Why Axis Bank, CreditAccess Grameen, IDFC First Bank and AU Small Finance on Investors Radar?

Axis Bank has dismissed media speculation about a potential stake purchase in CreditAccess Grameen, clarifying that it has neither placed nor intends to place any bid for the company. The statement follows reports that the microfinance lender’s promoters have initiated a process to divest their entire holding.

Promoter CreditAccess India BV currently owns a 66.28% stake in CreditAccess Grameen, estimated to be worth around ₹14,000 crore. Recent media reports have also indicated that HDFC Bank may be exploring the opportunity, though no formal announcement has been made.

IDFC First Bank Flags ₹590 Crore Fraud

IDFC First Bank shares are likely to remain in focus after the lender disclosed a fraud of ₹590 crore. In a regulatory filing, the bank said it received instructions from a Haryana government department to close its account and transfer the funds to another bank.

During the execution of the request, discrepancies surfaced between the amount specified in the communication and the actual balance in the account. The issue relates to the bank’s Chandigarh branch. The lender emphasised that the incident does not affect other customers and noted that the ultimate financial impact will depend on further validation of claims, recoveries, and the outcome of legal proceedings.

AU Small Finance Bank Reviews Haryana Deposit Decline

AU Small Finance Bank stated that, so far, no fraud or financial loss has been indicated in relation to the developments. The bank has initiated an internal review and confirmed that deposits from the Haryana government have declined to ₹538 crore from ₹735 crore earlier.

Also Read: Gold and Silver Prices Rose Higher: Check Key Factors Behind the Surge 

It added that discussions are ongoing with the Haryana government to understand the reasons behind its de-empanelment. Government deposits from the state account for roughly 0.4% of the bank’s total deposits. AU Small Finance Bank reiterated its commitment to maintaining high standards of governance and transparency.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.