News Analysis India

Tag: Axis bank

  • Flipkart Launches Its UPI Handle To Boost India’s Digital Economy Vision |

    Bengaluru: E-commerce giant Flipkart launched its Unified Payments Interface (UPI) handle to further enhance its digital payment offerings for all customers, including its 500+ million customer base.

    Empowering Users with Flipkart UPI

    With Flipkart UPI, users can now set up their own UPI handle for online and offline merchant transactions within and outside of the Flipkart marketplace. For a distinctive customer experience, loyalty features such as Supercoins, cashback, brand vouchers, milestone benefits, and more will be offered post the UPI launch.

    Versatile Usage with Flipkart UPI

    On the Flipkart app, Flipkart UPI can be used to pay for any product or service, including e-commerce transactions, Scan and Pay to UPI ID, and recharges and bill payments, the company said in a statement.

    Strategic Partnership: Flipkart and Axis Bank

    In its first phase, Flipkart has partnered with Axis Bank, wherein users can register for UPI with the @fkaxis handle for their digital transactions using the Flipkart app. (Also Read: Infinix Smart 8 Plus Launched With AI Camera Setup In India; Check Price, Specs And Colour Options)

    Vision of Flipkart UPI

    “Recognizing the dynamic digital landscape, the launch of Flipkart UPI seamlessly merges the convenience and cost-effectiveness of UPI with the trusted efficiency customers expect from us,” said Dheeraj Aneja, Senior Vice President – Fintech and Payments Group at Flipkart. “At Flipkart, we are committed to delivering the best-in-class commerce experience to customers by offering safe and convenient payment options along with a wide array of rewards and benefits such as Supercoins, Brand Vouchers, and others.”

    Driving Digital Empowerment

    According to Aneja, “Flipkart UPI underscores our dedication to shaping a digitally-empowered society and reaffirms our role as a leading catalyst in India’s digital evolution.”

    Enhancing Payment Efficiency

    It also introduces one-click and quick functionalities for recharges and bill payments, enhancing overall payment efficiency for the users. With the tagline, ‘India’s Most Rewarding UPI,’ the offering aims to provide customers an intuitive, safe, and convenient digital payment experience through its integrated checkout funnel and a slew of delightful incentives, including the benefit of instant refunds, according to the company.

    UPI’s Growing Landscape

    In 2023, UPI processed over 117 billion transactions worth Rs 182.84 trillion, showcasing a dynamic landscape with participation from banks, payment service providers, and fintech companies, according to reports. (Also Read: Ashwini Vaishnaw’s BIG Statement On Google-Indian Startups Row, Says..)

    Continued Partnership Growth

    “We continue to scale our growth in UPI with partnerships and innovations. Our partnership with Flipkart has come a long way from launching one of India’s most successful co-branded credit cards to now launching the Flipkart UPI service,” said Sanjeev Moghe, President and Head – Cards & Payments, Axis Bank.

    Seamless Transaction Experience

    “Customers can now register for UPI with @fkaxis handle and can do all fund transfers and checkout payments using the Flipkart app. This solution is cloud-hosted and hence provides one of the most stable and scalable UPI platforms for customers,” he added.

  • Closed for over two months, Manipur Axis bank branch finds over Rs one crore cash stolen

    By IANS

    IMPHAL: Cash, amounting to at least Rs 1 crore, was reportedly stolen from an Axis Bank branch in Manipur’s Churachandpur district, closed since May 4 over ethnic violence in the state, as it reopened on Monday and the burglary was detected, police said

    A police official in Imphal said that it was reported in a section of the media that there was a robbery at Axis Bank’s Churachandpur branch.

    Preliminary reports revealed that it was not a robbery but a burglary as the bank branch was closed on May 4, after the ethnic violence broke out in Manipur on May 3, and it was opened on Monday.

    “It was found that after breaking the ventilator of the bathroom, some suspects entered the strongroom of the bank through the bathroom and made a hole in the wall of the strong room. Proper investigation will be conducted after the arrival of the Manager of the bank with the keys to the strong room,” the official told the media.

    He said that during the past 24 hours, state police and central forces conducted search operations in the vulnerable and fringe areas of both valley and hill districts and a total of 10 illegal bunkers, set up by the militants and miscreants, were destroyed.

    Since late Sunday evening, firing between armed groups were reported at Dampi range, Khoijumantabi, Langza, K. Geljang, K. Songnung, Bethel, Apunlok, Kangchup foothills, and Koutruk village areas. No casualty was reported in any of the shootouts.

    Firing between armed groups also took place in the Singda, Kadangband and Gelzang areas. The dead body of one person with bullet injuries was found in the Geljang hill range along with one MI rifle.

    IMPHAL: Cash, amounting to at least Rs 1 crore, was reportedly stolen from an Axis Bank branch in Manipur’s Churachandpur district, closed since May 4 over ethnic violence in the state, as it reopened on Monday and the burglary was detected, police said

    A police official in Imphal said that it was reported in a section of the media that there was a robbery at Axis Bank’s Churachandpur branch.

    Preliminary reports revealed that it was not a robbery but a burglary as the bank branch was closed on May 4, after the ethnic violence broke out in Manipur on May 3, and it was opened on Monday.googletag.cmd.push(function() {googletag.display(‘div-gpt-ad-8052921-2’); });

    “It was found that after breaking the ventilator of the bathroom, some suspects entered the strongroom of the bank through the bathroom and made a hole in the wall of the strong room. Proper investigation will be conducted after the arrival of the Manager of the bank with the keys to the strong room,” the official told the media.

    He said that during the past 24 hours, state police and central forces conducted search operations in the vulnerable and fringe areas of both valley and hill districts and a total of 10 illegal bunkers, set up by the militants and miscreants, were destroyed.

    Since late Sunday evening, firing between armed groups were reported at Dampi range, Khoijumantabi, Langza, K. Geljang, K. Songnung, Bethel, Apunlok, Kangchup foothills, and Koutruk village areas. No casualty was reported in any of the shootouts.

    Firing between armed groups also took place in the Singda, Kadangband and Gelzang areas. The dead body of one person with bullet injuries was found in the Geljang hill range along with one MI rifle.

  • Private sector banks to provide financial services in overseas procurement by Defence Ministry

    By PTI

    NEW DELHI: The defence ministry on Thursday allowed three private sector banks to provide financial services to it for overseas procurement of military hardware.

    The banks are HDFC Bank Ltd, ICICI Bank and Axis Bank.

    Till now, only authorised public sector banks were utilised to provide services like issuance of letter of credit and direct bank transfers to the ministry for overseas procurement.

    In line with further opening of allocation of government business to private sector banks by the department of financial services, the ministry has assigned three private sector banks to provide the LoC and direct bank transfer business for overseas procurement, an official release said.

    “The selected banks may be allocated with LC business of Rs 2,000 crore, each on the capital and revenue side, for a period of one year on concurrent basis (Rs 666 crore for each bank under both capital as well as Revenue),” the ministry said.

    “The performance of these banks will be monitored regularly so as to take necessary further action as required,” it said.