidence of its continued efforts to cover the 360 degree eco-system of online automobile transactions.

NEW DELHI: Finance Minister Arun Jaitley today said the Axis BankBSE -1.26 % management has assured the government that it is taking action against erring officials who are involved in irregularities post demonetisation.

The minister further said the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) are keeping a watch on the activities on bankers, and the top management of banks has been advised to take action against delinquent officials.

Hit by irregularities by some of its employees, Axis Bank said it has taken "unprecedented step" of temporarily suspending some of the suspicious accounts and has a rigorous compliance procedure.

The bank further said that it has already filed Suspicious Transaction Reports (STRs) with the Financial Intelligence Unit (FIU-IND) about the potentially suspect accounts which were later probed by investigative agencies.

The Enforcement Directorate (ED) has registered a money laundering case in the alleged forging of a customer's identity to conduct huge illegal transactions in an Axis Bank branch in Noida for conversion of black funds into white post demonetization. The individual, identified as N Paswan, in his complaint filed with the police has claimed that his identity has been forged and a current and a savings account were opened in his name in the said branch which were allegedly used to launder crores of rupees post demonetization.

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