Axis Bank board clears higher borrowing limit of Rs2 trillion

Mumbai: Axis Bank on Friday said its board has approved a proposal to increase its borrowing limit up to Rs2 trillion.

The borrowings will be “apart from deposits of money accepted from public in the ordinary course of its business, temporary loans repayable on demand or within six months from the date of the loan, if any, obtained from the bank’s bankers”, it said in a regulatory filing.

The board also authorised Axis Bank to borrow/ raise funds in Indian currency/foreign currency by issue of debt instruments up to an amount of Rs35,000 crore.

Axis Bank yesterday reported a loss of Rs2,189 crore for the three months to March on an over Rs16,000 crore addition to the bad loan pile, driven majorly by regulatory changes in impaired assets recognition.

Its shares closed at Rs538.90 a piece, up 8.97%, on BSE.