Axis Bank was incorporated in 1994, and was the first of the new private banks to
be established after the Government of India allowed private banks to open independently.
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 four other PSU insurance companies,
namely, National Insurance Company Ltd.,The New India Assurance Company Ltd., Oriental
Insurance Company ltd and United India Insurance Company Ltd.
The registered office of the bank is at Ahmedabad and its central office is located
at Mumbai. At present, the bank has as many as 729 branches and a network of over
3171 ATMs providing 24 hours services to its customers nation-wide. The bank is
currently capitalized to the extent of Rs. 358.97 crores with the public holding
at 57.59%. The bank deals both in retail as well as corporate banking, and aims
to deliver the best services to its customers in order to achieve excellence. Till
July 2007, it was called the UTI bank and hence after changed to Axis Bank.
The bank aims at customer satisfaction throughout all its operations. With its i-connect
feature,one can view all his account details, transfer funds within accounts, pay
bills, retail loans and access a multitude of other services. The bank's International
Debit Card, which comes with the Savings Bank Account, carries a unique insurance
cover for every account holder, and has received an excellent response from customers,
with over 109 lakh debit cards having been issued till December 2008.