First Published Mar 2, 2023, 2:25 PM IST
Citibank of India customers will now have to use Axis services. Debit and Credit Savings Account customers of Citibank will now become Axis Bank customers. Citibank has handed over its retail customers business to Axis Bank from March 1, 2023. Under this, Citibank customers from various businesses including credit cards, home loans, personal loans, retail banking and insurance distribution will henceforth become Axis Bank customers.
This process took a year. It started last March. This change will directly affect Citibank customers in India. Citibank said in April 2022 that it is preparing to exit its consumer banking business from India as part of its global strategy. However, even after this deal, some segments of the banking business will continue through the Global Business Support Center. Citibank has Global Business Support Centers in Mumbai, Pune, Bangalore, Chennai and Gurugram.
Answers to customers’ questions
Q: I have an account with Citibank. Will my bank account details remain the same after business transfer to Axis Bank?
Answer: You can use your Citi account as before. There will be no change in account number, IFSC/MICR code, debit card, check book, fees and other charges. If there is any change in these in future, Axis Bank will inform the customers about the same. Parijat Garg, a digital lending consultant, said that with Citi’s business shifting to Axis Bank, the transfer process for some customers would be slow. This is a good thing, otherwise Citi customers would have faced more problems.
Question: Can I use Axis Bank ATM from March 1, 2023?
Answer: Yes, you can now use Axis Bank ATMs. Currently, you can make free transactions at Axis Bank ATMs as many times as free transactions are allowed at Citibank ATMs. For transactions beyond that, you will be charged a fee. You can avail facilities like balance enquiry, cash withdrawal, PIN change mobile number update at Axis Bank ATMs
American banking company Citigroup’s Indian retail business is worth Rs. Private sector
Axis Bank confirmed the deal for the acquisition at Rs 12,325 crore, but it was finalized at Rs 11,603 crore, a Business Standard report said.
Citibank has 35 branches across the country.
Citibank started its services in India since 1902. Has been in the retail banking business since 1985. This bank has 35 branches in the country. The retail banking business employs around 4,000 people.
Last Updated Mar 2, 2023, 2:25 PM IST