Axis Bank Ltd is a private sector bank in India offering multiple financial products in India. It is the third largest private sector bank in India. It has its head office in Mumbai and registered office in Ahmedabad. It has about 55,000 working people and about 14,300 ATMs in the country. Axis bank also has 9 International office. By 31st, March 2017, this bank had about Rs 1.28 trillion (US$20Billion) of capitalization. It provides almost all kind of financial services to SMEs, mid-size corporates and retail businesses. About 30.81% of shares are owned by promoters and promoter groups like United Insurance Company Limited, Oriental Insurance Limited, National Insurance Company Limited, New India Assurance Company Ltd, GIC, Life Insurance Corporation and UTI in as of June.
History of axis bank
Axis bank was earlier known as UTI Bank. UTI ban opened its head office and registered office in Mumbai and Ahmedabad in 1993. Dr. Manmohan Singh (financial minister of India at that time) inaugurated the first branch in Ahmedabad in 1994. Uti was the first Indian bank to launch travel currency card in 2003 and it was also got listed in London stock exchange in 2005. In 2006, it opened its first overseas bank in Singapore. It opened its second overseas bank office in Shanghai, China and in 2008, it opened its representative office in Dubai. It opened its office in Hong-Kong and Dubai in 2007.
On 30 June 2007, they changed their name to axis bank from UTI bank.
They then reached to Colombo in Colombo, Sri Lanka. In the same year, they opened their one more overseas bank in Abu Dhabi and also opened their new corporate office in Worli, Mumbai. Then they opened their bank branch in London UK, which was their first office in Europe. By 31st March 2016, the company had above 50000 of active employees.
Operations by Axis bank
This bank company has its operations throughout the country and also at overseas like Hong-Kong, Dhaka, Dubai, Dhaka, Singapore, Colombo, UK and at many other places also.
Services provided by Axis bank
Company provides many services like:
- Retail banking
- Credit
- Transaction banking
- Treasury
- Syndication
- International banking etc.
Initiative taken by Axis bank
There are many initiatives took by the company like:
- Axis pay
- Ping pay
- Augmented reality
- Axis thought factory
- Insta personal loan
- Locker booking
- Microfinance institutions lending
- Multicurrency forex cards
- Asha home loans
- ISIC forex card
- eKYC
Subsidiaries of Axis bank
Axis bank has over 10 fully owned subsidiaries:
- Axis Private Equity Ltd
- Axis Trustee Services Ltd
- Axis Asset management company Ltd
- Axis Mutual Fund Trustee Ltd
- Axis Bank UK Ltd
- Axis Securities Ltd
- Axis Direct
- Axis Finance Ltd
- Axis Securities Europe Ltd
- A Trends Limited
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