Insignificant exposure to NSEL, says Axis Bank

Written by Press Trust of India | New Delhi | Updated: Sep 5 2013, 04:19am hrs
Axis BankAxis Bank
Axis Bank today said its exposure to National Spot Exchange Ltd is insignificant and it has sufficient collateral.

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.