Tag: Subrat Mohanty

Axis Bank aims to fuel digital transformation with AWS, BFSI News, ET BFSI

Banking & Finance

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India’s third-largest private sector bank, Axis Bank, has selected Amazon Web Services (AWS) to accelerate its digital transformation program and meet the growing demand for its digital banking services.

As part of a multi-year agreement, Axis Bank will draw on the breadth and depth of AWS services, including containers, database, and compute, to build a portfolio of new digital financial services to bring advanced banking experiences to customers, including online accounts that can be opened in under six minutes and instant digital payments, helping the bank increase customer satisfaction by 35% and lower costs by 24%, as claimed by the bank.

Axis Bank has so far deployed over 25 mission-critical applications on AWS, including a Buy Now Pay Later product and a new loan management system to support it, Account Aggregator, Video-Know Your Customer (V-KYC), and WhatsApp Banking. Axis Bank also plans to migrate 70% of its on-premises data center infrastructure in the next 24 months to further reduce costs.

“Cloud is transforming the financial industry and we are delighted to help Axis Bank build and grow a suite of digital banking services that evolve with technology changes, introduce new payment modes, and support evolving consumer and business needs in India,” said Puneet Chandok, President, Commercial Business, AWS India and South Asia, AISPL.

Axis Bank said it believes building a cloud-native, design-centric engineering capability is critical to its success. To achieve this, the bank has dedicated over 800 people to its digital projects, built an in-house engineering and design team of more than 130 people, and established a cloud engineering practice centered on agile software development and DevOps principles.

Subrat Mohanty, Group Executive, Axis Bank said, “We continue to anticipate future trends and make investments ahead of time within our technology stack. We believe AWS will enhance our agility and resilience to manage two key features that define our digital business – rapid scale and high velocity. We aim to transition 70% of our infrastructure and applications on the cloud.”



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Axis Bank to become co-promoter of Max Life Insurance, BFSI News, ET BFSI

Banking & Finance

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Axis Bank has become a co-promoter of Max Life Insurance after a regulatory go ahead from the Insurance Regulatory Development Authority of India (Irda).

The private sector lender will also nominate three representatives to the board of Max Life Insurance post this development. The three representative are Rajiv Anand, Rajesh Dahiya and Subrat Mohanty.

Anand heads the retail banking portfolio of Axis Bank while Dahiya heads multiple functions such as audit, human resources and compliance. Mohanty is the head of banking operations.

Further, two additional independent directors will join the board of Max Life Insurance, according to sources in the know.

“Axis Bank has been a long-term partner to Max Life and together we have contributed to deepening insurance penetration in India over the last decade,” said Amitabh Chaudhry, managing director and chief executive officer, Axis Bank.

Axis Bank had announced its intent to purchase a 30% stake in Max Life Insurance for a sum of around Rs 1,530 crore in April last year. The transaction underwent some tweaks to adhere to Reserve Bank of India and Irda recommendations.

As per the current structure, Axis Banks now owns a 13% stake in the life insurer with the option to increase its stake to 20%.

“The conclusion of this transaction will bring added strength to Max Life and help it chart a new growth trajectory by combining the forces of the third largest private bank in India and the fourth largest private life insurer in the country,” said Analjit Singh, chairman of Max Group and Max Financial Services.

Max Financial Services, a listed company, owns around 87% stake in Max Life Insurance. The remaining stake is held by Axis Bank.

Analjit Singh and his family own a 17.3% stake in Max Financial Services. Mitsui Sumitomo owns around 20% stake in Max Financial after it swapped its stake in the life insurance arm with a stake in the parent company in December.

Max Life Insurance’s growth has outpaced its private sector peers in the first nine months of 2020-21.

The company has reportedly grown its individual adjusted new sales at 14% during this period.

“Axis Bank’s role as a co-promoter de-risks the business because 60% of our sales are contributed by the bank. That is one of the major positive outcomes of this transaction,” said Prashant Tripathy, chief executive officer, Max Life Insurance.

The insurance sector has witnessed sporadic deal making in the past 12 months. IDBI Bank sold its stake in its joint venture with Belgian life insurer Ageas and Federal Bank in a recent development. Ageas acquired IDBI’s Bank’s stake to consolidate its holding. Axa has also put its stake in an insurance broking JV with Mahindra group on the block.



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