CURRENT AFFAIRS

Detailed explanation-1: -Citibank customers, who become part of Axis, will get access to a much wider network of branches across India and thereby better service, while Axis customers will have access to high-quality private banking and wealth management services through the talent pool of Citibank.

Detailed explanation-2: -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-3: -In March, Axis Bank had announced acquisition of retail business of Citibank India for Rs 12, 325 crore. The retail business includes credit cards, retail banking, wealth management and consumer loans. Axis Bank will have around 28.5 million savings accounts and 10.6 million active cards on completion of the merger.

Detailed explanation-4: -Post the acquisition, Axis Bank will have around 28.5 million savings accounts and close to 11 million credit cards. One of key gains for Axis Bank from the deal is the credit card business.