Shares of Axis Bank were up over 3% at Rs 388 on the Bombay Stock Exchange after the private sector bank said that it has acquired nearly 5% stake in Max Life Insurance Company Ltd (MLIC).

The Bank has purchased 9,57,48,762 shares of face value Rs 10/- each or 4.99% equity stake in MLIC from Max Financial Services Ltd formerly known as Max India Ltd, and Mitsui Sumitomo Insurance Company Ltd for a total cash consideration at par of Rs 95.75 crore, the release said.

MUMBAI: GMR Infrastructure got a big relief in its ongoing arbitration in Maldives after the tribunal there ruled that the damages to be paid by the government of the country and Maldives Airport Company for dismissing the company from running the Male airport will also include sums owed to Axis Bank Singapore for the project.

In 2012, by the government of Maldives and Maldives Airport Company terminated the concession agreement with GMR Infrastructure's arm GMR Male International Airport (GMIAL) alleging that it was void ab initio and initiated an international arbitration.

After information technology companies, banks are also now moving away from the bell-curve system of employee appraisal. Axis Bank, the country's third-largest private sector lender, has decided to follow a new method of assessment called Acelerate and ditch the old system from this financial year onwards.

We have been looking at our internal process and decided that without losing focus on meritocracy, productivity how can we look at a slightly more inclusive approach than say bell curve. We have changed our entire performance management system to look at capability that we will build and what that capability will deliver to us, said Rajesh K Dahiya, group executive, Axis Bank.

NEW DELHI: BML Munjal University has signed a Memorandum of Understanding (MoU) with Axis Bank to jointly work towards promoting cooperation and advancing academic and business exchanges.

The MoU will provide students who are enrolled in the first year MBA program, with an avenue to opt for an additional course. The objective of this new optional co-certification course is to make students aware of Banking Sector in India; as well as the products and services offered by Axis bank.

NEW DELHI: Standalone health insurance company Apollo Munich today announced its partnership with Axis Bank for offering bank customers customised insurance policies.

"We along with our partner will design and offer customised health insurance products to the bank's customers, as per their requirements. Policy issuance and service will be driven by paperless online processes, ensuring minimum turnaround time," Antony Jacob, CEO, Apollo Munich Health Insurance, said.

Axis Bank, the country’s third largest private sector bank, reported a 15 per cent rise in net profit to Rs 2,175 crore in the October-December quarter on the back of higher net interest income and other income.

It is for the first time in the past eleven years that the bank has reported a net profit growth of only 15 per cent. Prior to this, the last time the bank had reported a drop in net profit of 28 per cent in quarter ended September in 2004. In the last 12 quarters, the lender had managed to always grow its bottom line at an average of 20 per cent.

In one of the largest office property deals in this city, Axis Bank recently bought 200,000 sq ft of space at The Ruby office complex in the Dadar West area for Rs 320 crore, said an executive.

The deal was in the previous quarter and at Rs 16,000 a sq ft, said the executive. The Ruby Mills developed the property, a one million sq ft commercial project, in partnership with Rohan Lifescapes.

The Indian government is mulling selling part of its stake in the nation’s third-biggest private sector lender, Axis Bank, Bloomberg TV reported on Thursday.

The government is considering the sale to meet its asset sales target, Bloomberg TV India tweeted its newswire report which cited unnamed sources.

Shares of State Bank of India (SBI), Axis Bank, ICICI Bank, Larsen & Toubro (L&T) and Bharat Heavy Electricals Limited (BHEL) are among five Sensex stocks to hit their respective 52-week lows on the Bombay Stock Exchange (BSE) after the benchmark index dropped more than 1% today.

The NSE Nifty 50 index and the BSE Sensex have fallen more than 1% in early morning trade after China's regulators halted trading for the day following a sharp plunge in Chinese shares.

In a step towards greater customer service through technology, Axis Bank Ltd has introduced e-signature services through which individuals having Aadhaar numbers will be able to digitally sign documents to submit to the bank online, the lender said in a statement on Friday.

Axis Bank, India’s third-largest private sector lender, has partnered with digital security company eMudhra for the eSign service. “The service rides on Aadhaar authentication and generates the digital signature automatically. The generated signature is legally valid and secure,” said the bank.

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