Axis Bank Limited (formerly UTI Bank) is the third largest private sector bank in India. It offers financial services to customer segments covering Large and Mid-Sized Corporates, MSME, Agriculture and Retail Businesses. Axis Bank has its registered office at Ahmedabad.
Operations
Indian Business: As on 31-Mar-2014, the Bank had a network of 2402 branches and extension counters and 12922 ATMs. Axis Bank has the largest ATM network among private banks in India 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.
International Business: The Bank has eight international offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai, and Columbo, and Colombo and representative offices at Dubai 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. The total assets of the overseas branches were US$7.86bn (31 March 2015).
Services
Axis Bank operates in four segments: Treasury operations, Retail banking, Corporate/Wholesale banking and other banking business.
Treasury operations: The Bank's treasury operation services include investments in sovereign and corporate debt, equity and mutual funds, trading operations, derivative trading and foreign exchange operations on the account, and for customers and central funding.
Retail banking: In the retail banking 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. Axis bank is a participant in RBI's NEFT enabled participating banks list.
Corporate/wholesale banking: The Bank offers to corporate and other organisations services including corporate relationship not included under retail banking, corporate advisory services, placements and syndication, management of public issues, project appraisals, capital market related services and cash management services.
NRI services: Products and services for NRIs that facilitate investments in India.
Business banking: The Bank accepts income and other direct taxes through its 214 authorised branches at 137 locations and central excise and service taxes (including e-Payments) through 56 authorised branches at 14 locations.
Investment banking: Bank's Investment Banking business comprises activities related to Equity Capital Markets, Mergers and Acquisitions and Private Equity Advisory. The bank is a SEBI-registered Category I Merchant Banker and has been active in advising Indian companies in raising equity through IPOs, QIPs, and Rights issues etc. During the financial year ended 31 March 2012, Axis Bank undertook 9 transactions including 5 IPOs and 2 Open Offers.
Lending to small and medium enterprises: Axis Bank SME business is segmented in three groups: Small Enterprises, Medium Enterprises and Supply Chain Finance. Under the Small Business Group a subgroup for financing micro enterprises is also set up. Axis bank is the first Indian Bank having TCDC cards in 11 currencies.
Agriculture banking: 759 branches of the Bank provide banking services, including agricultural loans, to farmers. As on 31 March 2013, the Bank's outstanding loans in the agricultural sector was INR 148 billion, constituting 7.5% of its total advances.
Advisory Services have been developed to advise public and private sector clients on capital structuring and funding options with a view to help the clients to help them reduce the cost of funds. The Group has also been active in advising the central and various state governments or their agencies in privatization and bid process management. The Group has successfully worked on some of the benchmark transactions in infrastructure development & manufacturing sector covering an entire range of projects across roads, railways, airports, urban infrastructure maritime, power, oil and gas, petrochemicals, cement, sugar, textiles, steel & allied sectors, auto ancillaries, paper, Information Technology (IT), etc.
Ping Pay was unveiled in May 2015, which is a multi-social payment solution that let customers to transfer funds using their smart phones to both Axis Bank accounts and other banks' account holders.
History
UTI Bank opened its registered office in Ahmedabad and corporate office in Mumbai in December 1993. The first branch was inaugurated on 2 April 1994 in Ahmedabad by Dr. Manmohan Singh, then Finance Minister of India. UTI Bank began its operations in 1994, 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), 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.
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. The next year it opened a representative office in Dubai.
Axis Bank opened a branch in Colombo in October 2011, as a Licensed Commercial Bank supervised by the Central Bank of Sri Lanka. Also in 2011, Axis Bank opened a representative offices in Abu Dhabi.
In 2013, Axis Bank's subsidiary, Axis Bank UK commenced banking operations. Axis Bank UK has a branch in London.
In 2014, Axis Bank upgraded its representative office in Shanghai to a branch.
Initiatives
The Business Gaurav SME Awards: In 2011-12, Axis Bank set up 6 SME centres and SME cells each across the country, taking the total number to 32 SME Centres. The Bank also organised the 'Business Gaurav SME Awards' in association with Dun & Bradstreet to recognise and award achievements in the SME space.
Financial inclusion: Till March 2012, the Bank had opened over 4.4 million No Frills accounts in over 7607 villages through a network of 15 Business Correspondents and nearly 6000 customer service points. Axis Bank has a strong presence in Electronic Benefit Transfer (EBT) and has covered 6800 villages across 19 districts and 9 states till date with over 3.7 million beneficiaries.
Industry First Initiatives:
- Axis Bank launched Mobile Banking App 2.0 for its retail resident Indian customers the first of its kind in India, which offers a high level of personalization . The App has been launched in partnership with Tagit, a leading Singapore mobile solutions company. The new application uses Tagit's mobility solution platform that enables Banking on-the-go.
- 'Axis Bank - ISIC Forex Card' for students, is the first photo Travel Currency Card available in USD, Euro, GBP and AUD currencies. It can be used across 34 million merchant locations and at over 2 million MasterCard ATMs globally.
- Axis Bank has partnered with Visa to launch 'eKYC' (electronic Know your customer) facility, first organization in India to introduce Biometrics based KYC, offering convenience, speed and ease to Aadhaar-registered individuals to open bank accounts.
Awards and recognitions
- Bank of the Year Money Today FPCIL Awards 2012-13
- 'Consistent Performer' in 'India's Best Banks - 2012 survey' by Business Today and KPMG
Brand Ambassador
Deepika Padukone, a Bollywood Actress was appointed as the brand ambassador of Axis Bank
ArrayAxis Banks's equity shares are listed on the Bombay Stock Exchange and National Stock Exchange of India. The company's global depository receipts (GDRs) are listed on the London Stock Exchange. The Bonds issued by the Bank under the MTN programme are listed on the Singapore Stock Exchange.
As on 31 December 2013, the promoters UTI, LIC and GIC held approx. 34% of the shares in Axis Bank. Foreign Institutional investors (FII) held approx. 43% of the shares. Remaining 23% of the shares are held by others.
The bank aims to increase its share in the financial services sector by continuing to build a strong retail franchise. The segment continues to be one of the key drivers of the Bank's growth strategy, encompassing a wide range of products delivered through multiple channels to customers. It offers a complete suite of products across deposits, loans, investment solutions, payments and cards.
ArrayEmployees
As on 31 March 2013, Axis Bank had 37,901 employees, out of which 7,117 employees were women (19%). The bank incurred INR 26.7 billion on employee benefits during the FY 2012-13. The average age of an Axis Bank employee is 29 years. The attrition rate in Axis Bank is approx. 9% per year.
- Axis Bank Foundation: Axis bank has set up this trust in 2006 and supports supplementary education. Axis Bank contributes up to 1 percent of its net profit annually to various social initiatives undertaken by this foundation. During the year 2011-12, the foundation has partnered with 36 NGOs for educating over a lakh underprivileged and special kids in 13 states.
- Green Banking: The recycling initiative under the Green Banking banner has helped the bank productively use around 21572 kilograms of dry waste during the year. The Axis Bank's corporate office in Mumbai is designed and constructed as a Platinum LEED-Certified Green Building.
References
External links
- Official website
- News on Axis Bank at Times of India
- Axis Bank at Bombay Stock Exchange
- Axis Bank at National Stock Exchange of India
Interesting Informations
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