On March 1, 2023, Axis Bank announced that it has closed the acquisition of the consumer businesses of Citibank India and its non-banking finance arm, Citicorp Finance (India) for a total amount of Rs 11,603 crore.
The one-year benchmark tenor MCLR will increase to 7.40%, while the two-year and three-year tenor MCLRs will increase to 7.50% and 7.55%, respectively.