Sep 04, 2013, 11.07 PM IST
Axis Bank comments comes amid media reports that it and others two other banks have the highest exposure to NSEL.
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Insignificant exposure to NSEL, says Axis Bank
Axis Bank comments comes amid media reports that it and others two other banks have the highest exposure to NSEL.
Like this story, share it with millions of investors on M3
Insignificant exposure to NSEL, says Axis Bank
Axis Bank comments comes amid media reports that it and others two other banks have the highest exposure to NSEL.
Also Read: NSEL fiasco: Banks' exposure at around Rs 3,000-4,000cr
The National Spot Exchange Ltd (NSEL), promoted by Jignesh Shah-led Financial Technologies (India) Ltd, is facing the problem of settling Rs 5,600 crore dues to 148 members/brokers, representing 13,000 investor clients, after it suspended trade on July 31 on the government direction.
"We wish to clarify that the total exposure, direct and indirect of Axis Bank to NSEL is insignificant. We have adequate collateral to back these exposure," Axis Bank said in a statement. Axis Bank comments comes amid media reports that it and others two other banks have the highest exposure to NSEL.
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