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Axis Bank To Quicken Growth In High Yielding Forex Cards

By Religare

Leading private sector bank, Axis Bank has said that it is planning to quicken its growth in high-yielding pre-paid forex cards where it has captured about half the market.

As per reports, the Bank is planning to increase its focus on retail customers after corporate loan book became a slog due to bad loans.

Axis Bank To Quicken Growth In High Yielding Forex Cards
Axis Bank: Quotes, News
BSE 729.45BSE Quote11.4 (-1.56%)
NSE 729.25NSE Quote11.15 (-1.53%)

As per reports, according to the central bank data, Axis Bank now has control over 45 per cent of the pre-paid forex card market of USD 3-billion in India. From USD 3 billion, the Bank itself sells USD 1.3 billion value of foreign currency from its forex card while the total sale of foreign reserves in India is around USD 12 billion every year.

Axis Bank has made around USD 7-billion foreign currency transactions in the last 11 years and is now aiming USD 9-billion sales from its forex card at the completion of FY17.

Meanwhile, Axis Bank share price was trading down 1.52 per cent at Rs 462.60 on the Bombay Stock Exchange (BSE) at 11:25 hours.

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