2017
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Axis Bank
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ICICI Bank
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HDFC Bank
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YES Bank
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Detailed explanation-1: -Axis Bank CEO Shikha Sharma said the FreeCharge acquisition aims at marrying the agility of a fintech company with the strength of a bank to provide a “uniquely distinctive” user experience.
Detailed explanation-2: -Axis Bank acquired Freecharge from Snapdeal in a Rs 385 crore ($60 million) deal in July 2017. Before that, Freecharge’s original founders Kunal Shah and Sandeep Tandon sold the wallet platform to Snapdeal for about Rs 3, 000 crore ($400 million) in April 2015.
Detailed explanation-3: -Axis Bank acquired an 100% shareholding of Freecharge for Rs. 385 crores outside its main line of business with an expectation to help the bank take a leap towards digital distribution of financial products to provide its customers in a more efficient manner.
Detailed explanation-4: -Freecharge is a wholly owned subsidiary of Axis bank (one of the leading banks in the country) and offers a range of financial services to the customers like insurance, investment, utility payments, savings, loans, online shopping and much more. The company also has the UPI payment as well as BHIM payment options.