Axis Bank will acquire Citibank's India consumer business for $1.6 billion in an all-cash deal. The transaction comprises the sale of the consumer banking businesses of Citibank India, which include credit cards, retail banking, wealth management and consumer loans, Citigroup said in a release.

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The deal, however, excludes Citi’s institutional client businesses in India, the statement clarified, adding that "Citi remains committed and focused on serving institutional clients in India and globally".

However, that is the corporate deal. What does it mean for the end-user? We spoke to people in the know to answer the following questions:

Does anything change specifically for Citi credit cardholders?

At a product value proposition level, there will be no change. In fact, it will only be more beneficial as Axis deals will be extended to Citi customers.

What about the offers, points and cash backs that they had on their cards

All offers, benefits and privileges for Citi customers will continue as they are currently. No change.

Also Read | Axis Bank's margin may increase 20 bps with Citi deal: JM Financial

Will you need to do a new KYC?

KYC is not required for onboarding Citi customers. KYC refresh as per risk band, when required.

Will new cards be issued with Axis card branding?

New cards will be issued with Axis branding. However, that point will come much later after 2 earlier phases - 1st 9/12 months, and the second another 12/18 months.

Also Read | Citi deal will take 9-12 months to get all approvals; cards biz to grow 57%, says Axis Bank CEO Amitabh Choudhry

(Edited by : Abhishek Jha)