Page 22 - Banking Finance September 2025

PRESS RELEASE

Axis Bank introduces industry-first‘Lock FD’ feature to safeguard term

deposits against digital frauds
Axis Bank, one of the largest private sector banks in India, today announced the launch of an industry-first feature - ‘Lock
FD’, designed to protect customers’ term deposits from rising digital frauds. This innovative feature, available on the Bank’s
mobile app ‘open’ and across all its branches, enables customers to prevent premature closure of fixed deposits (FDs) through
digital channels, such as Mobile and Internet Banking, offering an additional layer of protection against cyber threats.
The ‘Lock FD’ is a new security feature for safeguarding the customers Term Deposits from Digital Frauds by allowing
customers to restrict FD closures through digital means. Customers who opt for this feature will have to visit the branch for
the premature closure of their FD. The option for premature closure from digital channels will not be available once the
deposit is locked. This in-branch verification with stringent identity checks reduces the risk of unauthorized access. This
functionality is especially beneficial for customers who may be less familiar with digital platforms and are more susceptible
to digital frauds.
Sameer Shetty, Group Executive - Digital Business, Transformation & Strategic Programs, Axis Bank, said,"At Axis Bank, we
have been continuously investing in digital-first proposition that focusses on secure and seamless banking experiences. In
this endeavour, we are excited to introduce ‘Lock FD’ that reflects our proactive response to the rising tide of digital frauds.
This feature empowers customers to safeguard their term deposits from unauthorized digital access and enables us to
provide a security to the customer’s money by blocking alternative means of siphoning off funds by fraudsters.”

The ‘Lock FD’ feature is available to all Axis Bank customers and can be activated through the Axis Bank mobile app or any
branch. Axis Bank has also recently launched ‘In-App Mobile OTP’ feature on its mobile app to enhance authentication
security and protect customers from rising OTPrelated frauds and scams. These initiatives align with the Bank’s strategy to
enhance customers’ digital experience while combating digital frauds, positioning it as a leader in banking security.

Exim Bank’s study highlights the immense opportunities for

increasing bilateral economic cooperation between India and Brazil
Exim Bank’s recent research publication titled “Strengthening India-Brazil Economic Relations through Sustainable
Cooperation”, was released at the hands of Shri Hansraj Singh Verma, Consul General of India in São Paulo and Ms.
Harsha Bangari, Managing Director, Export-Import Bank of India, on July 10, 2025, at Exim Bank’s newly opened
Representative Office in São Paulo, Brazil.

Exim Bank’s first Representative Office in the Latin America and Caribbean (LAC) region was earlier virtually inaugurated
by Smt. Nirmala Sitharaman, Hon’ble Minister of Finance and Corporate Affairs, Government of India, during Exim Bank’s
Trade Conclave on the theme ‘Building Export-led Growth for Viksit Bharat’ on June 24, 2025, in New Delhi.
Exim Bank’s study highlights that bilateral merchandise trade between India and Brazil has increased from US$ 9.9 billion
in 2013 to slightly more than US$ 13 billion in 2023, with India’s exports witnessing a AAGR of 8.2%, increasing from US$
6.1 billion a decade ago to US$ 6.7 billion in 2023. India’s Imports from Brazil during the same period have nearly doubled
to US$ 6.5 billion in 2023, at an AAGR of almost 10%.
The study identified several products that hold potential for increased exports from India to Brazil which include among
others, medium oils and preparations, medicaments, herbicides, automotive parts such as engines and tyres, turbojets,
articles of iron and steel, and chemical products.

With India and Brazil being strategic partners sharing wide complementarities, the study also points out that that beyond
trade there are immense opportunities for collaboration in mutually rewarding areas such as digital infrastructure, digital
payment systems, IT services, research and technological innovation, and sustainable and renewable energy, particularly
biofuels. The study suggests that to unlock the potential for increased trade and investment, expanding the scope of the
India-MERCOSUR Preferential Trade Agreement into a comprehensive free trade agreement could be considered.

20 | 2025 | SEPTEMBER | BANKING FINANCE