Axis Bank daily forex outlook deutsche bank the third largest of the private-sector banks in India offering a comprehensive suite of financial products. The bank has its head office in Mumbai and registered office in Ahmedabad.
It has 3,304 branches, 14,000 ATMs, and nine international offices. It sells financial services to large and mid-size corporates, SME, and retail businesses. UTI Bank opened its registered office in Ahmedabad and corporate office in Mumbai in December 1993. The first branch was inaugurated on 2 April 1994 in Ahmedabad by Dr. Manmohan Singh, the Finance Minister of India. In 2004 the RBI put Global Trust into moratorium and supervised its merger into Oriental Bank of Commerce. In 2003 UTI Bank became the first Indian bank to launch the travel currency card.
In 2005, UTI bank got listed on London Stock Exchange. UTI Bank opened its first overseas branch in 2006 Singapore. That same year it opened a representative office in Shanghai, China. UTI Bank opened a branch in the Dubai International Financial Centre in 2007. That same year it began branch operations in Hong Kong. In 2008 it opened a representative office in Dubai. With effect from July 30, 2007, UTI Bank changed its name to Axis Bank.
Axis Bank opened a branch in Colombo in October 2011, as a Licensed Commercial Bank supervised by the Central Bank of Sri Lanka. Also in 2011, Axis Bank opened a representative offices in Abu Dhabi. In 2013, Axis Bank’s subsidiary, Axis Bank UK commenced banking operations. Axis Bank UK has a branch in London. In 2015, Axis Bank opens its representative office in Dhaka. The average age of an Axis Bank employee is 29 years.
The attrition rate in Axis Bank is approx. As of 12 Aug 2016, the bank had a network of 3,120 branches and extension counters and 12,922 ATMs. Shanghai, Colombo and representative offices at Dhaka, Dubai and Abu Dhabi, which focus on corporate lending, trade finance, syndication, investment banking and liability businesses. Transaction Banking:Formed in April 2015, TxB provides integrated products and services 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. Treasury:The Treasury manages the funding position of the Bank and also manages and maintains its regulatory reserve requirements.
It invests in sovereign and corporate debt instruments and engages in proprietary trading in equity and fixed income securities, foreign exchange, currency futures and options. It also invests in commercial papers, mutual funds and floating rate instruments as part of the management of short-term surplus liquidity. Syndication:The Bank also provides services of placement and syndication in the form of local currency bonds, rupee and foreign term loans and external commercial borrowings. Investment Banking and Trustee Services:The Bank provides investment banking and trusteeship services through its owned subsidiaries. Axis Trustee Services Limited is engaged in trusteeship activities, acting as debenture trustee and as trustee to various securitization trusts.
The Bank continues to offer corporate banking, trade finance, treasury and risk management solutions through the branches at Singapore, Hong Kong, DIFC, Shanghai and Colombo, and also retail liability products from its branches at Hong Kong and Colombo. The representative office at Dhaka was inaugurated during the current financial year. Through the Representative Office at Dhaka. Following the 2016 Indian Banknote Demonetisation, a number of Axis Bank employees were arrested for facilitating money laundering activities. 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.