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Discover the 5 biggest losers in the Nifty 50 today (December 20th). Get the latest market insights and analysis on these underperforming stocks.

NSE Nifty 50 Top Losers: Which are the 5 Biggest Stock Losers Today (Dec 20)?

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Nifty 50 Losers Today: Explore the top 5 NSE stocks with the steepest declines on December 18. Identify market trends and potential investment opportunities.
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The FIU fined Axis Bank over Rs 1.66 crore for failing to detect and report suspicious transactions involving a fraudulent account in NSG's name

Financial Intelligence Unit slaps Axis Bank with over Rs 1.66 crore

<h2>The FIU fined Axis Bank over Rs 1.66 crore for failing to detect and report suspicious transactions involving a fraudulent account in NSG's name</h2>

The Financial Intelligence Unit (FIU) has imposed a fine of over Rs 1.66 crore on Axis Bank for failing to establish a mechanism to detect and report suspicious transactions at one of its branches. This decision stems from a case involving the creation of a fraudulent account in the name of the National Security Guard (NSG), a counter-terrorist commando force.
<h3>Axis bank fined</h3>
The FIU issued the order on June 3 under Section 13 of the Prevention of Money Laundering Act (PMLA), empowering its Director to levy fines on entities like Axis Bank if they fail to meet legal obligations. Axis Bank has not yet responded to a request for comment.
According to the order accessed by PTI, an Axis Bank employee was allegedly involved in a large-scale fraud and corruption scandal, colluding with others to create a fake account for the NSG. Reports indicate that a manager at the bank played a significant role in this scheme to aggregate illicit funds.
The FIU's fine of Rs 1,66,25,000 was issued for alleged violations of the anti-money laundering law. The agency, under the Union Finance Ministry, is responsible for enforcing sections of the PMLA and examining measures taken by financial institutions to combat money laundering and financial fraud.
<h3>Money laundering case</h3>
This case dates back to 2021 in Gurugram, Haryana, and has been under investigation by local police and the Enforcement Directorate (ED). Last year, the ED attached assets worth Rs 45 crore belonging to an accused NSG officer and his family, including a sister employed as a manager at Axis Bank.
The FIU's probe found Axis Bank failed to detect and report suspicious transactions, did not investigate alerts adequately, and failed to file suspicious transaction reports (STRs) related to the fraudulent account. Additionally, the bank failed to verify if the employee was authorized to act on behalf of the NSG.
The FIU directed Axis Bank to review its transaction monitoring mechanism and certify the steps taken to implement a robust system within 90 days. The bank was also advised to streamline its data-sharing practices, enhance employee screening procedures, and maintain rigorous training programs to ensure compliance with regulatory standards.
Also watch: <a href="https://www.editorji.com/business-news/kotak-mahindra-bank-to-increase-number-of-branches-by-20-after-rbi-curbs-1718001136666">Kotak Mahindra Bank to increase number of branches by 20% after RBI curbs</a>

Axis Bank open to collaboration with Paytm pending RBI approval: Axis Bank CEO

Paytm Crisis: Axis Bank open to collaboration with Paytm pending RBI approval says Axis Bank CEO

<h2>Axis Bank CEO Chaudhry emphasized Paytm's importance in the fintech industry. He said&nbsp;that&nbsp;the bank would&nbsp;work with Paytm if the regulator allows</h2>

Axis Bank's MD &amp; CEO Amitabh Chaudhry, expressed the bank's willingness to collaborate with Paytm pending regulatory approval from the RBI. Speaking at the launch of Axis Bank&rsquo;s '2023 Burgundy Private Hurun India 500', which lists the country's 500 most valuable firms, Chaudhry emphasized Paytm's importance in the fintech industry. He said that the bank would work with Paytm if the regulator allows. On January 30th, RBI took stringent action, halting Paytm Payments Bank from accepting new deposits or top ups from February 29, 2024, due to persistent non-compliance including major irregularities in KYC.
RBI on Paytm
Reserve Bank of India Governor Shaktikanta Das on Monday said there was "hardly any room" to review the action taken against Paytm Payments Bank.
Also read/watch - <a title="Government sets up panel to examine FDI inflow from China into Paytm Payments Services" href="https://www.editorji.com/business-news/government-sets-up-panel-to-examine-fdi-inflow-from-china-into-paytm-payments-services-1707709426987">Government sets up panel to examine FDI inflow from China into Paytm Payments Services</a>
In a major action against Paytm Payments Bank (PPBL), RBI, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29.
Talking to reporters in the national capital on Monday, Das said there was "hardly any room" to review the action taken against Paytm Payments Bank.
He also said that RBI takes action against regulated entities only after a comprehensive assessment.
While emphasising that RBI is supportive of the fintech sector, Das said it is also committed to protect the interest of customers as well as ensure financial stability.
The central bank is expected to soon issue a set of FAQs (Frequently Asked Questions) on the Paytm matter.

In March 2022, Axis Bank acquired Citibank's India consumer business for USD 1.6 billion in an all-cash deal.
 

Axis Bank- Citibank deal: Here's all you need to know

Axis Bank completes Citibank acquisition: What you need to know

In March 2022, Axis Bank acquired Citibank's India consumer business for USD 1.6 billion in an all-cash deal.&nbsp;
&nbsp;

A year after acquiring Citibank's India consumer business, Private sector lender Axis Bank on Wednesday completed the deal.&nbsp;
With this, Axis Bank gets 30 lakh unique customers of Citibank India, seven offices, 21 branches, and 499 ATMs across 18 Indian cities.&nbsp;
Here's what this will mean for customers 1. Customers can continue using their Citi account, credit and debit card numbers, chequebooks, and IFSC without any charges.
2. Citi Mobile App or Citibank Online will remain functional.
3. Citibank credit card reward points: Reward points on credit and debit cards will continue to accrue and can be used.&nbsp; However, the Citigold 'Global Banking Privileges' will cease now. &nbsp; 4. If you have an insurance policy that you have taken through Citi India, the features will remain the same and will continue to be serviced by Axis Bank.&nbsp; 5. There will be no change in credit products structure. The fees, charges, billing cycle, payment due date and bill payment methods for credit cards will be the same.
6. Your investments in mutual funds, PMS, or AIF will be transferred to Axis Bank. 7. Customers can use any Axis Bank ATM. But, charges applicable over and above free transactions at Citibank ATMs will be charged on transactions at Axis Bank ATMs too.
About the deal&nbsp; In March 2022, Axis Bank acquired Citibank's India consumer business for USD 1.6 billion in an all-cash deal. The transaction comprised the sale of consumer banking businesses of Citibank India, including credit cards, retail banking, wealth management and consumer loans.

Two senior executives from Axis Mutual Fund have been sent on leave for alleged insider trading. 
According to ET sources, both the fund managers have been suspended on allegations of front running. However, there was no confirmation from the fund house. 
The company said it has been conducting a suo moto investigation over the last two months, since February, and used reputed external advisors to aid the investigation.
Axis Mutual Fund is the seventh-largest mutual fund. Its holding is in 81 shares and the asset under management is also about Rs 2 lakh 60 thousand crores. 
What is Front runningFront running is a corrupt stock market practice that involves a market participant – usually a dealer or a broker – entering the equity market minutes before a large institutional investor (typically a mutual fund) transacts in the same set of scrips that the institution trades in. The aim is to make profits with the information available, of what the institution would buy or sell. 

Axis Mutual Fund suspends two fund manager employees, here's the reason

Axis Mutual Fund suspends 2 fund managers, here's why

SEBI is believed to be looking into the allegations of front running&nbsp;

Axis Mutual Fund (MF) in a surprising move announced it has suspended two fund managers as the market remained abuzz of alleged&nbsp;front running.&nbsp; Axis MF released a statement on social media stating that it has been running an investigation for the last two months and&nbsp;two fund managers have been suspended pending investigation of potential irregularities.
Also read/watch|&nbsp;<a title="Central Bank of India, 100-year old state lender, to shut 600 branches" href="https://www.editorji.com/business-news/central-bank-of-india-100-year-old-state-lender-to-shut-600-branches-1651749190873">Central Bank of India, 100-year old state lender, to shut 600 branches</a>
Axis Mutual Fund removed Viresh Joshi, head trader and fund manager, from the fund management team of seven of its equity schemes. Deepak Agrawal, equity research analyst and fund manager, has also been removed from the management team of three funds.While Joshi has been with Axis MF since 2009, Agarwal joined the fund house in 2015 as an equity research analyst. Front running involves a trader in a securities firm acting on prior information that is almost equivalent to insider trading.
Axis Mutual Fund is the seventh-largest mutual fund. Its holding is in 81 shares and the asset under management is also about Rs 2 lakh 60 thousand crores.&nbsp;

After a long wait, the insurance regulator IRDAI has given its final nod to Axis Bank and subsidiaries, picking up a 12% stake in Max Life Insurance. This will now finally let Axis be a joint venture partner in the company, something that the entities had announced in April 2020.
Now that all the pins have fallen in place for the deal, it also allows Axis entities to raise their stake further by 7% which they intend to do in a couple of years.
Max Life is the fourth-largest private life insurer in India, while Axis is India&rsquo;s third-largest private bank.

Axis , Max get nod for Insurance JV

IRDAI&nbsp;gives a go-ahead to Axis Bank and&nbsp;Max Life Insurance Joint Venture, Axis and subsidiaries to pick up 12% in Max Life Insurance

Axis-Max Life JV finally gets nod 

After a long wait, the insurance regulator IRDAI has given its final nod to Axis Bank and subsidiaries, picking up a 12% stake in Max Life Insurance. This will now finally let Axis be a joint venture partner in the company, something that the entities had announced in April 2020.
Now that all the pins have fallen in place for the deal, it also allows Axis entities to raise their stake further by 7% which they intend to do in a couple of years.
Max Life is the fourth-largest private life insurer in India, while Axis is India&rsquo;s third-largest private bank.

Indian equity markets opened lower on account of a fall in the US markets and subdued Asian peers.
At 9:20 am, the Sensex was 192 points in the red at 43,987 and the Nifty was trading at 12,875, down 0.49%.
Powergrid, L&amp;T, Axis Bank, SBI and ICICI&nbsp;Bank were the top losers.

Sensex down 192 points; Nifty at 12,875

12,875.45&nbsp; -62.80 (-0.49%
43,987.92 -192.13 -0.43%

Indian equity markets opened lower on account of a fall in the US markets and subdued Asian peers.
At 9:20 am, the Sensex was 192 points in the red at 43,987 and the Nifty was trading at 12,875, down 0.49%.
Powergrid, L&amp;T, Axis Bank, SBI and ICICI&nbsp;Bank were the top losers.

axis bank

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