Axis Bank agrees to buy FreeCharge from Snapdeal for Rs 385 crore
27 July 2017 1:11 PM IST27 July 2017 1:11 PM IST
Bank says acquisition will help it reap benefits of India's large digital payments segment.
Axis Bank is India's seventh-biggest lender by assets.
Mumbai: Axis Bank Ltd, India's seventh-biggest lender by assets, said on Thursday it had agreed to buy mobile payments wallet provider FreeCharge from e-commerce company Snapdeal for Rs. 385 crore.
"Digital payments in India are surging. Government policies are driving a less-cash economy," Axis Bank finance chief Jairam Sridharan told a news conference after announcing the deal.
( Source : reuters )
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