Axis Bank was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI – I), Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC) and other four PSU insurance companies, i.e. National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd.
The Bank today is capitalized to the extent of Rs. 401.95 crores with the public holding (other than promoters) at 53.23%.
The Bank’s Registered Office is at Ahmedabad and its Central Office is located at Mumbai. The Bank has a very wide network of more than 905 branches and Extension Counters (as on 30th September 2009). The Bank has a network of over 3894 ATMs (as on 30th September 2009) providing 24 hrs a day banking convenience to its customers. This is one of the largest ATM networks in the country.The Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence.
Axis Bank, previously called UTI Bank, was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the Specified Undertaking of the Unit Trust of India (UTI-I), Life Insurance Corporation of India (LIC), General Insurance Corporation Ltd., National Insurance Company Ltd., The New India Assurance Company, The Oriental Insurance Corporationand United Insurance Company Ltd. UTI-I holds a special position in the Indian capital markets and has promoted many leading financial institutions in the country. The bank changed its name to Axis Bank in April 2007 to avoid confusion with other unrelated entities with similar name.Shikha Sharma was named as the bank’s managing director and CEO on 20 April 2009.
As on the year ended March 31, 2009 the Bank had a total income of Rs. 13,745.04 crores and a net profit of Rs 1,812.93 crores.
Axis Bank is one of the Big Four Banks of India with State Bank of India, ICICI Bank and HDFC Bank.
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