Shares of this large-cap private bank jumped after entering into a partnership with OPEN

Shares of this large-cap private bank jumped after entering into a partnership with OPEN

by 5paisa Research Team Last Updated: Jan 09, 2023 - 06:15 pm 4k Views

This company is the 3rd largest private bank in India and 4th largest issuer of credit cards.

The previous day’s close of the shares was at Rs 939.95. On Monday, the shares opened at Rs 945.00 and made the day high at Rs 960.00 a piece.

To provide its customers, including SMEs, independent contractors, home business owners, influencers, and others, a fully native digital current account journey, Axis Bank has collaborated with OPEN, the world's fastest-growing digital banking enterprise. With OPEN's end-to-end financial automation solutions for business administration, including payments, accounting, payroll, compliance, expenditure management, and other services, the greater business community now has access to Axis Bank's comprehensive banking experience. This is the first time Axis Bank has collaborated with a fintech company to develop a digital current account. On OPEN's website, the product is already available.

As the authentication process will be entirely digital utilising PAN and Aadhaar followed by a Video KYC, this digital current account product will assist consumers to save a significant amount of time and effort. This current account product stands out from others on the market due to the convenience of a contactless account opening process that eliminates the burden of paperwork with a zero document upload feature. Customers can use this account to access more than 250 banking services and receive up to 50% cashback from grab-deals. All current Axis Bank account holders now have access to OPEN's all-in-one digital banking platform, which is now used by over 30 lakh enterprises.                                                                                                             

Axis Bank is the third largest private sector bank in India. Large and mid-sized corporations, MSMEs, agriculture, and retail businesses are among the customer categories that the Bank serves with its full range of financial services.

The 52-week high of the stock is Rs 970.45 whereas the 52-week low was Rs 618.10. Promoter’s holdings stood at 9.69 % whereas Institutional and Non-Institutional holdings are 78.38 % and 11.95 %, respectively.

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