Axis bank was first established in the year 1993 and became operational in 1994, after Government of India authorized new private banks to be established. The bank was started with the capital of Rs. 115 Crore. Onto which UTI (Unit Trust of India) contributed Rs. 100 Crore, LIC – Rs. 7.5 crore and its four subsidiaries contributing Rs. 1.5 crore each. In 1993, the bank was further promoted in cooperation by specified undertaking of Unit Trust of India (Transferred to SUUTI in 2003), Life Insurance Cooperation (LIC), General Insurance Cooperation (GIC), National Insurance Company Ltd, The New India Assurance Company Ltd, The Oriental Insurance Company Ltd and United India Insurance Company Ltd.
In 2001, UTI agreed to merge the bank with Global Trust Bank; however, Reserve Bank of India (RBI) did not approve the amalgamation then. In 2004, the RBI put Global Trust into moratorium and supervised its merger into Oriental Bank of Commerce.
In 2003, Axis bank successfully launched travel currency card in India.
In 2005, Axis Bank got listed on London Stock Exchange.
In 2006, the bank opened an overseas branch in Singapore, and a representative office in Shanghai, China.
In 2007, the bank opened a branch in the Dubai International Financial Centre and in the same year it began branch operations in Hong Kong. And in 2008, it opened a representative office in Dubai.
It successfully opened a branch in Colombo in October 2011, established as a licensed Commercial bank administered by the Central bank of Sri Lanka. And in the same year, the bank has opened a representative office in Abu Dhabi.
In 2013, Axis Bank’s subsidiary, Axis Bank UK commenced banking operations. Axis Bank UK has a branch in London.
At present, Axis bank is the third largest financial institution in the country in the private sector. Also, headquarter of the bank is in financial capital of the country; Mumbai and registered office is in Ahmadabad. The bank has a wide network with 3300 branches, 14,003 ATMs and nine international offices with branches at Singapore, Hong kong, Dubai, Shanghai, Colombo, and representative offices at Dhaka, Dubai and Abu Dhabi.
Axis bank offers special subsidiary for each of the product they provide.
Below is the list of subsidiaries axis bank offers:Axis Capital Ltd.
- Axis Capital Ltd.
- Axis Private Equity Ltd.
- Axis Trustee Services Ltd.
- Axis Asset Management Company Ltd.
- Axis Mutual Fund Trustee Ltd.
- Axis Bank UK Ltd.
- Axis Securities Ltd.
- Axis Direct
- Axis Finance Ltd.
- Axis Securities Europe Ltd.
- A. Treds Limited
Award / Achievements
In last 24 years, Axis bank has been conferred with various awards and recognitions. Below is the list of few of their achievements in last 5 years:
- In 2013, Axis bank voted for Most Trusted Private Sector Bank in the country in the Most Trusted Brands survey 2013 by Brand Equity
- Axis Bank ranked no. 1 bank in INDIA in both Primary & Secondary market of corporate bonds -The Asset Benchmark Research.
- Best Debt House in India – Euro money Awards for Excellence 2013
- In 2014, Axis bank Gold Shield for third year in a row for Excellence in Financial Reporting in the Private Sector Banks category for the year 2013-14 – ICAI (Institute of Chartered Accountants of India)
- Axis Bank wins ‘Bank of the Year in India’ for the year 2014- Banker Magazine, Financial Times
- Axis Bank Foundation conferred Outstanding Corporate Foundation at Forbes India, Philanthropy Awards, 2014
- In 2015, Axis Bank conferred the Certificate of Recognition for excellence in Corporate Governance by the Institute of Company Secretaries of India (ICSI), for the year 2015.
- Innovation in Social Pay – Aegis Graham Bell Awards 2015
- In 2016, Axis Bank wins ‘Best Loyalty Program of the year’ for the second year in a row, 9th Loyalty Awards 2016
- Axis Bank has won the ‘Best Performing Private Bank’ award at the Financial Advisor Awards 2015-16
- In 2017, Axis Banks wins the ‘Best Use of Mobile within a Loyalty Strategy’ at the Loyalty Awards 2017
- Axis Bank wins the ‘Best Use of Partnership in a Loyalty Program’ at the Loyalty Awards 2017.
Axis Bank Official Website @ https://www.axisbank.com/