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Gold Prices Set To Drop Again On Monday, Rs 500 Fall Likely

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Investment

oi-Sunil Fernandes

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Gold rates on Monday at the local jewellers could fall once again, after taking a drop of nearly Rs 800 to Rs 1,000 over the weekend for 22 karats gold for 10 grams.

Fall in international prices in Asian trade on Monday morning could lead to a further fall in the Indian cities. Gold in Asia was down 1.3%. In India, gold prices follow the international prices, and a similar amount of drop of 1.3% could mean that we could see gold drop by around Rs 500 to Rs 600.

Having said that we also need to remember that the fall could also be impacted if the rupee gains against the dollar. If the rupee falls against the dollar, the drop could be restricted. At the moment 22 karats gold in the city of Chennai was trading at Rs 45,700 per 10 grams, Bangalore it was Rs 43,750 per 10 grams, in Hyderabad gold was at Rs 43,850 and Kerala 22 karats gold was also trading at Rs 43,850 per 10 grams.

International prices of gold fall

Gold in the global markets were down to $1738.20 an ounce in Asian trade on Monday morning, after closing at $1763 an ounce over the weekend.

In fact, Gold Oct dropped to a low of $1,677 before recovering to trade at $1738.20 an ounce. Silver October futures lost 3.1% to $23.78. Platinum was also off, losing 1.24% to $960 for October futures.

The fall in the prices of gold begun late last week after the US jobs data revealed that unemployment fell sharply and wages rose. This means there are worries that the US Fed could announce the withdrawal of its taper programme, much earlier than anticipated.
All eyes would be on the Jackson Hole meeting, later this month, where it is expected US Far Chair person, Jerome Powell would be speaking.

If any hints of withdrawal of US Tapering is suggested, we could see gold prices fall even further, given that liquidity from the system is withdrawn. Many investors are betting on the fact that gold prices could fall even further. Indian markets would watch what happens to gold on the MCX, when the markets open at 9 am today. A drop of around Rs 400 to Rs 600 per 10 grams looks almost certain and gold futures on the MCX are expected to have another fall.

Gold Prices Set To Drop Again On Monday, Rs 500 Fall Likely

Investors looking to buy should be cautious as there is a possibility of a further downside in gold. If you are looking to invest, the ideal way would be to wait for declines before jumping in.

In a survey published late last week by a leading gold portal, there was not one bullish vote among Wall Street analysts. This means there is a possibility of bearish trend in gold continuing at least in the short term. The global economy too is recovering and with vaccination happening across the globe, gold outlook is unlikely to improve. At the moment there is no incentive or triggers for gold. Physical demand too over the last few quarters have been declining.



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Corporate lending by major PSBs declines

Banking & Finance

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In what could be a matter of concern in rekindling the Covid-hit economy, corporate lending by major public sector banks has been on the wane.

The Q1 data of banks show a significant decline of corporate advances compared to the year-ago period.

For instance, State Bank of India’s domestic corporate advances decreased 2.23 per cent at ₹7,90,494 crore in the quarter ended June 30, 2021, compared to ₹8,09,322 crore in the same quarter last year. However, in the first quarter of FY21, SBI reported 3.41 per cent growth in corporate advances.

According to SS Mallikarjuna Rao, Managing Director and CEO, Punjab National Bank: “Corporate growth was almost muted or negative” during the quarter. For PNB, corporate advances marginally decreased by 0.57 per cent at ₹3,264,66 crore in June 2021 compared to ₹3,28,350 crore in the year-ago period.

For Union Bank of India, the share of industry exposure in domestic advances fell to 38.12 per cent at ₹2,40,237 crore from 39.4 per cent at ₹2,47,986 crore in the year-ago period. The same is the case with Indian Bank which saw a 3 per cent dip in the corporate loans during the period under review.

According to a senior SBI official, the last one year saw the complete ‘impact’ of the pandemic on some key investment decisions of the industry.

“In fact, banks, including SBI, have been proactively supporting the industry wherever possible. Assuming that there will be no third wave, we can see greenshoots, going forward,” he added.

As per RBI data, up to May, the gross loans to large industries declined by 1.7 per cent on a year-on-year basis.

Demand low

There has also been lower demand from corporates in general as many adopt a wait-and-watch approach on investments, say bankers. Obviously, there has been a more rigorous due diligence on the part of the banks.

However, banks are optimistic about the future as far as corporate lending is concerned. Even though the corporate lending growth was muted in the first quarter, PNB is bullish. “We are looking at a good amount of growth, whereas corporate growth was almost muted or negative. But we are looking at a good amount of growth that will to be disbursed over a period of time,” said Mallikarjuna Rao in a recent earnings call.

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‘Ethereum Improvement Proposal’ all set to bring major change to crypto world

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Ethereum 2.0’s latest upgrade could make it outperform Bitcoins. Known as Ethereum Improvement Proposal (EIP)-1559, which went live on Thursday, is touted to be the most significant update since the launch of the cryptocurrency.

The upgrade will not only help reduce cost of transaction fees involved on Ethereum network but introduce several other fundamental changes to how Ethereum is perceived. Industry players said with the current updates, Ether stands a chance to outperform Bitcoins.

Key changes

Known as the second most valued cryptocurrency, two of the key changes the update will bring include settling on a fixed base fee instead of an uncertain ‘gas fee’ users pay in ether to miners to process their transactions over the Ethereum network.

This transaction fee tends to increase and change and there is no way the user will know the price before hand. This will be replaced with a fixed ‘base fee’. Over this base fee, the user can choose to pay a tip to speed up the process.

Also read: Ethereum co-founder says safety concern has him quitting crypto

‘Burning’ feature

The other key update is introducing the “burning” feature wherein after each transaction with the miner, a small amount of those tokens would be burned or taken away permanently out of circulation. This will lead to creating a shortage of ether supply in the network leading to increasing value and demand as it becomes rarer.

Additionally, the number of transactions allowed on one block has been doubled. Ethereum’s blockchain settles transactions in blocks or batches. Each block needs to have a certain fixed number of transactions registered to be completed and taken for settlement.

Siddharth Menon, COO WazirX told BusinessLine, “This EIP-1559 is a major overhaul in the fee model. One of the biggest challenges in the current fee model, which is bid based. There was high volatility in gas fees to be paid, which often resulted in transactions taking long to get confirmed or not even getting confirmed. With this new model, the increase or decrease of fee will be more linear and predictable and less volatile thereby enhancing user experience.”

Also read: India must take a holistic view on cryptos

“Ethereum so far has been an inflationary economy which inflated at the rate of approx 2 per cent per year. With this new fee model, Ethereum theoretically can become both inflationary and deflationary, however, practically I believe as there is more adoption in this network, it will be primarily a deflationary economy where supply will always be burned to remain lesser than demand. This could be a great opportunity for long term investors. If more people understand this economics, we could see more volume and price movement for Ethereum,” he added.

Ethereum to outperform Bitcoin

“The upgrade to Ethereum 2.0 will certainly make it more environmentally friendly than the current leader, Bitcoin. Also, the use of block in decentralised finance and its applications will hopefully support Ether’s price movements in the years to come,” Neeraj Khandelwal, co-founder, CoinDCX told BusinessLine.

“Bitcoin is seen as a store of value just like Gold. However, Ethereum has a lot more use cases and adoption led by DeFi, NFT and other Dapps being built on top of Ethereum. This adoption essentially means more demand for Ethereum which will eventually lead Ethereum to outperform Bitcoin. Ethereum Network also called EVM (Ethereum Virtual Machine) is like cloud computing using the Blockchain, and can be compared to Unix servers powering Facebook, Google and other platforms. This is the potential of where Ethereum can go and what the future tech businesses built on Ethereum could look like,” Menon said.

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Banks stare at higher provisioning as Voda-Idea singes books

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Banks may go for pre-emptive provisioning in the next couple of quarters to insulate their balance sheet from the possible impact of troubles at the loss-making and debt-laden Vodafone Idea Ltd (VIL).

Bankers say they are helpless in this matter and only the government can show a way out from the imbroglio. Banking industry executives met officials at the Department of Telecom on Friday to express concern over the fate of the telecom company.

Mounting losses

According to VIL’s quarterly report, gross debt (excluding lease liabilities) as of March 31, 2021 was ₹1,80,310 crore, comprising  deferred spectrum payment obligations of ₹96,270 crore and AGR liability of ₹60,960 crore. Debt from banks and financial institutions stood at ₹23,080 crore.

The company, in its notes to accounts for FY21 financial results, had said that there exists material uncertainty relating to the Group’s ability to continue as a going concern, which is dependent on its ability to “raise additional funds as required, successful negotiations with lenders on continued support, refinancing of debts, monetisation of certain assets…”

However, Vodafone Idea has not been able to raise any fresh funds despite scouting around for new investors over the last 12 months. Asset monetisation efforts have also not yielded any deals so far. Recently, Kumar Mangalam Birla exited the Board  which, according to industry experts, could be a precursor to the company filing for bankruptcy.

No NCLT, say banks

But banks are not in favour of dragging the company into insolvency and bankruptcy proceedings because the chance of recovering the debt is low due to legal complications around selling telecom assets, especially spectrum. A senior public sector bank executive added that the issue cannot be solved by taking the company to the National Company Law Tribunal,, as it will destroy the value.

He pointed out that the government is the company’s biggest creditor because of the outstanding spectrum payment obligations and AGR dues.

“A telecom company owes its existence to the spectrum. Since spectrum cannot be passed on, prospective investors may not want to invest in the company.…If we initiate any kind of recovery action, it will only lead to value destruction,” said a banker.

The Vodafone Group and the Aditya Birla Group have 44.39 per cent stake and 27.66 per cent stake, respectively, in VIL.

“It is too big a risk to let the company go down. The only solution that seems feasible is to merge VIL with State-owned BSNL.

“But then are we okay with this when the government’s thrust is on privatisation of public sector undertakings?” a telecom sector analyst said.

As per the notes to accounts of the FY21 results, the VIL Group has incurred losses of ₹44,233 crore for the year ended  March 31, 2021 and the networth is negative at ₹38,228 crore.

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Banking tech firm Zeta eyes $300 m in revenue by 2025

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With 25 fintechs and 10 banks onboarded, banking SaaS unicorn Zeta is targeting a revenue of $250-$300 million by 2025 followed by an IPO in 2026, co-founder and CEO Bhavin Turakhia told BusinessLine.

Currently present in Vietnam, the Philippines, Brazil, India, Italy, Spain, UK and the US, Zeta plans to hire and appoint presidents for Europe, UK, Latin America and APAC regions this year. The start-up is expanding its sales and marketing team in North America adding 30-35 people and another 40-50 people across regions this year.

Also read: Zeta joins Unicorn club with latest fund raise of $250 m

“Our revenue run rate was around $10 million in 2019. We are looking to grow by 2X in revenue year-on-year. Based on contracts we signed today, will account to $250-300 million revenue in 2025. We are estimating to hit operational profitability in early 2023. And go for an IPO in 2026,” Turakhia said over a Zoom meeting.

‘Full-stack solution’

Zeta differentiates itself to traditional legacy IT companies selling banking software by creating a full-stack solution, Turakhia added.

Zeta’s offerings in the banking space include services like credit card processing, debit card processing, prepaid accounts, loans, core banking solutions, front-end mobile apps, value added services. It has HDFC Bank, Kotak Mahindra Bank, Yes Bank, Axis Bank, and IndusInd Bank as clients in India and has network deals with Visa and Mastercard.

Sudden growth

Founded in 2015, it wasn’t until the pandemic hit in 2020 that the company saw a sudden jump in its client onboarding and a 78 per cent increase in its team size from 450 to 750 at present.

Out of the 25 fintechs and 10 banks it is servicing currently, six banks and 21 fintechs were added in 2020 alone. They added four new regions too.

“The pandemic had accelerated the process of sales as we didn’t have to meet every client in person and meetings would happen over Zoom Calls.It accelerated process of catching up and closing deals faster,” Turakhia said.

Also read: Zeta aims to partner with more banks through the API platform

It is not often that the rather self-sufficient serial entrepreneur Turakhia and his brother Divyank reach out to the market to raise funding. They managed to turn heads after raising $250 million from SoftBank Vision Fund 2 at a valuation of $1.45 billion, a massive surge from a $300 million valuation Zeta earned in 2019 post its first external funding round from Sodexo BRS.

The founders still hold a 70 per cent stake in the start-up.

“We started looking for funding in November last year. By April, we had settled with SoftBank. We were building Zeta as a global scale banking technology company. Getting SoftBank onboard made a lot of sense from a strategy, capital and accelerated growth stand point. We can use their network to make meaningful connections. Also, we signed some really large contracts. Banking landscape is seeing disruption right now and we are at the forefront with a full stack modern banking platform that exist in the market. This caused significant jump in valuation in a short time,” Turakhia added.

Next up, in another two quarters, Zeta will be launching a new credit card offering and a buy-now, pay-later product starting from North America.

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UCBs: RBI may nix norm to constitute Board of Management

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The Reserve Bank of India (RBI) may do away with the stipulation that requires Urban Co-operative Banks (UCBs) to constitute a Board of Management (BoM) as the September 2020 amendment to the Banking Regulation Act, 1949, gives the central bank full control over their functioning.

The lack of regulatory and supervisory powers, which the top officials of the RBI cited in the past as affecting the central bank’s ability to take prompt corrective action in case of irregularities in UCBs, has been addressed through the amendment to the BR Act.

Therefore, there is no need to create an organisational tier under the BoD, say co-operative banking experts.

Dual control

Before this amendment, UCBs were under the dual control of the RBI and respective State governments or Central government (in the case of multi-state cooperative banks), constraining timely regulatory action against weak banks.

To address the vexed issue of dual control, the central bank had, in December 2019, issued a circular, directing UCBs to constitute BoM, in addition to the Board of Directors.

As per this circular, the RBI has powers to remove any member of BoM and/ or the CEO if the person is found to be not meeting the criteria prescribed by it, or acting in a manner detrimental to the interests of the bank or its depositors or both. Further, it can also supersede the BoM if its functioning is found unsatisfactory.

Functional problems

The National Federation of UCBs and Credit Societies (NAFCUB) had, in January 2020, flagged the operational and functional problems due to the BoM stipulation and also the issue of accountability of BoM members with RBI Governor Shaktikanta Das. In a letter to the Governor, the federation had also expressed concern regarding availability of a large number of members having special knowledge or practical experience in areas such as accountancy, agriculture and rural economy, banking, co-operation, finance, law, and IT, among others, for appointment as BoM.

The central bank’s December 2019 notification directs every UCB with deposit size of ₹100 crore and above to put in place a BoM. As of March-end 2020, of the 1,539 UCBs in the country, 663 fell under this category.

The BoM (excluding CEO) should have a minimum of five members, and the maximum number of members should not exceed 12.

So, UCBs with deposit size of ₹100 crore and above, will need to collectively appoint between 3,315 to 7,956 professionally qualified members, depending on the numbers they chose to appoint as per the regulatory criteria.

BoM will increase the administrative expenses for UCBs for sure as members have to be paid sitting fees. These banks are already paying sitting fees to members of BoD.

The federation has vehemently opposed the linkage of expansion of area of operation and opening new branches by UCBs to them constituting BoM.

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Top 5 Best High Rated Mutual Fund SIPs From Canara Robeco Fund House

Personal Finance

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Top 5 Best Ranked Mutual Fund SIPs From Canara Robeco Fund House

Fund name 1-Year Returns 3-Year Returns Ratings
Canara Robeco Equity Tax Saver Fund 58.31% 20.63% Morningstar: 5 Star ValueResearch: 5 Star

CRISIL: 5 Star

Canara Robeco Emerging Equities Fund 60.20% 17.31% Morningstar: 5 Star ValueResearch: 5 Star CRISIL: 4 Star Canara Robeco Bluechip Equity Fund 47.00% 18.56% Morningstar: 5 Star ValueResearch: 5 Star CRISIL: 5 Star Canara Robeco Equity Hybrid Fund 37.00% 16.28% Morningstar: 5 Star ValueResearch: 5 Star CRISIL: 4 Star Canara Robeco Conservative Hybrid Fund 15.78% 11.93% Morningstar:5 Star ValueResearch:5 Star CRISIL: 5 Star

Canara Robeco Equity Tax Saver Fund

Canara Robeco Equity Tax Saver Fund

The assets under management (AUM) of Canara Robeco Equity Tax Saver Direct-Growth is Rs 2,343 crores. The fund’s fee ratio is 0.75 percent, which is lower than the expense ratios charged by most other ELSS funds. NAV of the fund as of August 5, 2021 is 200.86. Canara Robeco Equity Tax Saver Direct has a 1-year growth rate of 58.30 percent. Since its inception, it has averaged 16.95 percent annual returns. The fund has a 5 Star rating from ValurResearch, Morningstar, and CRISIL rating agency.

SIPs in the fund can be set up with a minimum investment of Rs. 500, whereas lump sum payments require a minimum investment of Rs. 5000. The fund’s Rs. 10,000 monthly SIP for 3 years will be currently worth Rs. 5.73 lakh.

The fund is invested in Indian stocks to the tune of 97.27 percent, with 59.35 percent in large cap stocks, 15.83 percent in mid cap stocks, and 6.31 percent in small cap stocks. This fund is for investors who want to put their money into anything for at least three years and want to save money on taxes in addition to getting a better return.

The majority of the money in the fund is invested in the financial, technology, construction, automobile, and engineering industries.

Canara Robeco Emerging Equities Fund

Canara Robeco Emerging Equities Fund

Canara Robeco Emerging Equities Fund Direct-Growth is a Canara Robeco Mutual Fund Large & MidCap mutual fund strategy. The fund manages a total of $9,633 crores in assets (AUM). The fund has a 0.64 percent cost ratio, which is lower than most other Large & MidCap funds. Canara Robeco Emerging Equities Fund Direct-Growth returns have been 60.20 percent during the last year. It has returned an average of 23.06 percent per year since its inception.

The Financial, Automobile, Healthcare, Technology, and Chemicals sectors account for the majority of the fund’s holdings. HDFC Bank Ltd., Infosys Ltd., ICICI Bank Ltd., Axis Bank Ltd., and Bajaj Finance Ltd. are the fund’s top five holdings.

The fund’s Rs. 10,000 monthly SIP for three years would be worth Rs. 5.67 lakh at the moment.

The fund has a 5 Star rating from ValurResearch, Morningstar and a 4 Star from the CRISIL rating agency.

Canara Robeco Bluechip Equity Fund

Canara Robeco Bluechip Equity Fund

Canara Robeco Bluechip Equity Fund Direct-Growth is a Canara Robeco Mutual Fund Large Cap mutual fund scheme. This fund has been around for 8 years and 7 months. The assets under management (AUM) of Canara Robeco Bluechip Equity Fund Direct-Growth is 3,308 crores. The fund’s expense ratio is 0.42 percent, which is comparable to the expense ratios charged by most other Large Cap funds.

The fund’s Rs. 10,000 monthly SIP for three years would be worth Rs. 5.43 lakh at the moment.

Canara Robeco Bluechip Equity Fund Direct-Growth is a Canara Robeco Mutual Fund equity mutual fund scheme. It has an AUM of 3,308.09 crores, and the most recent NAV declared is 43.150. Canara Robeco Bluechip Equity Fund Direct-Growth returns have been 47.37 percent over the last year. It has returned an average of 15.93 percent every year since its inception.

The majority of the money in the fund is invested in the financial, technology, energy, construction, and automobile industries. HDFC Bank Ltd., Infosys Ltd., ICICI Bank Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd. are the fund’s top five holdings.

Canara Robeco Equity Hybrid Fund

Canara Robeco Equity Hybrid Fund

Canara Robeco Equity Hybrid Fund Direct-Growth is a Canara Robeco Mutual Fund Aggressive Hybrid mutual fund plan. The fund manages a total of 5,636 crores in assets (AUM). The fund’s expense ratio is 0.67 percent, which is lower than the expense ratios charged by most other Aggressive Hybrid funds. The fund currently has a 73.25 percent stock allocation and a 23.02 percent debt allocation.

The financial, technology, healthcare, automobile, and construction industries make up the majority of the fund’s equity holdings. Infosys Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Reliance Industries Ltd., and GOI are the fund’s top five holdings.

The fund’s Rs. 10,000 monthly SIP for three years would be worth Rs. 5.1 lakh at the moment.

ValurResearch and Morningstar have given the fund a 5-star rating, while CRISIL has given it a 4-star rating.

Canara Robeco Conservative Hybrid Fund

Canara Robeco Conservative Hybrid Fund

Canara Robeco Conservative Hybrid Fund Direct-Growth is a Canara Robeco Conservative Hybrid mutual fund plan. The fund manages a total of 655 crores in assets (AUM). The fund’s expense ratio is 0.61 percent, which is lower than the expense ratios charged by most other Conservative Hybrid funds. The fund now has a 22.84 percent equity allocation and a 69.68 percent debt allocation.

The equity element of the fund is predominantly invested in the Financial, Automobile, Services, Healthcare, and Technology industries. GOI, Reserve Bank of India, Housing Development Finance Corpn. Ltd., Tamilnadu State, and Rural Electrification Corpn. Ltd. are the fund’s top five holdings.

Disclaimer

Disclaimer

The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advise to buy or sell stocks, gold, currency or other commodities. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles. Please do consult a professional advisor. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and authors do not accept culpability for losses and/or damages arising based on information in GoodReturns.in.



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Indian Bank signs MoU with IIM-B incubation arm, to disburse exclusive loans to start-ups, BFSI News, ET BFSI

Banking & Finance

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CHENNAI: Indian Bank has signed a Memorandum of Understanding (MoU) with the incubation arm of Indian Institute of Management-Bangalore (IIM-B) for extending exclusive credits to start-ups.

The incubation arm of the IIM-B, NSRCEL, is a platform, which brings together the start-ups, industry mentors and eminent academicians and researchers from the parent institution for continuous interaction.

As per the MoU, the NSRCEL will identify start-ups and MSMEs based on their credentials and past experience and refer them to the bank for financial assistance.

The bank will extend loans of up to Rs 50 crore to these start-ups under its ‘Ind Spring Board’ scheme, which is exclusively tailored for the task.

While announcing the development, Padmaja Chunduru, Managing Director and Chief Executive Officer of Indian Bank, highlighted the start-ups’ unique needs and requirement of suitable counselling and training for tapping equity and debt funding.

The Indian Bank also has a business mentoring programme, MSME Prerana, to empower such entrepreneurs through skill development and capacity building workshops in local languages.



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Axis Bank Crosses 1 Million Registrations On WhatsApp Banking: Here’s How To Register

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Planning

oi-Vipul Das

|

Axis Bank, which started offering banking services via WhatsApp in January 2021, recently announced on August 5, 2021 that it had surpassed the 1 million customer record on its WhatsApp Banking platform, with an astounding 6 million requests so far. Sameer Shetty, President and Head – Digital Business & Transformation, Axis Bank, commented on the milestone that “With Axis Bank’s ‘Dil Se Open’ philosophy, we are commited to build sharper customer focus and greater convenience through constant innovation in our offerings. We are thrilled to have achieved the milestone of 1 million+ customers in a such a short time on our WhatsApp Banking channel, with enhanced customer engagement and minimised turn-around time providing a personalized experience, while ensuring complete data security and privacy.

The adoption that we are seeing here shows that the Indian customer is always evolving and our objective is to re-define the role we can play in their lives, by elevating and simplifying digital banking to new domains of customer engagement.” The bank has also stated on its official website that “With WhatsApp Banking, customers can initiate a simple chat with Axis Bank’s registered WhatsApp number 7036165000 and get banking services and FAQ’s handled instantly. This simple and convenient form of banking has seen a great adoption amongst customers with an average Daily Active User count of more than 13,000, while the average Monthly Active User count goes up to 0.2 million.” Here’s all you need to know about WhatsApp Banking Service provided by Axis Bank.

Axis Bank WhatsApp Banking Services

Axis Bank WhatsApp Banking Services

WhatsApp Banking is accessible 24 hours a day, 7 days a week at Axis Bank. Customers and non-customers of the bank will be able to use this service securely on an end-to-end encryption basis. According to the bank’s official website, the following is a list of services available through WhatsApp Banking.

Fixed Deposit

  • Generate List of Fixed Deposits
  • View your FD details
  • Open Express FD

Account

  • Get your Account Balance
  • Generate Account/Mini Statement
  • Order Cheque Book, Open Video KYC Instant Savings Account
  • Block Debit Card

Credit Card

  • Get your Outstanding Amount, Available Credit Limit
  • Summary of Credit Card, Bill Payment details
  • Block your Credit Card

More

  • Ask anything related to your queries
  • Get Pre-Approved Personal Loans in WhatsApp
  • Apply for our Banking Products
  • Locate Axis Bank Branches/ATM

How to subscribe to Axis Bank WhatsApp Banking Service?

How to subscribe to Axis Bank WhatsApp Banking Service?

Customers and non-customers who want to subscribe can simply send a message to 7036165000 on WhatsApp to sign up for Axis Bank WhatsApp Banking. Upon successful subscription, customers can experience a plethora of banking services such as Accounts/Cheques, Credit Cards, Term Deposits, and Loans. Customers who are not affiliated with Axis Bank can use services such as ‘Apply for Products’ and ‘Find Nearest ATM/Branches/Loan Centers’.

Non-financial service enquiries, such as locating ATMs or checking for third-party offers available on Credit/Debit Cards, can also be made through the WhatsApp Banking service of the bank. Customers can use WhatsApp to inspect for any information using Axis Aha, the bank’s chatbot. You can discover more about Axis Bank’s WhatsApp Banking by visiting https://www.axisbank.com/bank-smart/axis-whatsapp-banking. You can register for WhatsApp Banking service by visiting https://axisbank.com/whatsapp.

How to get started with WhatsApp Banking Service of Axis Bank?

How to get started with WhatsApp Banking Service of Axis Bank?

In order to get started with WhatsApp Banking Service of Axis Bank, customers need to visit https://application.axisbank.co.in/Webforms/Whatsappbanking/Whatsappbanking.Aspx?pid=misc&c=axis-whatsapp-banking&text=signup and enter their registered mobile number and the required CAPTCHA code. Then they need to accept the terms and conditions and click on ‘Submit’ for registration. Customers can also type “Starr” and send it to 7036165000 or they can give a missed call on “7036165000” for successful registration of WhatsApp Banking service of the bank.

Following successful subscription, you will get a congratulatory message from the bank’s Business Account through WhatsApp. It will be labelled as a “Verified Business” with a green mark on the account. This will validate your subscription registration and you will get a confirmation message from 7036165000. You need to save this number and send a “Hi” on WhatsApp to start a session with Axis Bank using your WhatsApp account.



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Central Bank of India enters into strategic co-lending partnership with Dhanvarsha Finvest

Banking & Finance

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Central Bank of India (CBoI) has entered into a strategic co-lending partnership with Dhanvarsha Finvest Ltd (DFL) to offer loans against gold ornaments under priority sector to Micro, Small and Medium Enterprise (MSME) borrowers at competitive rates.

Under this partnership, DFL will originate and process loans against gold ornaments as per jointly formulated credit parameters and eligibility criteria and CBoI will take into its book 80 per cent of the gold loans under mutually agreed terms, as per the public sector bank’s stock exchange filing.

DFL will service the loan account throughout the life cycle of the loan.

The participation by both the entities in this co-lending arrangement will result in greater expansion of portfolio by CBoI and DFL, the Bank said.

Dhanvarsha Finvest is a BSE-listed non-banking finance company providing credit to the MSME sector. It has branches in Maharashtra, Delhi NCR and Madhya Pradesh.

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