Mumbai Police Ditches Axis Bank; Shifts 40,000 Salary A/c To HDFC Bank: But Why?

Mumbai Police Ditches Axis Bank; Shifts 40,000 Salary A/c To HDFC Bank: But Why?
Mumbai Police Ditches Axis Bank; Shifts 40,000 Salary A/c To HDFC Bank: But Why?

In a twist of events, Mumbai Police will remove 40,000 salary accounts of their workforce from Axis Bank, and transfer them to HDFC Bank.

Since both of these banks are private banks, there is intense speculation as to why this happened?

Is there any political link to it?

We have tried to find the answers here.. Keep reading to find out more!

Mumbai Police To Shift 40,0000 Salary Accounts From Axis To HDFC Bank

The Uddhav Thackeray led government has announced that they will be shifting salary accounts of Mumbai police to HDFC Bank.

Earlier, the State Govt had indicated that they will be choosing a nationalized bank for their workforce, but eventually selected HDFC Bank.

This means that the Axis Bank will lose all the salary accounts of the Mumbai Police.

Last December, State Govt switched entire salary account of Maharashtra Police, which has a workforce of more than two lakh people and the annual salary bill is more than Rs. 11,000 crore, from Axis Bank to HDFC Bank.

And as per new reports coming in, HDFC Bank has been finalized to shift the documents and the staff has been told to keep the documents that they need to open a bank account ready.

Why did the Mumbai Police Ditch Axis Bank?

As per reports, the contract of Mumbai Police with the Axis Bank ended on  July 31, 2020. 

After this, the Mumbai Police started inviting tenders. After inspecting the features of each banks, the Mumbai Police has opted for the HDFC Bank.

The Brihanmumbai Municipal Corporation and Thane Municipal Corporation will also be shifting their accounts from the bank.

Rajkumar Vhatkar, joint commissioner, administration, Mumbai police confirmed the news, saying, “We have asked all our staffers to complete the transfer process. HDFC Bank was selected as it offered the best deal.”

There are also allegations about political reasons behind this transfer. As per reports, the bank accounts were previously in the State Bank of India, but were shifted to the Axis Bank around the time when Devendra Fadnavis was the Chief Minister of Maharashtra.  

Last August, Nagpur based activist, Mohnish Jabalpure, petitioned the Enforcement Directorate (ED), and he claimed that the accounts were shifted because of former CM Fadanavis as his wife, Amruta Fadnavis, is the vice-president and corporate head (Western India) at Axis Bank.

But these allegations remain unresolved as of now.

We will keep you updated, as more details come in.

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