The Axis bank became operational in 1994 when the government liberalized the Indian Banking Industry and is amongst the first new generation private sector banks in India.
Its registered office was opened in Ahmedabad and the corporate office in Mumbai in December 1993. The then Finance Minister of India, Dr. Manmohan Singh inaugurated its first branch in Ahmedabad on April 2, 1994.
A total asset size of Rs. 383,245 Cr. (as on 31st March 2014) is representative of the bank’s consistent growth and stable asset quality since its establishment. The operations of the bank are in the four major segments- treasury operations, retail banking, Corporate/Wholesale banking and other banking business. The other banking businesses include NRI services, Business banking, Investment banking, lending to small and medium enterprises, agriculture banking and advisory services.
The Axis bank started its first overseas operations by opening a branch in Singapore and a representative office in Shanghai (which in 2014 was upgraded to a branch) in 2006. Shortly after that it opened other branches in the Dubai International Financial Centre and Hong Kong in 2007. A representative office was also opened in Dubai the next year. Later in 2011 a new branch in Colombo and a representative office in Abu Dhabi were opened. Axis Bank UK, a subsidiary of the Axis Bank commenced its banking operations in 2013.
The Axis bank is known to have taken a number of Industry first initiatives like the launch of Mobile banking App 2.0, first of its kind in India and the ISIC Forex Card for students which is a photo Travel Currency Card that can be used over 34 million merchant locations and over 2 million Master Card ATMs globally. It has also launched for the first time in India an eKYC (electronic Know Your Customer) facility to introduce Biometrics based KYC. It has a large distribution network of 2402 domestic branches and around 12,922 ATMs all over India.