Minutes of Meeting
Company Name: Ecom Express
Date: 6th June 2023 / 11:30 AM
Discussion Points:
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The company seeks flat variable rates for the funds collected by vendors across various locations, in contrast
to the existing rate system that incorporates agency costs plus variable costs. This service is being offered to
them by other banks, notably Yes Bank.
The company has requested to assist in the release of funds currently withheld by the Election Commission,
amounting to approximately 1 lakh.
The bank has been deducting multiple charges, totalling approximately 3-4 lakhs, due to low denomination
charges and various miscellaneous charges. These charges should be promptly investigated and communicated
to the customer.
Additionally, there have been delays in the bank's response to emails and other forms of communication. And
should be checked upon immediately
Company Name: Ixigo
Date: 6th June 2023 / 1:15 PM
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The company is facing concerns regarding UPI transaction costs, as most banks, including ICICI Bank, and
payment aggregators like Payu, are providing UPI transactions free of charge since the UPI product from NPCI
is a zero-cost offering. However, Axis Bank continues to charge fees for refund-related payment issues.
The company is currently experiencing liquidity challenges concerning its overdraft (OD) limit and the
placement of excess funds in fixed deposits (FDs) with Axis Bank.
The company has made a request to the bank for any potential co-branded offers that can be extended to
them. The marketing team has already received in-principle approval for train-related communications, and
the company is eager to explore further possibilities in this regard.
It is essential to address the generation of a company code and the opening of employee salary accounts. A
fresh proposal should be sent to the company to facilitate further discussions and progress in this matter.
Regarding their Forex business, the company currently maintains a Forex-based account with Kotak Bank, with
monthly transactions amounting to approximately 50-70 lakhs in dollars. There is an opportunity to transition
this business to Axis Bank or explore new business prospects once partnerships with various hotel aggregators,
such as Agoda, are established.
The company has also requested an increase in their limit, which has already been sanctioned. To proceed
with this, an AOA (Articles of Association) is required from the company's end.
Company Name: Make My Trip
Date: 6th June 2023 / 3 PM
Discussion Points:
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The company is in urgent need of resolving their limit, which has already been sanctioned. However, there are
concerns regarding the reduction of security margin costs that need to be addressed promptly.
The company intends to implement measures to bypass the success rate metrics of online transactions,
ensuring that funds bound for Axis Bank are directed exclusively to Axis Bank and not routed elsewhere.
During discussions, the company also explored various co-branded offers. Currently, the company generates
a monthly revenue of 15-20 crore from both rail and road bookings, with Axis Bank capturing only half of this
amount. There is a desire to increase Axis Bank's share in this revenue further, and the company requires a
comprehensive proposal to offer competitive deals for flight bookings.
The marketing team of the bank requires more support and encouragement to provide better offers and
initiatives.
The company has requested the implementation of the newly launched UPI plugin system. Currently, ICICI,
HDFC, and RazorPay are the main UPI authorizers for the company, accounting for 30-40% of their total
business, which amounts to more than 3000 crores monthly. Capitalizing on this UPI business can generate
substantial revenue for Axis Bank, Close to 400-500 Crores monthly.
The company has expressed a desire that Axis bank should shift their internal travel partner from Yatra.com
to MakeMyTrip through customized "Request to Travel" offerings designed specifically for large corporates.
The ‘MyBiz’ Platform will also be considered in this process.
Additionally, Axis Bank offers a separate program called Grab Deals, which can facilitate collaboration with
MakeMyTrip.
The company has requested preferential fixed deposit (FD) rates for parking their short-term liquid funds with
the bank.