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Axis Bank

Axis Bank Ltd is the third largest of the


private-sector banks in India offering a
comprehensive suite of financial
products. The bank has its head office
in Mumbai and Registered office in
Ahmedabad. It has 3304 branches,
14,003 ATMs, and nine international
offices. The bank employs over 55,000
people and had a market capitalization
of ₹1.28 trillion (US$20 billion) (as on
March 31, 2017).[4] It offers the entire
spectrum of financial services large
and mid-size corporates, SME, and
retail businesses.[1]
Axis Bank Limited

Type Public

Traded as BSE: 532215
LSE: AXBC
NSE: AXISBANK

Industry Banking, Financial


services
Founded 1993(as UTI Bank)

Headquarters Mumbai,
Maharashtra, India[1]
Key people Shikha Sharma (MD &
CEO)
Sanjiv Misra
(Chairman)

Products Credit cards,


consumer banking,
corporate banking,
finance and
insurance, investment
banking, mortgage
loans, private
banking, private
equity, wealth
management

[area served]
Revenue ₹414.0925 billion
(US$6.3 billion)
(2016)[2]
Net income ₹83.5759 billion
(US$1.3 billion)
(2016)[2]

Total assets ₹6.01467 trillion


(US$92 billion)
(2017)[3]
Total equity ₹4.7657 billion
(US$73 million)
Number of 56,086 (March
employees 2016)[4]
Website www.axisbank.com

As of 30 Jun. 2016, 30.81% shares are


owned by promoters & promoter group
(United India Insurance Company
Limited, Oriental Insurance Company
Limited, National Insurance Company
Limited, New India Assurance
Company Ltd, GIC, LIC & UTI).[5]
Remaining 69.19% shares are owned
by Mutual Funds Institutions, FIIs,
Financial Institutions (banks),
Insurance companies, corporate bodies
& individual investors among others.[6]
History
UTI Bank opened its registered office in
Ahmedabad and corporate office in
Mumbai in December 1993.[7] The first
branch was inaugurated on 2 April
1994 in Ahmedabad by Dr. Manmohan
Singh, the Finance Minister of India. 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),[8] 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.

In 2001 UTI Bank agreed to merge with


and amalgamate Global Trust Bank, but
the Reserve Bank of India (RBI)
withheld approval and nothing came of
this. In 2004 the RBI put Global Trust
into moratorium and supervised its
merger into Oriental Bank of
Commerce.
In 2003 UTI Bank became the first
Indian bank to launch the travel
currency card.[9][10]

In 2005, UTI bank got listed on London


Stock Exchange.[11]

UTI Bank opened its first overseas


branch in 2006 Singapore. That same
year it opened a representative office in
Shanghai, China. UTI Bank opened a
branch in the Dubai International
Financial Centre in 2007. That same
year it began branch operations in
Hong Kong. In 2008 it opened a
representative office in Dubai.[12]

With effect from July 30, 2007, UTI


Bank changed its name to Axis
Bank.[13]

Axis Bank opened a branch in Colombo


in October 2011, as a Licensed
Commercial Bank supervised by the
Central Bank of Sri Lanka.[14] Also in
2011, Axis Bank opened a
representative offices in Abu Dhabi.[15]
In 2011, Axis bank inaugurated Axis
House, its new corporate office in
Worli, Mumbai.[16]
In 2013, Axis Bank's subsidiary, Axis
Bank UK commenced banking
operations. Axis Bank UK has a branch
in London.[17]

Deepika Padukone, a Mumbai Film


Industry (a.k.a. Bollywood ) actress is
the brand ambassador of Axis Bank.[18]

In 2015, Axis Bank opens its


representative office in Dhaka.[19]

The bank has over 50,000 employees


(as of 31 March 2016). The bank
incurred ₹26.7 billion (US$410 million)
on employee benefits during the FY
2012–13.[20] The average age of an
Axis Bank employee is 29 years.[21] The
attrition rate in Axis Bank is approx. 9%
per year.[22]

Operations
Indian Business

As of 12 Aug 2016, the bank had a


network of 3,120 branches and
extension counters and 12,922
ATMs.[23] Axis Bank has the largest
ATM network among private banks in
India[24][25] and it 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.[26]

Bank is having branches in India in the


following States/UTs

Andaman And Nicobar Island


Andhra Pradesh
Arunachal Pradesh
Assam
Bihar
Chandigarh
Chhattisgarh
Dadra And Nagar Haveli
Daman And Diu
Delhi
Goa
Gujarat
Haryana
Himachal Pradesh
Jammu And Kashmir
Jharkhand
Karnataka
Kerala
Madhya Pradesh
Maharashtra
Manipur
Meghalaya
Mizoram
Nagaland
Odisha
Puducherry
Punjab
Rajasthan
Sikkim
Tamil Nadu
Telangana
Tripura
Uttar Pradesh
Uttarakhand
West Bengal

International Business

The Bank has nine international offices


with branches at Singapore, Hong
Kong, Dubai (at the DIFC), Shanghai,[27]
Colombo and representative offices at
Dhaka, Dubai and Abu Dhabi, which
focus on corporate lending, trade
finance, syndication, investment
banking and liability businesses.[28] In
addition to the above, the Bank has a
presence in UK with its wholly owned
subsidiary Axis Bank UK Limited.[29]

Services
Retail Banking

In the retail category, the bank offers


services such as lending to
individuals/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.[20] Axis bank is a participant
in RBI's NEFT enabled participating
banks list.[30]

Corporate Banking

Credit:The Bank offers various loan and


fee-based products and services to
Large and Mid-corporate customers
and Small and Medium Enterprise
(SME) businesses. These products and
services include cash credit facilities,
demand and short-term loans, project
finance, export credit, factoring,
channel financing, structured products,
discounting of bills, documentary
credits, guarantees, foreign exchange
and derivative products. Liability
products including current accounts,
certificates and deposits and time
deposits are also offered to large and
mid-corporate segments.

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.[31]

Treasury:The Treasury manages the


funding position of the Bank and also
manages and maintains its regulatory
reserve requirements. It invests in
sovereign and corporate debt
instruments and engages in proprietary
trading in equity and fixed income
securities, foreign exchange, currency
futures and options. It also invests in
commercial papers, mutual funds and
floating rate instruments as part of the
management of short-term surplus
liquidity. In addition, it also offers a
wide range of treasury products and
services to corporate customers.

Syndication:The Bank also provides


services of placement and syndication
in the form of local currency bonds,
rupee and foreign term loans and
external commercial borrowings.

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
broking besides M&A advisory. Axis
Trustee Services Limited is engaged in
trusteeship activities, acting as
debenture trustee and as trustee to
various securitization trusts.[32]

International Banking

The Bank continues to offer corporate


banking, trade finance, treasury and
risk management solutions through the
branches at Singapore, Hong Kong,
DIFC, Shanghai and Colombo, and also
retail liability products from its
branches at Hong Kong and
Colombo.[33] The representative office
at Dhaka was inaugurated during the
current financial year.Through the
Representative Office at Dhaka.[34]

Controversies related to
Ethics
2016 Demonetisation
related Money Laundering

Following the 2016 Indian Banknote


Demonetisation, a number of Axis Bank
employees were arrested for
facilitating money laundering
activities.[35][36] Some media outlets
highlighted the disproportionate
amount 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.[37]

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,
penalty of Rs 5 crore on Axis Bank, Rs
4.5 crore on HDFC Bank and Rs 1 crore
on ICICI Bank was imposed by Reserve
Bank of India.[38]

Initiatives
Axis Pay

The newly introduced UPI will facilitate


banking transactions using only a
single 'Virtual Payment Address'
(VPA).[39] While transferring money to
an account, the sender will not be
forced to feed the slew of details like
the account number and bank's IFSC
Code, but can transact using only the
VPA.[40][41]

Ping Pay

The bank launched Ping Pay in 2015,


which is a multi-social payment
solution that allows customers to
transfer funds using their smart phones
to both Axis Bank accounts and other
banks' account holders.[42][43]

Augmented reality

Axis Bank augmented reality feature


within its mobile app which lists all the
dining destinations, property lists,
shopping centers, bank ATMs,
branches and many other things not
only as a location on GPS but also in
real life pictures along with distance
and directions.[44][45][46]

Axis Thought Factory


The innovation hub located in
Bengaluru, has an in-house innovation
team and an accelerator
programme.[47] The Innovation Lab
work closely with the startup
community that is redefining banking in
the digital era. With this launch, Axis
Bank becomes the first Indian bank to
introduce a dedicated innovation lab in
the country.[48][49][50]

Insta Personal Loan

Axis Bank provide a ‘24X7 Instant


Personal Loan’ on smartphones and
ATM kiosks. Customers can get instant
loan approval and disbursement,[51]
which gets credited directly into their
account.[52]

Locker booking

The bank has launched an online locker


booking facility through the mobile app
to allow customers to check availability
from their homes and book
instantly.[53][54][55]

Microfinance Institutions
(MFI) Lending
A new tablet-based loan origination
system developed to digitize the entire
lending process of MFI business. This
will replace the existing paper based
loan sanctioning process.[56]

Multicurrency Forex cards

Axis Bank offer contactless


multicurrency Forex cards to Indian
travelers enabling faster and more
convenient transactions while
abroad.[57] The same technology has
also been extended to the Bank’s Debit
and Credit card platforms.[58] The bank
has set up an in-house payment
gateway that allows for secure e-
commerce transaction processing
capability and reduces the cost
incurred on using external gateways.[59]

Asha home loans

Asha home loans, our home loan


product, caters to the first time home
buyers in the lower income segment,
and helps them by providing affordable
EMI options.[60][61] The product offers
loans from ₹100,000
(US$1,500)–₹1.5 million (US$23,000) in
small towns (population less than 1
million) and up to ₹2.8 million
(US$43,000) in larger towns
(population over 1 million), to
customers with family incomes of
₹8,000 (US$120)–₹10,000 (US$150)
per month and above.[62]

ISIC Forex card

ISIC Forex card for students is the first


photo travel currency card available in
USD, EUR, GBP and AUD currencies. It
can be used across 34 million
merchant locations and at over 2
million MasterCard ATMs globally.[63]

eKYC

eKYC[64] 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.

The first step in starting your


investment in mutual fund is KYC
compliance. KYC verification enables
anybody to open new accounts with all
SEBI-registered intermediaries such as
mutual funds, stock brokers, portfolio
managers, depository participants,
venture capital funds and Collective
Investment Schemes eliminating the
need to repeat standard KYC. The
normal KYC process requires
submission of KYC form along with
investor signature and additional
documents for ID and address proof.
In-person verification (IPV) and sighting
the original documents needs to be
completed by a competent person.
eKYC completely eliminates paperwork
and IPV to complete the KYC process.

Axis Bank has partnered with Visa to


launch 'eKYC' (electronic know your
customer) facility, first organisation in
India to introduce biometrics-based
KYC, offering convenience, speed and
ease to Aadhaar-registered individuals
to open bank accounts.[65]

Subsidiaries
The Bank has ten wholly 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.
AxisDirect
Axis Finance Ltd.
Axis Securities Europe Ltd.
A.Treds Limited

Awards and recognitions


2010

Best Debt House in India -


Euromoney[66]
Best Domestic Debt House in India -
Asiamoney[67]
Overall Winner & Consistent
Performer -(Large Banks Category) -
Business Today Best Bank Awards
2010[68]

2011

Bank of the Year – India –The Banker


Awards 2011[69]
2012

Bank of the Year - Money Today


FPCIL Awards 2012-13[70]
Best Private Sector Bank - CNBC-
TV18 India’s Best Bank and Financial
Institution Awards 2012[71]
Consistent Performer - India’s Best
Banks – 2012 Survey by Business
Today & KPMG[72]
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.[73]
Ranked No 1 in the IT Biz Award -
large enterprises category by
Express IT Awards[74]
Innovation for 2013 for Ladies First
card under ‘the Most Innovative
Broad Based Product Offering’
category- IBA Innovations Award.[75]
2014

Axis Bank Foundation conferred


Outstanding Corporate Foundation at
Forbes India, Philanthropy Awards,
2014[76]
Best Domestic Bank in India-
Asiamoney Best Banks 2014[77]
Best Bank Award among Large
Banks for IT For Business Innovation-
IDRBT Banking Technology
Excellence Awards 2014[78]
Axis Bank featured for the fourth
time in Asia's Fab50 companies for
2014 by Forbes Asia[79]
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[80]

2015

Axis Bank has been adjudged winner


in the Best Bank Category, Outlook
Money Awards 2015[81]
Axis Bank awarded for the Best
Security among Private Sector Banks
in India by Data Security Council of
India (DSCI).[82]
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.[83]
Best Domestic Bank in India-
Asiamoney Best Banks 2015[84]
Axis Bank's Mobile App tops
Forrester Research's review of
Smartphone Mobile Banking Apps in
India.[85][86]
Axis Bank was selected as the Best
Private Sector Bank under the
category Rural Reach at the Dun &
Bradstreet Banking Awards 2015[87]
Axis Bank has been conferred with
IDRBT Best Bank Award for Digital
Banking, Analytics & Big Data among
large banks.[88]
Axis Bank has been featured in
Limca Book of Records 2015 for
creating a National Record for its
campaign - 'Plant a Sapling'[89]
Axis bank has been awarded the title
of Superbrand 2014-2015, by
Superbrands[90]
No. 1 Promising Banking Brand of
2015, Economic Times Awards
2015[91]
Winner in the 'Best Payment
Initiatives' category amongst Private
Sector Banks, IBA Banking
Technology Awards 2015[92]

Listing and shareholding


Axis Banks's equity shares are listed on
the Bombay Stock Exchange and
National Stock Exchange of India.[20][93]
The company's global depository
receipts (GDRs) are listed on the
London Stock Exchange.[94] The Bonds
issued by the Bank under the MTN
programme are listed on the Singapore
Stock Exchange.[20]

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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=842429535"

Last edited 5 hours ago by Kuru

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