Axis Bank Limited is the third largest private sector bank in India. Axis Bank’s stake holders include prominent national and international entities. As of 31 Dec. 2013, approximately 43% of the shares are owned by Foreign Institutional Investors. Promoters(UTI, LIC and GIC), who collectively held approx. 34% of the shares, are all entities owned and controlled by the Government of India. The remaining 23% shares are owned by corporate bodies, financial institutions and individual investors among others. The bank offers financial services to customer segments covering Large and Mid-Sized Corporates, MSME, Agriculture and Retail Businesses.[1] Axis Bank has its registered office at Ahmedabad.Indian Business: As of 22 April 2016, the bank had a network of 3062 branches and extension counters and 12922 ATMs.[5] Axis Bank has the largest ATM network among private banks in India[6][7] 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.[8]
International Business: The Bank has eight international offices with branches at Singapore, Hong Kong, Dubai(at the DIFC), Shanghai, Colombo[9] 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.[5][10] The total assets of the overseas branches were US$7.86bn().
Services[edit]
As of 2014, Axis Bank operates in four segments: treasury operations, retail banking, corporate banking, and wholesale banking.[11]
Treasury operations[edit]
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.[3] ads efv
Retail banking[edit]
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.[3] Axis bank is a participant in RBI’s NEFT enabled participating banks list.[12]
Corporate/wholesale banking[edit]
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[edit]
Products and services for NRIs that facilitate investments in India.[13]
Business banking[edit]
The Bank collects 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.[3]
Investment banking[edit]
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. [3]
Lending to small and medium enterprises[edit]
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.[3] Axis bank is the first Indian Bank having TCDC cards in 11 currencies.[citation needed]
Agriculture banking[edit]
759 branches of the Bank provide banking services, including agricultural loans, to farmers.[3] 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.[3]
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 privatisation 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 between 21–25 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[edit]
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 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), 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.