Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian

banking A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

and

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

company headquartered in Mumbai,

Maharashtra Maharashtra (; , abbr. MH or Maha) is a states and union territories of India, state in the western India, western peninsular region of India occupying a substantial portion of the Deccan Plateau. Maharashtra is the List of states and union te ...

. It sells financial services to large and mid-size companies, SMEs and retail businesses. As of 30 June 2016, 30.81% shares are owned by the promoters and the promoter group ( United India Insurance Company Limited,

Oriental Insurance Company Limited The Oriental Insurance Company Ltd. is a central public sector undertaking under the ownership of Ministry of Finance, Government of India. The headquarters is present in New Delhi. It has 29 regional offices and more than 1500 active branches ...

National Insurance Company Limited National Insurance Company Limited (NICL) is a central public sector undertaking under the ownership of Ministry of Finance, Government of India. It is headquartered at Kolkata and was established in 1906 by Gordhandas Dutia and Jeevan Das Du ...

, New India Assurance Company Ltd, GIC, LIC and UTI). The remaining 69.19% shares are owned by mutual funds, FIIs, banks, insurance companies, corporate bodies and individual investors.

History

The bank was founded on 3 December 1993 as UTI Bank, opening its registered office in

Ahmedabad Ahmedabad ( ; Gujarati: Amdavad ) is the most populous city in the Indian state of Gujarat. It is the administrative headquarters of the Ahmedabad district and the seat of the Gujarat High Court. Ahmedabad's population of 5,570,585 (per t ...

and a corporate office in

Mumbai Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...

. The bank was promoted jointly by the Administrator of the

Unit Trust of India UTI Mutual Fund was carved out of the erstwhile Unit Trust of India (UTI) as a Securities and Exchange Board of India (SEBI) registered mutual fund from 1 February 2003. The Unit Trust of India Act 1963 was repealed, paving way for the bifurcat ...

(UTI),

Life Insurance Corporation of India Life Insurance Corporation of India (LIC) is an Indian central public sector undertaking headquartered in Mumbai, Maharashtra, India. It is under the ownership of Ministry of Finance, Government of India. The Life Insurance Corporation of ...

(LIC), General Insurance Corporation, National Insurance Company, The New India Assurance Company, The Oriental Insurance Corporation and

United India Insurance Company United India Insurance Company is a central public sector undertaking under the ownership of Ministry of Finance, & Government of India. Its headquarters is located in Chennai, India, and was incorporated on 18 February 1938. The company was ...

. The first branch was inaugurated on 2 April 1994 in

Manmohan Singh Manmohan Singh (; born 26 September 1932) is an Indian politician, economist and statesman who served as the 13th prime minister of India from 2004 to 2014. He is also the third longest-serving prime minister after Jawaharlal Nehru and Indir ...

, then finance minister of India. In 2001 UTI Bank agreed to merge with Global Trust Bank, but the

Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for ...

(RBI) withheld approval and the merger did not take place. In 2004, the RBI put Global Trust under moratorium and supervised its merger with

Oriental Bank of Commerce Oriental Bank of Commerce (OBC) was an Indian public sector bank headquartered at Gurgaon, Haryana. It had 2390 branches and 2625 ATMs across India. In April 2020, the bank along with United Bank of India has been merged with Punjab National ...

. The following year, UTI bank was listed on the

London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...

. In the year 2006, UTI Bank opened its first overseas branch in

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...

. The same year it opened an office in

Shanghai Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flow ...

China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...

. In 2007, it opened a branch in the

Dubai International Financial Centre The Dubai International Financial Centre (DIFC) is a special economic zone in Dubai covering , established in 2004 as a financial hub for companies operating throughout the Middle East, Africa and South Asia (MEASA) markets. DIFC is regulated by ...

and branches in

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...

. On 30 July 2007, UTI Bank changed its name to Axis Bank. In 2009,

Shikha Sharma Shikha Sharma (born 19 November 1958) is an Indian economist and banker, and from 2009 to 2018 was the managing director and CEO of Axis Bank, the third largest private sector bank in India. Sharma joined Axis Bank in 2009 and focused on stren ...

was appointed as the MD and CEO of Axis Bank. In 2013, Axis Bank's subsidiary, Axis Bank UK commenced banking operations. On 1 January 2019,

Amitabh Chaudhry Amitabh Chaudhry is an Indian banker, and the managing director (MD) and chief executive officer (CEO) of Axis Bank, the third largest private sector bank in India. He joined Axis in January 2019, after heading HDFC Life Insurance for nine years. ...

took over as MD and CEO. In year 2021,the Bank had reduced its stake in

Yes Bank Yes Bank is an Indian bank headquartered in Mumbai, India and was founded by Rana Kapoor and Ashok Kapoor in 2004. It offers wide range of differentiated products for corporate and retail customers through retail banking and asset management ...

from 2.39 per cent to 1.96 per cent.

Operations

Indian Business

As of 12 August 2016, the bank had a network of 4,096 branches and extension counters and 12,922 ATMs. Axis Bank has the largest ATM network among private banks in India. It even operates an ATM at one of the world's highest sites at Thegu,

Sikkim Sikkim (; ) is a state in Northeastern India. It borders the Tibet Autonomous Region of China in the north and northeast, Bhutan in the east, Province No. 1 of Nepal in the west and West Bengal in the south. Sikkim is also close to the Siligur ...

at a height of 4,023 meters (13,200 ft) above sea level.

International business

The bank has nine international offices with branches at

, Hong Kong, Dubai (at the DIFC), Shanghai, Colombo and representative offices at Dhaka, Dubai, Sharjah and Abu Dhabi, which focus on corporate lending, trade finance, syndication, investment banking and liability businesses. In addition to the above, the bank has a presence in UK with its wholly owned subsidiary Axis Bank UK Limited.

Services

Retail banking

The bank offers lending services to individuals and small businesses, along with liability products, card services, Internet banking,

automated teller machine An automated teller machine (ATM) or cash machine (in British English) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, fun ...

s (ATM) services, depository, financial advisory services, and

Non-resident Indian Overseas Indians ( IAST: ), officially Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) are Indians who live outside of the Republic of India. According to the Government of India, ''Non-Resident Indians'' are citizens of In ...

(NRI) services. Axis bank is a participant in RBI's NEFT enabled participating banks list.

Corporate banking

Transaction banking: Axis Bank provides products and services related to transaction banking to customers in areas of current accounts, cash management services, capital market services, trade, foreign exchange and derivatives, cross-border trade and correspondent banking services and tax collections on behalf of the Government and various State Governments in India. Investment banking and trustee services: The bank provides investment banking and trusteeship services through its owned subsidiaries. Axis Capital Limited provides investment banking services relating to equity capital markets, institutional stock brokering besides M&A advisory. Axis Trustee Services Limited is engaged in trusteeship activities, acting as a debenture trustee and as a trustee to various

securitization Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling ...

trusts.

International banking

The bank offers corporate banking, trade finance, treasury and risk management through the branches at Singapore, Hong Kong, DIFC, Shanghai and Colombo, and also retail liability products from its branches at

and

Colombo Colombo ( ; si, කොළඹ, translit=Koḷam̆ba, ; ta, கொழும்பு, translit=Koḻumpu, ) is the executive and judicial capital and largest city of Sri Lanka by population. According to the Brookings Institution, Colombo me ...

. The representative office at

Dhaka Dhaka ( or ; bn, ঢাকা, Ḍhākā, ), formerly known as Dacca, is the capital and largest city of Bangladesh, as well as the world's largest Bengali-speaking city. It is the eighth largest and sixth most densely populated city ...

was inaugurated during the current financial year.

Listing and shareholding

Axis Banks's

equity shares Common stock is a form of corporate equity ownership, a type of security. The terms voting share and ordinary share are also used frequently outside of the United States. They are known as equity shares or ordinary shares in the UK and other Comm ...

are listed on the

Bombay Stock Exchange BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange. It is located on Dalal Street in Mumbai. Established in 1875 by cotton merchant Premchand Roychand, a Jain businessman, it is the oldest stock exchange in ...

(BSE) and

National Stock Exchange of India National Stock Exchange of India Limited (NSE) is the leading stock exchange under the ownership of various group of domestic and global financial institutions, public and privately owned entities and individuals. It is located in Mumbai, Mah ...

(NSE). The company's

global depository receipt A global depository receipt (GDR and sometimes spelled ''depositary'') is a general name for a depositary receipt where a certificate issued by a depository bank, which purchases shares of foreign companies, creates a security on a local exchan ...

s (GDRs) are listed on the

. The Bonds issued by the bank under the MTN program are listed on the

Singapore Stock Exchange The Singapore Exchange Limited (SGX) is a Singaporean investment holding company that provides different services related to securities and derivatives trading and others. SGX is also a member of the World Federation of Exchanges and the Asian ...

Issues and concerns

Operation Red Spider

An Indian online magazine conducted a sting operation which was publicised along with 2013 videos evidence showing a wide range of violations and money-laundering schemes by top officials at a number of Indian banks, including Axis Bank. Consequently, penalties of on Axis Bank, on

HDFC Bank HDFC Bank Limited (also known as HDB) is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and world's 10th largest bank by market capitalisation . It is the third lar ...

, and on

ICICI Bank ICICI Bank Limited is an Indian Private bank. It is headquartered at Mumbai. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiari ...

were imposed by the

2016 Demonetisation related money laundering

Following the 2016 Indian Banknote Demonetisation, a number of Axis Bank employees were arrested for facilitating money laundering activities. Some media outlets highlighted the disproportionate number of cases involving the bank, and claimed that the bank's aggressive performance targets and internal culture fostered such activities and that the blame does not lie solely in the hands of arrested employees.

Initiatives

Axis Thought Factory

An innovation hub located in

Bengaluru Bangalore (), officially Bengaluru (), is the capital and largest city of the Indian state of Karnataka. It has a population of more than and a metropolitan population of around , making it the third most populous city and fifth most ...

has an in-house innovation team and an accelerator program. With this launch, Axis Bank became the first Indian bank to introduce a dedicated innovation lab in the country.

Asha home loans

Asha home loans targets first-time home buyers in the lower-income segment. The product offers loans from – in small towns (population less than 1 million) and up to in larger towns (population over 1 million), to customers with family incomes of – per month and above.

eKYC

eKYC (electronic

know your customer Know Your Customer (KYC) guidelines in financial services require that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a ...

) is an online, paperless Aadhaar card-based process for fulfilling KYC requirements to start investing in mutual funds without the submission of any documents. Axis Bank partnered with

Visa Inc. Visa Inc. (; stylized as ''VISA'') is an American multinational financial services corporation headquartered in San Francisco, California. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded cred ...

to launch the 'eKYC' facility, and was the first organization in India to introduce

biometrics Biometrics are body measurements and calculations related to human characteristics. Biometric authentication (or realistic authentication) is used in computer science as a form of identification and access control. It is also used to identify in ...

-based KYC.

Subsidiaries

Axis Capital Ltd.

Axis Capital Ltd. was incorporated in India as a wholly owned subsidiary of the bank on 6 December 2005 and received its certificate of commencement of business on 2 May 2006. Certain businesses of M/s. Enam Securities Pvt. Ltd. were merged with Axis Capital Ltd. as part of a scheme and the following companies became direct subsidiaries of Axis Capital: # Axis Securities Ltd. (formerly Enam Securities Direct Pvt. Ltd.) # Axis Finance Ltd. (formerly Enam Finance Pvt. Ltd.) # Axis Securities Europe Ltd. (formerly Enam Securities Europe Ltd.) # Enam International Ltd., UAE (voluntarily dissolved with effect from 24 August 2014) Axis Securities Ltd., Axis Finance Ltd. and Axis Securities Europe Ltd. later became direct subsidiaries of the bank in line with the RBI directives.

Axis Securities Ltd.

Axis Securities Ltd.was incorporated in India on 21 July 2006. The sales and securities business, including the retail broking business of Axis Capital Ltd, was merged with ASL on 25 May 2013. ASL is a wholly owned subsidiary of the bank and offers retail asset products, credit cards and retail brokerage services.

Axis Private Equity Ltd.

Axis Private Equity Ltd. was incorporated in India as a wholly owned subsidiary of the bank on 3 October 2006 and received its certificate of commencement on 4 December 2006. APE manages investments, venture capital funds and offshore funds.

Axis Mutual Fund

Axis Mutual Fund is a subsidiary of Axis Bank established in 2009 with in headquarters in

Acquisitions

Axis Bank acquired

Freecharge Freecharge is an Indian financial services company based in Gurugram. It allows users to pay bills such as electricity, gas and telephone, as well as recharge mobile, broadband, DTH and metro cards. In addition, it enables the users to invest ...

, a digital marketplace for financial services in 2017 for approximately ₹385 crore.

Awards

2010

* Best Debt House in India –

Euromoney ''Euromoney'' is an English-language monthly magazine focused on business and finance. First published in 1969, it is the flagship production of Euromoney Institutional Investor plc. History and profile ''Euromoney'' was first published in 19 ...

* Best Domestic Debt House in India –

Asiamoney ''Asiamoney'', a financial publication established in 1989, has now merged with other key capital markets publications from the Euromoney Institutional Investor Group: ''Euroweek'', ''Total Securitization'' and ''Derivatives Week'', to form ''Glo ...

* Overall Winner & Consistent Performer – (Large Banks Category) – Business Today Best Bank Awards 2010

2011

* Bank of the Year – India –

The Banker ''The Banker'' is an English-language monthly international financial affairs publication owned by ''The Financial Times'' Ltd. and edited in London, United Kingdom. The magazine was first published in January 1926 through founding Editor, Brend ...

Awards 2011

2012

* Bank of the Year – Money Today FPCIL Awards 2012–13 * Best Private Sector Bank –

CNBC-TV18 CNBC TV18 is an Indian pay television Business channels, business and financial news channel owned by NBCUniversal and TV18. CNBC TV18 Prime HD Having launched on 26 October 2011, this is CNBC TV18's premium service and the first business ...

India's Best Bank and Financial Institution Awards 2012

2013

* Ranked No 1 in the IT Biz Award – large enterprises category by Express IT Awards * Joint winner under the ‘Most Innovative Broad Based Product Offering’ category - IBA Innovations Award.

2014

* Best Domestic Bank in India-

Best Banks 2014 * Best Bank Award among Large Banks for IT For Business Innovation -

IDRBT The Institute for Development & Research in Banking Technology (IDRBT) is an engineering training institution exclusively focused on banking technology. Established by the Reserve Bank of India (RBI) in 1996, the institution works at the inte ...

Banking Technology Excellence Awards 2014 * Best Bank for Rural Reach in the Private Sector and Best Retail Growth Performance in the Private Sector category –

Dun & Bradstreet The Dun & Bradstreet Corporation is an American company that provides commercial data, analytics, and insights for businesses. Headquartered in Jacksonville, Florida, the company offers a wide range of products and services for risk and financia ...

- Polaris Financial Technology Banking Awards 2014

2015

* Axis Bank has been adjudged winner in the Best Bank Category, Outlook Money Awards 2015 * Axis Bank awarded for the Best Security among Private Sector Banks in India by Data Security Council of India (DSCI). * Best Domestic Bank in India –

Best Banks 2015 * Axis Bank has been featured in

Limca Book of Records The ''Limca Book of Records'' is an annual reference book published in India documenting world records held by Indians. The records are further categorized into education, literature, agriculture, medical science, business, sports, nature, advent ...

2015 for creating a National Record for its campaign – 'Plant a Sapling' * No. 1 Promising Banking Brand of 2015,

Economic Times Awards The Economic Times Awards for Corporate Excellence (also referred as ET Awards) are the awards conferred by ''The Economic Times'' in the field of business, corporate and government policies, economies in India. It is an annual awards, conferred ...

2015

References

External links

* * Business data for Axis Bank
ReutersGoogle FinanceBloombergQuint
{{Authority control Banks based in Mumbai Indian brands Indian companies established in 1993 Banks established in 1993 Companies listed on the London Stock Exchange NIFTY 50 BSE SENSEX Axis Bank 1993 establishments in Maharashtra Companies listed on the National Stock Exchange of India Companies listed on the Bombay Stock Exchange

History

Operations

Indian Business

International business

Services

Retail banking

Corporate banking

International banking

Listing and shareholding

Issues and concerns

Operation Red Spider

2016 Demonetisation related money laundering

Initiatives

Axis Thought Factory

Asha home loans

eKYC

Subsidiaries

Axis Capital Ltd.

Axis Securities Ltd.

Axis Private Equity Ltd.

Axis Mutual Fund

Acquisitions

Awards

2010

2011

2012

2013

2014

2015

See also

References

External links