Will Axis Bank Lose One Of Its Biggest Clients?

Chief Minister Uddhav Thackeray is all set to shift the salary accounts of police personnel and Maharashtra Government from Axis Bank to a nationalised bank.

Will Axis Bank Lose One Of Its Biggest Clients?

Axis Bank is one of India's top five banks in the private sector. Maharashtra Government is one of its most important clients as it has linked over two lakh police personnel salary account worth more than ₹11,000 crores in the bank. However, Axis Bank is all set to lose its client as the newly elected Chief Minister Uddhav Thackeray plans to remove those accounts from Axis Bank and transfer it to a nationalised bank. 

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Prior to Axis Bank, the accounts were in State Bank of India (SBI). Axis Bank came into the picture after former Chief Minister Devendra Fadnavis came to power. Notably, Devendra Fadnavis' wife Amruta Fadnavis is the Corporate Head (Western India) and Vice President at Axis Bank. However, Devendra Fadnavis has claimed that Axis Bank was taken into consideration in March 2005 i.e. eight months before he married Amruta Fadnavis. 

Finance Minister Jayant Patil from the Nationalist Congress Party (NCP) stated that Uddhav Thackeray led government is considering the proposal of shifting the salary account to a nationalised bank and the decision is likely to be implemented after the Cabinet's expansion which will be held at the end of the month. 

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