Pirate sector lender Axis Bank has decided to acquire digital wallet FreeCharge from Snapdeal in an all cash deal worth ₹ 385 crore.
The acquisition will need approval from Reserve Bank of India, among others.
“This acquisition will give us a new set of customers,” said Rajiv Anand, executive director, Axis Bank.
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According to RBI regulations, any bank can have one license for a prepaid payments instrument (PPI) like FreeCharge. Since Axis Bank already have an PPI license, the lender have to surrender one of the licenses.
But Axis Bank will retain the FreeCharge brand, Mr Anand said
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