Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. It is India's third largest private sector bank by assets and Fourth largest by Market capitalisation.It sells financial services to large and mid-size companies, SMEs and retail businesses.
In year 2021,the Bank had reduced its stake in Yes Bank from 2.39 per cent to 1.96 per cent.
As of 31 March 2023, the bank had a network of 4,903 branches and extension counters, 15,953 ATMs and cash recyclers.
Axis Bank has the largest ATM network among private banks in India. It even 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.
The bank has nine international offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai, Colombo and representative offices at Dhaka, Dubai, Sharjah 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 bank offers lending services to individuals and small businesses, 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.
Transaction banking: Axis Bank provides products and services related to transaction banking 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.
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 brokering besides M&A advisory. Axis Trustee Services Limited is engaged in trusteeship activities, acting as a debenture trustee and as a trustee to various securitization trusts.
The bank offers corporate banking, trade finance, treasury and risk management through the branches at Singapore, Hong Kong, DIFC, Shanghai and Colombo, and as also retail liability products from its branches at Hong Kong and Colombo. The representative office at Dhaka was inaugurated during the current financial year.
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, penalties of ₹50 million (US$630,000) on Axis Bank, ₹45 million (US$560,000) on HDFC Bank, and ₹10 million (US$130,000) on ICICI Bank were imposed by the Reserve Bank of India.
2016 Demonetisation related money laundering
Following the 2016 Indian Banknote Demonetisation, a number of Axis Bank employees were arrested for facilitating money laundering activities. Some media outlets highlighted the disproportionate number 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.
Axis Thought Factory
An innovation hub located in Bengaluru has an in-house innovation team and an accelerator program. With this launch, Axis Bank became the first Indian bank to introduce a dedicated innovation lab in the country.
Asha home loans
Asha home loans targets first-time home buyers in the lower-income segment. The product offers loans from ₹100,000 (US$1,300)–₹1.5 million (US$19,000) in small towns (population less than 1 million) and up to ₹2.8 million (US$35,000) in larger towns (population over 1 million), to customers with family incomes of ₹8,000 (US$100)–₹10,000 (US$130) per month and above.
eKYC (electronic know your customer) is an online, paperless Aadhaar card-based process for fulfilling KYC requirements to start investing in mutual funds without the submission of any documents. Axis Bank partnered with Visa Inc. to launch the 'eKYC' facility, and was the first organization in India to introduce biometrics-based KYC.
Axis Capital Ltd.
Axis Capital Ltd. was incorporated in India as a wholly owned subsidiary of the bank on 6 December 2005 and received its certificate of commencement of business on 2 May 2006. Certain businesses of M/s. Enam Securities Pvt. Ltd. were merged with Axis Capital Ltd. as part of a scheme and the following companies became direct subsidiaries of Axis Capital:
Axis Securities Ltd. (formerly Enam Securities Direct Pvt. Ltd.)
Axis Finance Ltd. (formerly Enam Finance Pvt. Ltd.)
Axis Securities Europe Ltd. (formerly Enam Securities Europe Ltd.)
Enam International Ltd., UAE (voluntarily dissolved with effect from 24 August 2014)
Axis Securities Ltd., Axis Finance Ltd. and Axis Securities Europe Ltd. later became direct subsidiaries of the bank in line with the RBI directives.
Axis Securities Ltd.
Axis Securities Ltd.was incorporated in India on 21 July 2006. The sales and securities business, including the retail broking business of Axis Capital Ltd, was merged with ASL on 25 May 2013. ASL is a wholly owned subsidiary of the bank and offers retail asset products, credit cards and retail brokerage services.
Axis Private Equity Ltd.
Axis Private Equity Ltd. was incorporated in India as a wholly owned subsidiary of the bank on 3 October 2006 and received its certificate of commencement on 4 December 2006. APE manages investments, venture capital funds and offshore funds.
Axis Mutual Fund is a subsidiary of Axis Bank established in 2009 with in headquarters in Mumbai.
2017: Axis Bank acquired Freecharge, a digital marketplace for financial services in 2017 for approximately ₹385 crore.
2023: In March 2023 Axis bank completed acquisition of Citi group's Indian subsidiary Citibank India's consumer banking business for a cash consideration of ₹12,325 crore (US$1.5 billion) which was initially announced in March 2022 thus taking almost one year in the process.