Axis Bank

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Axis Bank is the fifth-largest Indian bank

offering a wide assortment of financial
products. The bank has its head office in
Mumbai, Maharashtra. It has 4,050
branches, 11,801 ATMs and 4,917 cash
recyclers spread across the country as of
31 March 2019 and nine international
offices. The bank employs over 55,000
people and had a market capitalization of
₹1.31 trillion (US$18 billion) (as on 31
March 2018).[5] It sells financial services to
large and mid-size corporates, SME and
retail businesses.[1]
 Axis Bank

Type Public
Traded as BSE: 532215
LSE: AXBC
NSE: AXISBANK
ISIN INE238A01034 

Industry Finance, banking,

financial services 
Founded 1993

Headquarters Mumbai,
Maharashtra, India[1]
Number of locations 4415 branches
[2] (December 2019)

Key people Shri Rakesh Makhija

 (Chairman)[3]
Amitabh Chaudhry
(MD & CEO)[4]
Operating income ₹190.05 billion
(US$2.7 billion)
(2019)
₹155.94 billion
(US$2.2 billion)
(2018)
[5]

Net income ₹46.77 billion

(US$660 million)
(2019)
₹2.76 billion
(US$39 million)
(2018)
Total assets ₹8.00997 trillion
(US$110 billion)
 (2019)
₹6.91330 trillion
(US$97 billion) (2018)
[5]
Owner Life Insurance
Corporation (9.02%)
Specified Undertaking
of Unit Trust of India
(SUUTI) (4.6%)
General Insurance
Corporation of
India(1.15%)
Number of 72000 (2019)[6]
employees
Subsidiaries Axis Asset
Management
Company Ltd.
Axis Mutual Fund
 Trustee Ltd.
Axis Capital Ltd.
Axis Finance Ltd.
Axis Securities Ltd.
A.TREDS Ltd.
Axis Bank UK Ltd.
Axis Trustee Services
Ltd.
Freecharge
Accelyst Solutions
Private Ltd.
Axis Private Equity
Ltd.[7]
Capital ratio 9.35% (December
2019)
Website www.axisbank.com
As of 30 June 2016, 30.81% shares are
owned by promoters and promoter group
(United India Insurance Company Limited,
Oriental Insurance Company Limited,
National Insurance Company Limited, New
India Assurance Company Ltd, GIC, LIC
and UTI).[8] The remaining 69.19% shares
are owned by mutual funds, FIIs, banks,
insurance companies, corporate bodies
and individual investors among others.[9]

History
The bank was founded in December 1993,
as UTI Bank, opening its registered office
in Ahmedabad and corporate office in
Mumbai.[10] UTI Bank began its operations
in 1993, after the Government of India
allowed new private banks to be
established. The bank was promoted in
1993 jointly by the Administrator of the
Unit Trust of India (UTI-I),[11] Life Insurance
Corporation of India (LIC), General
Insurance Corporation, National Insurance
Company, The New India Assurance
Company, The Oriental Insurance
Corporation and United India Insurance
Company. The first branch was
inaugurated on 2 April 1994 in Ahmedabad
by Dr. Manmohan Singh, the then finance
minister of India.

In 2001 UTI Bank agreed to merge with

Global Trust Bank, but the Reserve Bank of
India (RBI) withheld approval and the
merger did not happen. In 2004, the RBI
put Global Trust into moratorium and
supervised its merger with Oriental Bank
of Commerce.

In 2003, UTI Bank became the first Indian

bank to launch a travel currency
card.[12][13] In 2005, it was listed on London
Stock Exchange.[14]
UTI Bank opened its first overseas branch
in 2006 in Singapore. That same year it
opened a representative office in
Shanghai, China. In 2007, UTI Bank opened
a branch in the Dubai International
Financial Centre and branches in Hong
Kong. In 2008, it opened a representative
office in Dubai.[15]

With effect from 30 July 2007, UTI Bank

changed its name to Axis Bank.[16]

In 2009, Shikha Sharma was appointed as

the MD and CEO of Axis Bank.[17]
Axis Bank opened a branch in Colombo in
October 2011, as a Licensed Commercial
Bank supervised by the Central Bank of Sri
Lanka.[18] Also in 2011, Axis Bank opened
a representative offices in Abu Dhabi.[19] In
2011, Axis bank inaugurated Axis House,
its new corporate office in Worli,
Mumbai.[20]

In 2013, Axis Bank's subsidiary, Axis Bank

UK commenced banking operations. Axis
Bank UK has a branch in London.[21]

Bollywood actress Deepika Padukone is

the brand ambassador of Axis Bank.[22]
In 2014, Axis Bank launched  its first ‘All
Women Branch’ in Patna.[23]

In 2015, Axis Bank opened its

representative office in Dhaka.[24]

In 2019, Amitabh Chaudhry takes over as

the MD & CEO from 1 January.[25]

As of 31 March 2016, the bank has over

50,001 employees. It spent ₹26.7 billion
(US$370 million) on employee benefits
during the FY 2012–13.[26]

Operations
Indian Business …

As of 12 Aug 2016, the bank had a network

of 4,094 branches and extension counters
and 12,922 ATMs.[27]

Shankar Sheth Road Branch, Pune

Axis Bank has the largest ATM network
among private banks in India.[28][29] It even
operates an ATM at one of the world's
highest sites at Thegu, Sikkim at a height
of 4,023 meters (13,200 ft) above sea
level.[30]

International business …

The bank has nine international offices

with branches at Singapore, Hong Kong,
Dubai (at the DIFC), Shanghai,[31] Colombo
and representative offices at Dhaka, Dubai,
Sharjah and Abu Dhabi, which focus on
corporate lending, trade finance,
syndication, investment banking and
liability businesses.[32] In addition to the
above, the bank has a presence in UK with
its wholly owned subsidiary Axis Bank UK
Limited.[33]

Services

Retail banking …

The bank offers services such as lending

to individuals and small businesses
subject to the orientation, product and
granularity criterion, along with liability
products, card services, Internet banking,
automated teller machines (ATM)
services, depository, financial advisory
services, and Non-resident Indian (NRI)
services.[26] Axis bank is a participant in
RBI's NEFT enabled participating banks
list.[34]

Corporate banking …

Transaction banking: Formed in April

2015, TxB provides integrated products
and services 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.[35]

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 debenture
trustee and as trustee to various
securitization trusts.[36]

International banking …

The bank continues to offer 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 Hong Kong and
Colombo.[37] The representative office at
Dhaka was inaugurated during the current
financial year.[38]

Ethics controversies

2016 demonetisation related money

laundering
…

Following the 2016 Indian Banknote

Demonetisation, a number of Axis Bank
employees were arrested for facilitating
money laundering activities.[39][40] 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.[41]

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
₹50 million (US$700,000) on Axis Bank,
₹45 million (US$630,000) on HDFC Bank,
and ₹10 million (US$140,000) on ICICI
Bank were imposed by the Reserve Bank
of India.[42]

Initiatives

Axis Thought Factory …

The innovation hub located in Bengaluru,

has an in-house innovation team and an
accelerator programme.[43] With this
launch, Axis Bank became the first Indian
bank to introduce a dedicated innovation
lab in the country.[44][45][46]

Asha home loans …

Asha home loans targets first-time home

buyers in the lower-income segment.[47][48]
The product offers loans from ₹100,000
(US$1,400)–₹1.5 million (US$21,000) in
small towns (population less than 1
million) and up to ₹2.8 million (US$39,000)
in larger towns (population over 1 million),
to customers with family incomes of
₹8,000 (US$110)–₹10,000 (US$140) per
month and above.[49]

eKYC …

eKYC[50] is an online, paperless Aadhaar

card-based process for fulfilling KYC
requirements to start investing in mutual
funds without submission of any
documents. SEBI has recently in 2017,
allowed Aadhaar-based KYC to be used for
MF investments, for the convenience of
investors. Axis Bank partnered with Visa to
launch 'eKYC' (electronic know your
customer) facility, first organization in
India to introduce biometrics-based
KYC.[51]

Subsidiaries
Axis Capital Ltd. E…

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 ACL:

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
Enam Securities Europe Ltd.)
4. 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. E…

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
is in the business of marketing retail asset
products, credit cards and retail
broking.[52]
Axis Private Equity Ltd. E…

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 is in the business of
managing investments, venture capital
funds and offshore fundsx.

Awards and recognitions

2010 …
 Best Debt House in India –
Euromoney[53]
Best Domestic Debt House in India –
Asiamoney[54]
Overall Winner & Consistent Performer -
(Large Banks Category) – Business
Today Best Bank Awards 2010[55]

2011 …

Bank of the Year – India –The Banker

Awards 2011[56]

2012 …
 Bank of the Year – Money Today FPCIL
Awards 2012-13[57]
Best Private Sector Bank – CNBC-TV18
India's Best Bank and Financial
Institution Awards 2012[58]
Consistent Performer – India's Best
Banks – 2012 Survey by Business Today
& KPMG[59]
Gold Shield for Excellence in Financial
Reporting in the Private Banks category
– 2011-12 – ICAI (Institute of Chartered
Accountants of India)

2013 …
 Axis Bank ranked No 1 company to work
for in the BFSI sector – 'The Best
Companies to Work for' survey by
Business Today.[60]
Ranked No 1 in the IT Biz Award – large
enterprises category by Express IT
Awards[61]
Innovation for 2013 for Ladies First card
under ‘the Most Innovative Broad Based
Product Offering’ category- IBA
Innovations Award.[62]

2014 …
Axis Bank Foundation conferred
Outstanding Corporate Foundation at
Forbes India, Philanthropy Awards,
2014[63]
Best Domestic Bank in India- Asiamoney
Best Banks 2014[64]
Best Bank Award among Large Banks
for IT For Business Innovation- IDRBT
Banking Technology Excellence Awards
2014[65]
Axis Bank featured for the fourth time in
Asia's Fab50 companies for 2014 by
Forbes Asia[66]
 Best Bank for Rural Reach in the Private
Sector and Best Retail Growth
Performance in the Private Sector
category- Dun & Bradstreet-Polaris
Financial Technology Banking Awards
2014[67]

2015 …

Axis Bank has been adjudged winner in

the Best Bank Category, Outlook Money
Awards 2015[68]
Axis Bank awarded for the Best Security
among Private Sector Banks in India by
Data Security Council of India (DSCI).[69]
Axis Bank conferred the Certificate of
Recognition for excellence in Corporate
Governance by the Institute of Company
Secretaries of India (ICSI), for the year
2015.[70]
Best Domestic Bank in India- Asiamoney
Best Banks 2015[71]
Axis Bank's Mobile App tops Forrester
Research's review of Smartphone
Mobile Banking Apps in India.[72][73]
Axis Bank was selected as the Best
Private Sector Bank under the category
Rural Reach at the Dun & Bradstreet
Banking Awards 2015[74]
Axis Bank has been conferred with
IDRBT Best Bank Award for Digital
Banking, Analytics & Big Data among
large banks.[75]
Axis Bank has been featured in Limca
Book of Records 2015 for creating a
National Record for its campaign –
'Plant a Sapling'[76]
Axis bank has been awarded the title of
Superbrand 2014–2015, by
Superbrands[77]
No. 1 Promising Banking Brand of 2015,
Economic Times Awards 2015[78]
 Winner in the 'Best Payment Initiatives'
category amongst Private Sector Banks,
IBA Banking Technology Awards
2015[79]

Listing and shareholding

Axis Banks's equity shares are listed on
the Bombay Stock Exchange and National
Stock Exchange of India.[26][80] The
company's global depository receipts
(GDRs) are listed on the London Stock
Exchange.[81] The Bonds issued by the
bank under the MTN programme are listed
on the Singapore Stock Exchange.[26]
See also
List of banks
List of banks in India

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External links
Official website
Business data for Axis Bank: Reuters
Google Finance BloombergQuint
Retrieved from
"https://en.wikipedia.org/w/index.php?
title=Axis_Bank&oldid=943774534"

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