Axis Bank Limited, formerly UTI Bank (1993-2007), is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra. It is the third largest private sector bank in India by assets and the fourth largest by market capitalization. It sells financial services to medium and large companies, SMEs and retail businesses

mpany Limited, Oriental Insurance Company Limited, National Insurance Company Limited, New India Assurance Company Ltd, GIC, LIC and UTI) owns 30.81% of the shares. The remaining 69.19% of the shares are held by mutual funds, Financial Institution Groups, banks, insurance companies, corporate bodies and individual investors.

HISTORY

Established on December 3, 1993, the bank, formerly known as UTI Bank, opened its registered office in Ahmedabad and a corporate office in Mumbai. The bank is jointly promoted by Unit Trust of India (UTI), Life Insurance Corporation of India (LIC), General Insurance Corporation, National Insurance Corporation, New India Insurance Company, Oriental Insurance Company and United India Insurance Company. On April 2, 1994, Manmohan Singh, then Minister of Finance of India, inaugurated the first branch in Ahmedabad.

In 2001, UTI Bank agreed to merge with Global Trust Bank, but the Reserve Bank of India (RBI) refused to approve and the merger did not take place. In 2004, RBI suspended Global Trust and oversaw its merger with Oriental Commercial Bank. The following year, UTI Bank was listed on the London Stock Exchange. In 2006, UTI Bank opened its first overseas branch in Singapore. In the same year, it opened an office in Shanghai, China. In 2007, it opened a branch in Dubai International Financial Centre and a branch in Hong Kong.

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

In 2009, Shikha Sharma was appointed Managing Director and CEO of Axis Bank.

In 2013, Axis Bank UK, a subsidiary of Axis Bank, started banking operations.

The Indian government plans to sell 20.7% of Axis Bank for Rs 57 billion (equivalent to $925 million) in February 2014.

On January 1, 2019, Amitabh Chaudhry took over as Managing Director and CEO.

In 2021, the bank reduced its stake in Yes Bank from 2.39% to 1.96%.

As of March 31, 2024, the bank had 5,377 branches and extension counters, 16,026 ATMs and Cash Recycling Bins.

Axis Bank has the largest ATM network among private banks in India. It even operates an ATM at Thegu, Sikkim at 4,023 meters (13,200 feet) above sea level, one of the highest locations in the world

The bank has nine international offices in Singapore, Hong Kong, Dubai (Dubai International Financial Centre), Shanghai Colombo and representative offices in Dhaka, Dubai, Sharjah and Abu Dhabi, focusing on corporate lending, trade finance, syndication, investment banking and indebtedness. In addition to the above, the bank also has a wholly-owned subsidiary Axis Bank UK Limited in the UK.

Services

Retail Banking

The bank offers lending services to individuals and small businesses, as well as liability products, card services, online banking, automated teller machine (ATM) services, deposits, financial advisory services, and non-resident India (NRI) services. Axis Bank is a participant in RBI's NEFT Enablement Participating Banks List.

Corporate Banking

Transaction Banking: Axis Bank provides products and services related to transaction banking on behalf of the Government of India and various state governments to clients in the areas of current account, cash management services, capital markets services, trading, foreign exchange and derivatives, cross-border trade and correspondent banking services, and taxation.

Investment Banking and Trustee Services: The bank provides investment banking and custody services through its owned subsidiaries. Axis Capital Limited provides investment banking services related to equity capital markets, institutional stock brokerage, and M & A advisory. Axis Trustee Services Limited engages in custody activities and acts as a trustee of bonds and a trustee of various securitization trusts.

International Banking

The bank offers corporate banking, trade finance, treasury and risk management services through its branches in Singapore, Hong Kong, DIFC, Shanghai and Colombo, as well as retail liability products at its branches in Hong Kong and Colombo. The Dhaka Representative Office was inaugurated during the financial year.

Listing & Holdings

Axis Banks' shares are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). The company's Global Depositary Receipts (GDRs) are listed on the London Stock Exchange. Bonds issued by the bank under the Medium Term Note Programme are listed on the Singapore Stock Exchange.

Questions and Concerns

Operation Red Spider

Main entry: Operation Red Spider

An Indian online magazine conducted a sting operation that was made public along with videos from 2013 that revealed widespread irregularities and money laundering schemes by senior officials of several Indian banks, including Axis Bank. As a result, the RBI fined Axis Bank Rs 50 million ($600,000), HDFC Bank Rs 45 million ($540,000) and ICICI Bank Rs 10 million ($120,000).

Money Laundering Related to demonetisation in 2016

Following the demonetisation of Indian banknotes in 2016, a number of Axis Bank employees have been arrested for assisting in money laundering activities. Some media outlets have highlighted the disproportionate number of cases involving the bank and claimed that the bank's aggressive performance targets and internal culture fuel such activities and that the blame does not lie solely with the arrested employees.

Measures

Axis Idea Factory

An innovation hub in Bangalore has an in-house innovation team and an accelerator program focused primarily on artificial intelligence. With this launch, Axis Bank becomes the first Indian bank to introduce a dedicated innovation lab in the country.

Asha Home Loan

Asha Home Loan targets first-time home buyers in low-income groups. The product offers loans of Rs 100,000 ($1,200) to Rs 1.50 million ($18,000) in small towns (population less than 1 million) and up to Rs 2.80 million ($34,000) in large towns (population over 1 million) to customers with household incomes of Rs 8,000 ($96) to Rs 10,000 ($120) and above per month.

eKYC Certification

eKYC (E-Know Your Customer) is an online, paperless Aadhaar card-based process for meeting KYC requirements to start investing in mutual funds without the need to submit any documentation. Axis Bank has partnered with Visa Inc. to launch the "eKYC" facility and was the first organization in India to introduce biometric-based KYC.

Axis Capital Ltd.

Axis Capital Ltd. was incorporated in India on December 6, 2005 and is a wholly-owned subsidiary of the bank. It received its certificate of commencement on May 2, 2006. As part of the scheme, M/s. Certain businesses of Enam Securities Pvt. Ltd. merged with Axis Capital Ltd. and the following companies became direct subsidiaries of Axis Capital:

1. Axis Securities Ltd. (formerly Enam Securities Direct Pvt. Ltd.)
2. Axis Finance Ltd. (formerly Enam Finance Pvt. Ltd.)
3. Axis Securities Europe Ltd. ( Formerly known as Enam Securities Europe Ltd.)
4. Enam International Ltd., UAE (voluntary dissolution, effective from 24 August 2014)

Axis Securities Ltd., Axis Finance Ltd. and Axis Securities Europe Ltd. later became direct subsidiaries of the bank under the RBI Directive.

Axis Securities Ltd.

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

Axis Private Equity Ltd.

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

Axis Mutual Funds

Main entry: Axis Mutual Fund

Axis Mutual Fund is a subsidiary of Axis Bank, established in 2009 and headquartered in Mumbai.

Acquisition

• 2017: Axis Bank acquired Freecharge, a financial services digital marketplace, in 2017 for approximately Rs 3.85 billion.
• 2023: In March 2023, Axis Bank completed the acquisition of Citibank India Consumer Banking, a subsidiary of Citigroup India, for cash consideration of Rs 123.25 billion ($1.50 billion). The acquisition was originally announced in March 2022 and therefore took almost a year.

2010

• Best Debt Company in India - Euromoney
• Best Domestic Debt Institution in India - Asian Money
• Business Today Best Bank Award 2010 (Large Bank Category)
• Bank of the Year in India 2011 - Banker Award
• 2012-13 Bank of the Year - Money Today FPCIL Award
• 2012 CNBC-TV18 Best Bank and Financial Institution Group Award in India, 1st in IT Biz Award - Large Enterprise category at IT Express Awards
• Co-winner of the "Most Innovative Broad Product" category - IBA Innovation Award.
• Best Domestic Bank in India 2014 - Best Bank in Asian Money
• IDRBT Banking Technology Excellence Awards 2014
• Best Rural Bank in the Private Sector and Best Retail Growth Performance in the Private Sector 2014 - Dun & Bradstreet - Polaris Fintech Banking Awards
• Axis Bank was named a Winner in the Best Bank category at the Outlook Money Awards 2015
• Axis Bank was awarded the Best Security Award for Private Sector Banks in India by the Data Security Council of India (DSCI).
• 2015 Best Domestic Bank in India - Best Bank in Asian Money

Axis Bank was listed in Limca Book of Records 2015 for its activity "Planting a Sapling"

• #1 Most Promising Bank Brand of 2015 - 2015 Economic Times Awards