HDFC, Axis, Kotak Mahindra Bank look to renegotiate rents

India’s top seven private lenders including HDFC Bank, Kotak Mahindra Bank, Axis Bank and ICICI Bank, are renegotiating contracts to lower their annual rental bill estimated at almost Rs 4,000 crore. In most cases, the banks are asking their landlords for a deferral on rent payments or seeking a better deal due to the impact on business in light of the Covid-19 lockdown. “We are negotiating rent on leases that are coming up for expiry in this financial year – this could help save us at least 10-20% on our annual rent outgo,” said a private sector bank official on condition of anonymity.