40,000 Mumbai police salary accounts to be shifted to HDFC Bank from Axis Bank
40000 accounts will be shifted from Axis Bank to HDFC Bank. This will be an Agreement of 3 years between Mumbai Police and HDFC Bank.
Now 40000 employees of Mumbai Police will have salary accounts in HDFC Bank. The announcement was made by Mumbai Police about having signed a deal for the same. In 2015, Mumbai Police entered into a 5 year agreement with Axis Bank which got completed on 31st July 2020. Now, HDFC Bank has been selected for the salary account of all the employees for next 3 years. So, all the 40000 accounts will be shifted from Axis Bank to HDFC Bank. This will be an Agreement of 3 years between Mumbai Police and HDFC Bank.
According to the agreement, employees will get life insurance worth 10 lakh as a benefit with salary account and a cover of 90 lakh on death in case of an accident. HDFC Bank will provide Insurance cover with a salary account.
This is the agreement for an annual salary account of Rs 3000 cr of 40000 police employees of Mumbai Police which was with Axis Bank that got completed July 2020.
In Private Banking space, HDFC Bank is the largest private Bank followed by ICICI Bank, Kotak Bank and Axis Bank. Q2 results of HDFC Bank were much above estimates; net profit grew 18.4 per cent (YoY) at Rs 7,513 cr on the back of substantial growth in interest earnings and other income. In the past month, HDFC Bank has rallied 18 pct, against 8 pct gain in the benchmark index. Net interest income (NII) for Q2 FY21 grew 16.7 pct YoY at Rs 15,776 crore, driven by asset growth of 21.5 pct and a core interest margin for the quarter of 4.1 pct. On the asset front, gross non-performing assets (NPAs) of the bank fell to 1.08 pct of the gross advances as on September 30, 2020, as against 1.38 pct a year earlier. Likewise, net NPAs too came down to 0.17 pct from 0.42 pct.
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