Axis Bank facts for kids
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| Public | |
| Traded as | |
| ISIN | ISIN: [https://isin.toolforge.org/?language=en&isin=INE238A01034 INE238A01034] |
| Industry | Financial services |
| Founded | 3 December 1993 as UTI Bank |
| Headquarters | Axis House,
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India
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Number of locations
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4903 (March 2023) |
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Key people
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| Products |
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| Revenue |  ₹137,989 crore (US$23 billion) (2024) |
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Operating income
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₹39,356 crore (US$6.7 billion) (2024) |
| ₹26,386 crore (US$4.5 billion) (2024) |
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| Total assets | ₹1,518,239 crore (US$260 billion) (2024) |
| Total equity | ₹155,512 crore (US$26 billion) (2024) |
| Owner |
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Number of employees
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91,898 (as of March 2023) |
| Subsidiaries |
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| Capital ratio | 9.35% (December 2019) |
Axis Bank Limited is a big banking and financial services company from India. It used to be called UTI Bank from 1993 to 2007. Its main office is in Mumbai, Maharashtra.
Axis Bank is one of India's largest private banks. It offers many financial services to different types of customers. These include large companies, medium-sized businesses, small businesses, and regular people.
A large part of the bank's shares are owned by big Indian insurance companies. These include LIC and GIC. Other shares are owned by various investors, like mutual funds and individuals.
Contents
History of Axis Bank
The bank started on December 3, 1993, as UTI Bank. Its first office was in Ahmedabad, and a main corporate office was in Mumbai. Several large Indian insurance companies and the Unit Trust of India helped start the bank.
The first branch opened on April 2, 1994, in Ahmedabad. Manmohan Singh, who was India's finance minister at the time, opened it.
In 2005, UTI Bank became listed on the London Stock Exchange. This meant its shares could be bought and sold in London. The bank also started to grow internationally. In 2006, it opened its first branch outside India in Singapore. It also opened an office in Shanghai, China, that same year. In 2007, more branches opened in Dubai and Hong Kong.
On July 30, 2007, UTI Bank changed its name to Axis Bank.
Later, in 2013, Axis Bank opened a new banking operation in the UK. This was through its own company called Axis Bank UK.
In 2019, Amitabh Chaudhry became the new head (MD and CEO) of Axis Bank.
How Axis Bank Works
Banking in India
As of March 31, 2023, Axis Bank has a large network across India. It has 4,903 branches and many extension counters. It also has 15,953 ATMs and cash recyclers.
Axis Bank has the biggest network of ATMs among private banks in India. They even have an ATM in Thegu, Sikkim. This ATM is very high up, at 4,023 meters (about 13,200 feet) above sea level.
Gallery
- Axis Bank branches and ATMs
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Axis Bank Branch Bagha Purana in Punjab
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Axis Bank ATM in Ranaghat, West Bengal
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People gathered at ATM of Axis Bank in Mehsana, Gujarat to withdraw cash following deposit of demonetised currency notes in bank.
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Banking Around the World
Axis Bank has nine international offices. These include branches in Singapore, Hong Kong, Dubai, Shanghai, and Colombo. They also have smaller offices in Dhaka, Dubai, Sharjah, and Abu Dhabi.
These international offices mainly help businesses with loans and trade. They also offer services like investment banking. Axis Bank also has a company in the UK called Axis Bank UK Limited.
Services Offered
Banking for Individuals
Axis Bank offers many services for individuals and small businesses. These include:
- Loans for homes and other needs.
- Savings accounts and other deposit products.
- Credit cards and debit cards.
- Online banking services.
- ATM services.
- Advice on financial planning.
- Special services for Indians living abroad (NRIs).
Axis Bank is also part of the RBI's NEFT system. This allows for easy electronic money transfers.
Banking for Businesses
Axis Bank helps businesses with their financial needs.
- Transaction banking: This includes services for managing money, like current accounts. It also helps with capital markets, trade, and foreign exchange. The bank collects taxes for the government too.
- Investment banking and trustee services: Through its other companies, Axis Bank helps businesses with investments. Axis Capital Limited helps companies raise money by selling shares. It also advises on company mergers. Axis Trustee Services Limited helps manage trusts for different financial deals.
International Banking Services
The bank offers services to businesses around the world. This includes corporate banking and trade finance. These services are available through its branches in Singapore, Hong Kong, Dubai, Shanghai, and Colombo. They also offer some services for individuals in Hong Kong and Colombo.
Special Programs
Axis Thought Factory
This is an innovation center in Bengaluru. It has a team that works on new ideas. They focus on artificial intelligence (AI). Axis Bank was the first Indian bank to create such a special lab.
Asha Home Loans
Asha home loans are for people buying their first home. These loans are for families with lower incomes. They help people in smaller towns and larger cities buy homes.
eKYC (Electronic Know Your Customer)
eKYC is an easy, paperless way to open accounts. It uses your Aadhaar card online. Axis Bank worked with Visa Inc. to launch this. They were the first in India to use biometrics (like fingerprints) for eKYC.
Companies Owned by Axis Bank
Axis Capital Ltd.
This company helps businesses with investments. It was started in 2005. Some other companies became part of Axis Capital later.
Axis Securities Ltd.
This company was started in 2006. It helps people buy and sell shares. It also offers loans and credit cards. It is fully owned by Axis Bank.
Axis Private Equity Ltd.
This company was started in 2006. It manages investments and special funds.
Axis Mutual Fund
Axis Mutual Fund is another company owned by Axis Bank. It was started in 2009. It helps people invest in mutual funds.
New Companies and Deals
- 2017: Axis Bank bought a company called Freecharge. Freecharge is a digital platform for financial services.
- 2023: Axis Bank bought the consumer banking business of Citibank India. This deal was completed in March 2023.
Awards and Recognition
Axis Bank has won many awards over the years:
2010
- Best Debt House in India – Euromoney
- Best Domestic Debt House in India – Asiamoney
- Overall Winner & Consistent Performer – (Large Banks Category) – Business Today Best Bank Awards
2011
- Bank of the Year – India –The Banker Awards
2012
- Bank of the Year – Money Today FPCIL Awards
- Best Private Sector Bank – CNBC-TV18 India's Best Bank and Financial Institution Awards
2013
- Ranked No 1 in the IT Biz Award – large enterprises category by Express IT Awards
- Joint winner under the ‘Most Innovative Broad Based Product Offering’ category - IBA Innovations Award.
2014
- Best Domestic Bank in India- Asiamoney Best Banks
- Best Bank Award among Large Banks for IT For Business Innovation - IDRBT Banking Technology Excellence Awards
- 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
2015
- Axis Bank was named winner in the Best Bank Category, Outlook Money Awards
- Axis Bank awarded for the Best Security among Private Sector Banks in India by Data Security Council of India (DSCI).
- Best Domestic Bank in India – Asiamoney Best Banks
- Axis Bank was featured in Limca Book of Records for its 'Plant a Sapling' campaign.
- No. 1 Promising Banking Brand of 2015, Economic Times Awards
See also
- Banking in India
- List of banks in India
- Reserve Bank of India
- Indian Financial System Code
- List of largest banks
- List of companies of India
- Axis Direct
