Axis Bank#Subsidiaries

The bank was founded on 3 December 1993 as UTI Bank as a part of Unit Trust of India, a Government of India entity, opening its registered office in Ahmedabad and a corporate office in Mumbai.{{cite web|last1=Kotak|first1=Uday|title=Uday Kotak: Now, wait for the next Big Thing|url=http://www.business-standard.com/article/companies/bs-40-now-wait-for-the-next-big-thing-114102701284_1.html|website=Business Standard India|access-date=1 October 2016|date=27 October 2014}} The bank was promoted jointly by the Administrator of the Unit Trust of India (UTI),{{cite web|title=SUUTI money belongs to UTI investors and not to the government by enforcing the l|url=http://www.firstpost.com/business/suuti-money-belongs-to-uti-investors-and-not-to-the-government-1353335.html|publisher=Firstpost|access-date=1 October 2016|date=22 January 2014}} 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. The first branch was inaugurated on 2 April 1994 in Ahmedabad by Manmohan Singh, then finance minister of India.{{cite web |title=Axis Bank: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of Axis Bank - NDTVProfit.com |url=https://www.ndtv.com/business/stock/axis-bank-ltd_axisbank/reports |website=www.ndtv.com}}

In 2001 UTI Bank agreed to merge with Global Trust Bank, but the Reserve Bank of India (RBI) withheld approval and the merger did not take place. In 2004, the RBI put Global Trust under moratorium and supervised its merger with Oriental Bank of Commerce. The following year, UTI bank was listed on the London Stock Exchange.{{cite web|title=AXIS BANK REGS share price (AXB)|url=http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/US05462W1099USUSDIOBE.html|website=London Stock Exchange|access-date=1 October 2016}} In 2006, UTI Bank opened its first overseas branch in Singapore. The same year it opened an office in Shanghai, China. In 2007, it opened a branch in the Dubai International Financial Centre and branches in Hong Kong.{{cite web|title=India's Axis Bank seeks Gulf expansion with branch in Sharjah|url=http://www.thenational.ae/business/banking/indias-axis-bank-seeks-gulf-expansion-with-branch-in-sharjah|website=The National|date=18 February 2016 |access-date=1 October 2016}}

On 30 July 2007, UTI Bank changed its name to Axis Bank.url = https://www.livemint.com/Companies/kHWbcToVD2OSRnDNXVqGeP/UTI-Bank-is-now-Axis-Bank.html

In 2009, Shikha Sharma was appointed as the MD and CEO of Axis Bank.{{Cite news|last=P. Mampatta|first=Sachin|date=16 May 2013|title=Shikha Sharma gets a salary hike|work=Business Standard India|url=https://www.business-standard.com/article/companies/shikha-sharma-gets-a-salary-hike-113051600522_1.html|access-date=11 September 2019}}

In 2013, Axis Bank's subsidiary, Axis Bank UK commenced banking operations.{{cite web|last1=Rebello|first1=Joel|title=Axis Bank launches its first overseas subsidiary|url=http://www.livemint.com/Industry/L6pDpFwXLzVgRVnupAt17O/Axis-Bank-launches-its-first-overseas-subsidiary.html|access-date=1 October 2016|website=Mint newspaper|date=12 July 2013 }}

In March 2014, the Indian government sold a 9% stake, out of its total 20.7% stake in Axis Bank.{{cite news |last1=Machado |first1=Kenan |last2=Jagota |first2=Mukesh |title=Indian Government to Sell Part of Axis Bank Stake |url=https://www.wsj.com/articles/indian-government-to-sell-part-of-axis-bank-stake-1395332182 |access-date=1 March 2025 |work=Wall Street Journal |date=20 March 2014}}

In 2017, Axis Bank acquired Freecharge, a digital marketplace for financial services for approximately ₹385 crore.{{Cite news|last=Variyar|first=Mugdha|title=Axis Bank acquires FreeCharge for Rs 385 crore|work=The Economic Times|url=https://economictimes.indiatimes.com/small-biz/startups/axis-bank-acquires-freecharge-for-rs-385-crore/articleshow/59789257.cms|access-date=13 October 2020}}

On 1 January 2019, Amitabh Chaudhry took over as MD and CEO.{{Cite news|agency=Press Trust of India|date=31 December 2018|title=Shikha Sharma retires as Axis Bank MD & CEO, Amitabh Chaudhry to succeed|work=Business Standard India|url=https://www.business-standard.com/article/finance/axis-bank-md-ceo-shikha-sharma-retires-118123100873_1.html|access-date=11 September 2019}}

In 2021, Axis Bank had reduced its stake in Yes Bank from 2.39% to 1.96%.{{cite news |last1=Manohar |first1=Asit |title=Axis Bank trims stake in Yes Bank |url=https://www.livemint.com/companies/news/axis-bank-trims-stake-in-yes-bank-11620105141355.html |access-date=5 May 2021 |publisher=mint |date=4 May 2021 |language=en}}

In 2023, Axis Bank completed the acquisition of Citibank India's consumer banking business for {{INRconvert|12325|c|mode=historical|year=2022}}.{{Cite news|work=business today|url=https://www.businesstoday.in/industry/banks/story/axis-bank-acquires-citis-india-consumer-business-for-rs-12325-cr-327964-2022-03-30 |title=Axis Bank acquires Citi's India consumer business for Rs 12,325 cr |date=30 March 2022 }}

In 2025, Axis Bank has partnered with J.P. Morgan to provide real-time U.S. dollar payment capabilities for commercial clients in India. This partnership, facilitated by J.P. Morgan's blockchain and digital assets unit, Kinexys, is a first for any Indian companies, allowing them to make or receive dollar payments at any time. The new service will be available to clients based in Gujarat International Finance Tec-City (GIFT City). Currently, cross-border payments are settled on the same day, but the new system will allow companies to make payments at any time, including weekends. Naveen Mallela from Kinexys highlighted the cost benefits of reduced liquidity processing times and no-deduction payment rails, ensuring the full amount reaches the intended recipient.{{Cite news |date=March 28, 2025 |title=India's Axis Bank, J.P. Morgan roll out anytime dollar payments for clients |url=https://www.reuters.com/business/finance/indias-axis-bank-jp-morgan-roll-out-anytime-dollar-payments-clients-2025-03-27/}}

File:Axis_Bank,_Temple_Road,_Mysore.jpg]]

As of 31 December 2024, the bank had a network of 5,706 branches and extension counters, 14,476 automated teller machines and cash recyclers.{{Cite news |date=17 January 2025 |title=Axis Bank Q3 PAT rises 4% YoY to Rs 6,304 cr |url=https://www.business-standard.com/markets/capital-market-news/axis-bank-q3-pat-rises-4-yoy-to-rs-6-304-cr-125011700246_1.html |access-date=26 January 2025 |work=Business Standard}}

The bank has nine international offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai,{{cite web |url=http://www.cbrc.gov.cn/govView_F8C3E31D835F4E0DAAF60B25A49C7D89.html |title=中国银监会关于印度同心银行有限公司上海分行开业的批复 |publisher=中国银行业监督管理委员会 |date=28 August 2013 |archive-url=https://web.archive.org/web/20150518085836/http://www.cbrc.gov.cn/govView_F8C3E31D835F4E0DAAF60B25A49C7D89.html |archive-date=18 May 2015 |url-status=dead }}{{zh}} Colombo and representative offices at Dhaka, Dubai, Sharjah and Abu Dhabi, which focus on corporate lending, trade finance, syndication, investment banking and liability businesses.{{cite web|title=Axis Bank enters Bangladesh, opens representative office in Dhaka|url=http://www.business-standard.com/article/pti-stories/axis-bank-enters-bangladesh-opens-rep-office-in-dhaka-115112200293_1.html|website=Business Standard India|date=23 November 2015}} In addition, the bank has a presence in UK with its wholly owned subsidiary Axis Bank UK Limited.{{cite news |url=http://in.reuters.com/article/axis-bank-licence-britain-idINDEE96A0BK20130711 |archive-url=https://web.archive.org/web/20190207105556/https://in.reuters.com/article/axis-bank-licence-britain-idINDEE96A0BK20130711 |url-status=dead |archive-date=7 February 2019 |title=Axis Bank to open for business in Britain |newspaper=Reuters |date=11 July 2013 |access-date=26 January 2014}}

The bank offers lending services to individuals and small businesses, along with liability products, card services, Internet banking, automated teller machines services, depository, financial advisory services, and Non-resident Indian (NRI) services.{{cite web |url=http://www.axisbank.com/download/Annual-Report-2013.pdf |title=Annual Report for the year 2012–2013 |publisher=Axis Bank |access-date=26 January 2014 |archive-url=https://web.archive.org/web/20140122213622/http://www.axisbank.com/download/Annual-Report-2013.pdf |archive-date=22 January 2014 |url-status=dead }} Axis bank is a participant in RBI's NEFT enabled participating banks list.{{cite web|url = https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=112|title = RBI's list of Banks participating in NEFT|access-date = 31 August 2015|publisher = Reserve Bank of India}}

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.{{cite web|title=Transaction banking huge focus for Axis Bank|url=http://economictimes.indiatimes.com/news/et-tv/transaction-banking-huge-focus-for-axis-bank/videoshow/49284158.cms|website=Economic Times|date=9 October 2015 |access-date=4 October 2016}}

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.{{cite news|title=IDBI Trust, Kotak AMC, LIC among top entities holding $7 billion pledged shares of India Inc|url=http://economictimes.indiatimes.com/markets/stocks/news/idbi-trust-kotak-amc-lic-among-top-entities-holding-7-billion-pledged-shares-of-india-inc/articleshow/53854112.cms|website=The Economic Times|date=25 August 2016 |access-date=4 October 2016 |last1=Mudgill |first1=Amit }}

The bank offers corporate banking, trade finance, treasury and risk management through the branches at Singapore, Hong Kong, Dubai, Shanghai and Colombo, and as also retail liability products from its branches at Hong Kong and Colombo.{{cite web|last1=Dash|first1=Dillip Satapathy & Jayajit|title=Axis Bank to scale up global banking operations|url=http://www.business-standard.com/article/finance/axis-bank-to-scale-up-global-banking-operations-111042800080_1.html|website=Business Standard India|access-date=4 October 2016|date=28 April 2011}} The representative office at Dhaka was inaugurated during the current financial year.{{cite web|title=Axis Bank opens its representative office in Dhaka to strengthenits International presence|url=http://www.sify.com/news/axis-bank-opens-its-representative-office-in-dhaka-to-strengthenits-international-presence-news-default-plxqkMfageehb.html|archive-url=https://web.archive.org/web/20161005115830/http://www.sify.com/news/axis-bank-opens-its-representative-office-in-dhaka-to-strengthenits-international-presence-news-default-plxqkMfageehb.html|url-status=dead|archive-date=5 October 2016|website=Sify|access-date=4 October 2016}}

Axis Banks's equity shares are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE).{{cite web|title=Listing Information – Axis Bank|url=http://economictimes.indiatimes.com/axis-bank-ltd/infocompanylisting/companyid-9175.cms|access-date=26 January 2014|website=Economic Times}} The company's global depository receipts (GDRs) are listed on the London Stock Exchange.{{cite web|title=Axis Bank Limited GDR|url=http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary.html?fourWayKey=US05462W1099USUSDIOBE|access-date=26 January 2014|publisher=London Stock Exchange}} The Bonds issued by the bank under the MTN program are listed on the Singapore Stock Exchange.

{{Main|Operation Red Spider}}

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 {{INRConvert|50|m}} on Axis Bank, {{INRConvert|45|m}} on HDFC Bank, and {{INRConvert|10|m}} on ICICI Bank were imposed by the Reserve Bank of India.{{cite web|title=RBI penalises Axis Bank, HDFC Bank and ICICI Bank|url=https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=28840|publisher=Reserve Bank of India|access-date=25 December 2016}}

Following the 2016 Indian banknote demonetisation, a number of Axis Bank employees were arrested for facilitating money laundering activities.{{cite news|title=Demonetisation: ED arrests 2 bank managers for laundering|url=http://www.ptinews.com/news/8152329_Demonetisation--ED-arrests-2-bank-managers-for-laundering|access-date=25 December 2016|publisher=Press Trust of India|date=5 December 2016}} 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.{{cite news|last1=Hazari|first1=Hemindra|title=Axis Bank – A License to Launder?|url=https://thewire.in/89211/axis-bank-license-launder/|access-date=25 December 2016|publisher=The Wire|date=23 December 2016}}

{{Advert section|date=March 2023}}

An innovation hub located in Bengaluru has an in-house innovation team and an accelerator program, primarily working on artificial intelligence.{{cite news|title=Axis Bank ties up with Amazon, Visa to help startups in India|url=http://economictimes.indiatimes.com/small-biz/startups/axis-bank-ties-up-with-amazon-visa-to-help-startups-in-india/articleshow/53875852.cms|website=The Economic Times|date=26 August 2016 |access-date=3 October 2016 |last1=Rebello |first1=Joel }}{{Cite web |last=Bhatia |first=Richa |date=2017-07-07 |title=How Axis Bank's Thought Factory is launching a fintech revolution by tapping into startups |url=https://analyticsindiamag.com/axis-banks-thought-factory-launching-fintech-revolution-tapping-startups/ |access-date=2023-09-03 |website=Analytics India Magazine |language=en-US}} With this launch, Axis Bank became the first Indian bank to introduce a dedicated innovation lab in the country.{{cite web|title=Axis Bank first in India to launch innovation lab, Thought Factory|url=http://www.bankingtech.com/522952/axis-bank-first-in-india-to-launch-innovation-lab-thought-factory/|website=Banking Technology|access-date=3 October 2016|archive-date=5 October 2016|archive-url=https://web.archive.org/web/20161005072807/http://www.bankingtech.com/522952/axis-bank-first-in-india-to-launch-innovation-lab-thought-factory/|url-status=dead}}{{cite web|title=Axis Bank launches 'Thought Factory'|url=http://www.deccanherald.com/content/555079/axis-bank-launches-thought-factory.html|website=Deccan Herald|date=29 June 2016 |access-date=3 October 2016}}{{cite web|title=Zone Startups selected by Axis Bank to run Fintech Accelerator|url=http://www.indiainfoline.com/article/news-top-story/zone-startups-selected-by-axis-bank-to-run-fintech-accelerator-116070100419_1.html|website=India Infoline|access-date=3 October 2016}}

Asha home loans targets first-time home buyers in the lower-income segment.{{cite web|title=Axis Bank launches home loan scheme for lower income group|url=http://www.thehindu.com/business/Industry/axis-bank-launches-home-loan-scheme-for-lower-income-group/article5863631.ece|website=The Hindu|access-date=3 October 2016|language=en-IN|date=3 April 2014}}{{cite news|last1=Singh|first1=Priyanka|title=Axis Bank launches 30-year 'affordable housing' loan to lower income segment|url=http://timesofindia.indiatimes.com/business/india-business/Axis-Bank-launches-30-year-affordable-housing-loan-to-lower-income-segment/articleshow/33136615.cms|website=Times of India|date=2 April 2014 |access-date=3 October 2016}} The product offers loans from {{INRConvert|100|k}}–{{INRConvert|1.5|m}} in small towns (population less than 1 million) and up to {{INRConvert|2.8|m}} in larger towns (population over 1 million), to customers with family incomes of {{INRConvert|8|k}}–{{INRConvert|10|k}} per month and above.{{cite web|last1=Vishwanathan|first1=Vivina|title=Product crack: Asha Home Loan|url=http://www.livemint.com/Money/xVfqopf5sBzER6C2TEoxFN/Product-crack-Asha-Home-Loan.html|website=Mint (newspaper)|access-date=3 October 2016|date=7 April 2014}}

eKYC (electronic know your customer){{Cite news|url=http://www.theinvestmentmania.com/ekyc-verified-online-aadhaar-card-mutual-funds/|title=Get eKYC Verified Online By Aadhaar Card in 2 Minutes {{!}} Mutual Funds|date=21 November 2016|newspaper=The Investment Mania|language=en-US|access-date=11 December 2016|archive-date=29 November 2016|archive-url=https://web.archive.org/web/20161129193225/http://www.theinvestmentmania.com/ekyc-verified-online-aadhaar-card-mutual-funds/|url-status=dead}} 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.{{cite news |url=http://www.firstpost.com/investing/have-an-aadhaar-card-axis-bank-now-allows-e-kyc-to-open-account-1192155.html |title=Have an Aadhaar card? Axis Bank now allows e-KYC to open account |newspaper=First Post |date=24 October 2013 |access-date=26 January 2014}}

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:{{Cite web|title=Axis Capital (India) Company Profile: Acquisition & Investors {{!}} PitchBook|url=https://pitchbook.com/profiles/company/43086-25|access-date=2020-12-07|website=pitchbook.com|language=en}}

1. Axis Securities Ltd. (formerly Enam Securities Direct Pvt. Ltd.)
2. Axis Finance Ltd. (formerly Enam Finance Pvt. Ltd.)
3. Axis Securities Europe Ltd. (formerly Enam Securities Europe Ltd.)
4. 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.{{Citation needed|date=December 2020}}

In 2024, Axis Capital was barred from taking on any new debt assignments by SEBI, the Indian securities regulator, on account of irregularities it found in the non-convertible debentures (NCDs) issue of Sojo Infotel, a tech consultancy.{{cite news |last1=Kumar |first1=Shivendra |title=Sebi bars Axis Capital from debt merchant banking activities until further orders |url=https://economictimes.indiatimes.com/markets/stocks/news/sebi-bars-axis-capital-from-debt-merchant-banking-activities/articleshow/113496941.cms?from=mdr |newspaper=The Economic Times |date=19 September 2024 |access-date=2 November 2024}}

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.{{Cite web|url=https://simplehai.axisdirect.in/|title=About Axis Securities|website=simplehai.axisdirect.in|language=en-gb|access-date=24 September 2019}}

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.{{citation needed|date=January 2020}}

{{Main|Axis Mutual Fund}}

Axis Mutual Fund is a subsidiary of Axis Bank established in 2009 with in headquarters in Mumbai.

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• Business data for Axis Bank: [https://www.reuters.com/finance/stocks/overview/AXBK.NS Reuters] [https://www.google.com/finance/quote/AXISBANK:NSE Google Finance] [https://www.bloombergquint.com/stock/112501/axis-bank-ltd BloombergQuint]

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