Axis Bank ups borrowing limit to Rs 2 lakh crore

NEW DELHI: Axis Bank, one of the leading private lenders in India, on Friday said that its Board has approved a proposal to increase its borrowing limit up to Rs 2 lakh crore.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,” the bank said.

It said the Board authorised Axis Bank to borrow or raise funds in Indian or foreign currency by the issue of debt instruments up to an amount of Rs 35,000 crore.The bank had, on Thursday, reported a loss of Rs 2,189 crore for March quarter, on an over Rs 16,000-crore addition to the bad loan pile, driven majorly by regulatory changes in impaired assets recognition.It has also appointed M/s Haribhakti & Co. LLP, Chartered Accountants, Mumbai, as its Statutory Auditors in place of M/s S R Batliboi & Co. LLP.