Axis Bank said in a mail that changes are afoot at the bank to raise ‘productivity and efficiency’.
This reflects the RBI’s concern about retarded economic growth in India and abroad.
Over the past month, senior RBI officials have held multiple meetings with bankers to discuss ways to allow these products, albeit with certain safeguards.
AIBEA General Secretary C H Venkatachalam has demanded that IDBI Bank’s categorisation be reverted as “Other Public Sector Bank”.
On March 18, foreign investors bought a net of $3.3 billion shares and raised holding of bonds by $1.4 billion in the month.
Both firms have struggled to restore revenue growth after deep cuts to their investment banking units.