Axis Bank takes over Citibank's operations in India. How are Citibank customers affected?

The private lender has acquired Citigroup's India consumer business from Citibank NA, at an overall consideration of ₹11,603 crore.

Published on: Mar 1, 2023, 13:08:08 IST

By HT News Desk, New Delhi

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Mumbai-headquartered Axis Bank announced on Wednesday it has completed the acquisition of Citigroup's India consumer business from Citibank NA, at an overall consideration of ₹11,603 crore. This means Axis Bank will now handle all of Citibank's existing and future consumer business in the country.

Axis Bank will act as the settlement bank for peer-to-peer foreign inward remittance transactions initiated through PayNow by the Liquid Group in Singapore (Abhijit Bhatlekar/ Mint) (MINT_PRINT)

In India, Axis Bank has taken over Citibank's consumer banking business as part of Citigroup's plan to exit retail operations in 13 markets, including India. The private lender now has as many as 30 lakh unique customers of Citibank India, its seven offices, 21 branches, and 499 ATMs across 18 cities.

Do you, therefore, want to know what changes for you as a Citibank customer? Here are the details:

(1.) Bank account numbers, credit and debit card numbers, cheque books, and IFSC will remain unchanged.

(2.) Existing Citi products, services, branches, ATMs, internet banking, and mobile app will remain functional.

(3.) For both credit and debit cards, the earning ratio, and redemption of reward points, will continue to be the same.

(4.) Features of any insurance policy availed through Citibank will remain the same, and will be provided by Axis Bank.

(5.) For existing NRI deposits, interest earned will be as per the rates on Citibank deposits. For a new deposit, however, the interest will be on Axis Bank's rates.

(6.) Investments in mutual funds, portfolio management service (PMS) and alternative investment funds (AIFs) stand transferred to the new operator.

(7.) The number of free transactions currently available at Citibank ATMs stand extended to Axis Bank ATMs. However, charges currently applicable over and above free transaction are extended too.

(8.).Citigold ‘Global Banking Privileges,’ however, are no longer available.

(9.) A home loan benchmarked to a Citibank rate (prime lending, base, marginal cost) will not undergo any change. If there is an update, Axis Bank will inform the borrowers.

(10.) In case of a card-related dispute, getting a resolution might be difficult.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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