Page 22 - Banking Finance October 2022

PRESS RELEASE

Axis Bank and Square Yards launches Open Doors, co-branded Home

Buyer Ecosystem

Axis Bank, India’s third largest private sector bank and seek assistance, browse through properties extensively,
Square Yards, India’s largest integrated Real Estate apply for quick home loans and connect with vendors to
platform, today announced the launch of ‘Open Doors’, a transform the house into their own dream home. Our
novel, co-branded Home Buyer Ecosystem. This unique partnership with Square Yards aims to simplify the
platform will ensure that the complete journey from challenges faced by our customers during the home buying
searching to buying one’s own dream home becomes a process. With our strong retail banking presence across
hassle-free, efficient, and delightful experience for India, we will also ensure that all customers get easy access
customers. to home loans.’’
Open Doors is a first-of-its-kind unified platform, designed Real estate inventory displayed on the Open Doors platform
to address the entire gamut of customer queries related will carry joint offers from both Square Yards and Axis Bank
to residential property. Customers looking to purchase a on home buying, home loan, Interiors, Property
house can now avail end-to-end home buying assistance, Management and other allied property services, creating
exclusive builder inventory access, seamless home loan value for customers and bringing down the total cost of
processing and other ecosystem services including rental home ownership.
and property management, home furnishing, and legal and
With this unique collaboration, Axis Bank and Square Yards
technical services - everything under one roof in a cost-
customers can now avail an array of value-added financial
effective manner.
benefits, including customized loan amounts and flexible
“We are delighted to partner with Axis Bank to bring all tenure, along with minimal documentation for a seamless
housing related requirements on a single platform. Axis home buying experience.
Bank has always been a frontrunner in providing holistic,
Axis Bank and Square Yards have been constantly innovating
affordable financial solutions for consumers in an increasingly
digital-first solutions to simplify customer journeys, which
digital ecosystem. We will leverage Axis Bank’s widespread
reflects the cultural alignment between the two
geographical reach and diversified portfolio of financial
organizations. This co-branding move signifies the shared
products to enhance homebuyer experience,” said Tanuj
values of technological innovation, ingenuity, and
Shori, Founder and CEO, Square Yards.
convenience; paving a stellar opportunity for both the
Speaking on the collaboration, Mr. Sumit Bali, Group companies to reach out to the target audience with
Executive and Head – Retail Lending and Payments, Axis meaningful solutions and enhance their business
Bank said, “With the launch of Open Doors, we are building growth.Bank to reach out to startups and offer customised
a robust ecosystem for home buyers where customers can solutions that meet the unique needs of across life stage.

Bank of Maharashtra Raises Rs 710 Crores Via AT1 Bonds Subscribed

by more than 10 Times of base issue
Bank of Maharashtra, a premier public sector bank in the country has raised Basel III compliant Additional Tier 1 (AT1)
bonds of Rs 710 crores (including green shoe option of Rs 610 crores) on Wednesday at coupon rate of 8.74 per cent. The
issue garnered overwhelming response from investors with subscription of 10 times against base issue size of Rs 100
crores. The AT1 bonds were fully subscribed with in a fifteen minutes from opening of the issue.

The capital of Rs 710 crores raised through the AT1 bonds will support the business growth of the bank. The AT1 instrument
is perpetual in nature; with call option after 5 years.

The Bank has credit ratings of AA (Stable) for AT1 Bonds

22 | 2022 | OCTOBER | BANKING FINANCE