Axis Bank agrees to buy FreeCharge from Snapdeal for Rs 385 crore
Bank says acquisition will help it reap benefits of India's large digital payments segment.
By : DC Correspondent
Update: 2017-07-27 07:41 GMT
Mumbai: Axis Bank Ltd, India's seventh-biggest lender by assets, said on Thursday it had agreed to buy mobile payments wallet provider FreeCharge from e-commerce company Snapdeal for Rs. 385 crore.
"Digital payments in India are surging. Government policies are driving a less-cash economy," Axis Bank finance chief Jairam Sridharan told a news conference after announcing the deal.