Axis Bank became 4th largest lender by market cap in India

Current Context: Axis Bank has recently overtaken Kotak Mahindra Bank to become the fourth-largest lender by market capitalization in India.

• This significant development occurred after Kotak Mahindra Bank’s shares experienced a 10% decline due to restrictions imposed by the Reserve Bank of India (RBI).
• The RBI banned Kotak from onboarding new customers through its online and mobile banking channels and also prohibited the issuance of fresh credit cards by the bank.
• As a result, Kotak’s market capitalization fell to ₹3.3 lakh crore, while Axis Bank’s market cap stood higher at ₹3.4 lakh crore.
• Here are the key points:
• Axis Bank:
• Shares were trading 4% higher following better-than-expected Q4 results.
• Market capitalization: ₹3.4 lakh crore.
• Kotak Mahindra Bank:
• Shares dropped 10% due to the RBI ban.
• Market capitalization: ₹3.3 lakh crore.
• In the pecking order of Indian banks, HDFC Bank remains the most valued at approximately ₹11.5 lakh crore, followed by ICICI Bank at ₹7.76 lakh crore and SBI at ₹7 lakh crore.

Question:

Q.1 Which bank overtook Kotak Mahindra Bank to become the fourth-largest lender by market capitalization in India?
a. HDFC Bank
b. Axis Bank
c. ICICI Bank
d. SBI