Mumbai: With ICICI Bank having successfully executed its first two transactions using blockchain technology, other Indian private sector banks are also gradually warming up to the concept.

Two private sector lenders, Axis Bank Ltd and Kotak Mahindra Bank Ltd, are conducting pilot transactions. They are experimenting in various business segments, to establish whether there is a business model for blockchain in India.

MUMBAI: Shares of Axis Bank fell nearly 6 per cent, the most in 11 months, on market buzz that Specified Undertaking of Unit Trust of India (SUUTI) may announce the sale of its stake in the lender at any time.

However, bankers said they are yet to start the groundwork and the Axis Bank offer for sale will not happen soon.

State-owned term lender IFCI will sell its entire stake in Assets Care and Reconstruction Enterprise Limited (IFCI) to Axis Bank for Rs 22.72 crore.

"IFCI has signed a share purchase agreement with Axis Bank for divesting its entire stake in ACRE (13.67 per cent)...Resulting in total cash consideration of Rs 22.72 crore," the company said in a BSE filing.

Mumbai: Axis Bank Ltd will buy a 13.67% stake in Asset Care and Reconstruction Enterprise Ltd (ACRE) paying Rs22.72 crore, the private sector lender said in a stock exchange notice.

Axis Bank is buying the stake from IFCI Ltd, which is partly divesting its 19.34% stake in the asset reconstruction company.

YES Bank, Axis Bank, Asian Paints, LIC Housing Finance and Dewan Housing Finance Corporation are among 30 stocks from the BSE500 and Nifty500 indices, which hit their 52-week highs on Friday.

YES Bank ended 3% higher at Rs 1,291 on the BSE on reports that the stock's weightage on the MSCI Global Standard Indexes was raised to 1.7% from 0.46% earlier. The increase could translate into additional buying of $224 million.

Axis Bank and payments company Suvidhaa Infoserv, today launched 'Nano Credit' to offer pre-approved, instant and unsecured loans for the urban low income segment. The maximum loan amount is Rs 15,000 and is available to existing customers of Suvidhaa at 22,000 locations across the country.

A customer who utilises Suvidhaa's remittance or bill payment facilities can avail himself of loans up to Rs 15,000 with no paperwork within a few hours.

Private sector lender Axis Bank is ready to go live with its Unified Payment Interface (UPI) application and will do so as soon National Payments Corporation of India (NPCI) goes live with UPI within a few days. The application is download-ready and has been tested thoroughly by 1,000 of the bank’s employees.

State-run Life Insurance Corp and private sector Axis Bank on Friday jointly announced their tie-up to sell LIC products, creating one of the largest bancassurance partnerships in India.

Under a memorandum of understanding (MoU) signed between the two, Axis Bank branches will be selling LIC policies, a joint statement here said.

MUMBAI: Retail loans may have been a safe haven for banks, battered by mounting corporate bad loans, but the latest earnings posted by some of the largest private sector banks reveal that the unsecured portion of such loans are growing at a blistering pace, raising the possibility of defaults.

HDFC Bank, India's most valuable lender, grew its personal loan book by 41 per cent at Rs 41,000 crore, and the bank's credit card business grew 26 per cent to Rs 21,000 crore.

Axis Bank was down 4% to Rs 515 in opening deals on the BSE, after the bank reported 21% year on year (YoY) decline in net profit at Rs 1,556 crore for the quarter ended June 30, 2016 (Q1FY17), due to higher provisioning for bad loans. The bank had registered a profit of Rs 1,978 crore in the same quarter last fiscal.

Gross non-performing assets (GNPAs) increased to 2.54% of the total in the quarter ended June, as compared to 1.67% in March quarter.

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