Vishwanathan has been appointed for a period of three years, Axis Bank said in a press release.

Vasudevan's current term as MD & CEO expires on July 22, 2023.​​​​ He had announced his intention to step down in May this year to devote his time towards social welfare through his public charitable trust.

As India explores defence exports to Africa based on the growing interests for Indian defence equipment in the continent, future LoCs could cover defence, according to Bangari.

Kotak Mahindra Bank has said that it has attracted INR54bn ($790m) in deposits as a result of the Reserve Bank of India's withdrawal of INR2,000-denomination notes. Many of the funds have come into current accounts held by the bank’s business customers. Kotak’s president for retail liabilities and branch banking, Virat Diwanji, warned that the increase in deposits was a temporary phenomenon, as the businesses would eventually deploy the same money for other purposes such as paying vendors.

The Reserve Bank of India may need to tighten retail credit norms as the unsecured loan portfolio for the banking sector doubled in four years to reach INR 11.1tn ($148bn) and risky borrowing among less-privileged sectors grew. Unsecured personal loans circulated by banks and NBFCs rose 20.2% in Q4 2022 over the same period the previous year.

State-owned financial entities PNB, LIC, SBI, and BoB are said to be seeking formal bids for the sale of their 45% stake in UTI Asset Management Company (AMC). The quartet had previously appointed merchant bankers to initiate a sale process but the relationship with the Tata Group reportedly broke down due to a large interest holder insisting on a formal bidding process. While the final value is yet to be determined, UTI AMC was worth INR88bn ($1.2bn) as of Wednesday, with AUM of INR2.39tn ($32.7bn), equating to 6% of India's total industry AUM.

About 18 months ago, Kedaara had shelved a similar plan following allegations by Spandana founder Padmaja Gangireddy that it was selling off the company to Axis Bank at a "throw-away price".

Rating agencies are forecasting a fall in net interest margins (NIMs) for Indian banks of 10-20 basis points to 3.0-3.1% in the current fiscal year, due to rising deposit costs. However, the growth of non-performing loans could eventually increase profits the following year. Icra suggested that while this year's loan growth is likely to slow, adding higher interest rates may help to create the second-highest increase on record; in contrast, the banking system would see upward pressure on deposit costs, thereby putting pressure on NIMs.

Two of India's largest bank employee unions, the AIBOC and AIBEA, have urged the RBI to withdraw allowing compromise settlements for wilful defaulters, claiming it rewards unscrupulous borrowers and undermines the integrity of the banking system. The RBI recently introduced a framework for lenders governing technical write-offs and compromise settlements, including those classified as fraud or wilful defaulters.