How to buy and sell Indian currency: How to trade Indian currency
The country’s biggest trading firms, including Axis Bank, are now in the process of merging with Indian unit BSE Sensex, which is expected to become the country’s second-largest private-sector lender by the end of next year.
The move, which would have a significant impact on the financial markets, is likely to increase competition and raise prices for the common currency.
Axis Bank and its trading partner Sensex had been working together for a decade to integrate their business model.
However, the merger is likely not to be finalised in time for the end-of-quarter trading, which has been delayed by the bank’s ongoing debt restructuring.
The merger would take effect on February 1.
The decision to merge with BSE has not been confirmed by the country and the merger will be announced after the bank completes its internal investigation, the government said in a statement.
In the meantime, Sensex will continue to trade with Axis Bank in India.
However the move will be made by the BSE board, it said.