Sensex Today | Stock Market Live Updates: Sensex, Nifty expect subdued start; RBI policy decision in focus

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Axis Bank on Wednesday said it will raise its stake in insurer Max Life to 16.2% from 9.99% by infusing 16.12 billion rupees ($194.6 million) through a preferential allotment of shares.Axis Bank along with its entities acquired a 12.99% stake in Max Life in 2021, and through this new investment, they will own 19.02% in the insurer.Max Financial Services, the holding company of Max Life, will hold about 80.98% in the insurer.The proposed infusion by Axis Bank in Max Life will help it to support its future growth ambitions, Max Financial Services said in a statement.The investment is subject to regulatory approvals and will strengthen the lender's position in the life insurance business, Axis Bank said, adding that Axis Entities would have the right to appoint the chairman. (Reuters)The Finance Ministry has conveyed to the Rajya Sabha that a cumulative sum of over ₹35,000 crore has been amassed by public sector banks and five prominent private banks in India since 2018.

These charges have been accrued due to instances of not maintaining the minimum balance, extra ATM transactions, and SMS services.Dr Bhagwat Karad, the Minister of State, elucidated that the non-maintenance of the minimum balance contributed ₹21,000 crore, while an excess of ATM transactions generated ₹8,000 crore, and the provision of SMS services added ₹6,000 crore to this total. Among the notable banks included in this scenario are Axis Bank, IDBI Bank, HDFC Bank, IndusInd Bank, and ICICI Bank.