A Brief Guide to Axis Bank India --- SWIFT Code AXISINBBXXX

 

Axis Bank is a leading private sector banks in India and the third largest private sector bank in India. Its history dates back to 1993 and was established as UTI Bank and later renamed as Axis Bank in 2007.The following is a detailed overview of its evolution:

Axis Bank's predecessor, UTI Bank, was established on December 3, 1993. Initially focused on retail and corporate banking, UTI Bank expanded its business by launching an international co-branded credit card in partnership with Citibank in 1999, and in 2000, the Bank launched its 'iConnect' internet banking product and partnered with various companies to offer online In 2000, the bank launched the “iConnect” internet banking product and partnered with a number of companies for online transaction services, marking its early foray into digitalization.

In 2004, UTI Bank consolidated its capital base through a merger with its parent company, UTI Financial Services Ltd. and in 2007, the bank officially changed its name to Axis Bank, a rebranding that marked its transition from UTI Bank to a global financial institution. After the name change, Axis Bank began to accelerate the pace of its business expansion and innovation.

In 2008, Axis Bank demonstrated its leadership in technological innovation by launching India's first EMV chip credit card. 2013 marked a significant step in its internationalization when Axis Bank became the first private sector bank in India to open a branch in China.

Today, Axis Bank has an extensive branch network of over 4,600 branches and 12,000 ATMs across India. In addition, Axis Bank has further expanded its global presence with international branches in New York, London, Singapore, Hong Kong and Dubai.

 

Axis Bank is a key player in the Indian financial market and holds a significant market share especially in the domestic market of India and a relatively small share in the international market. Its domestic and international market share are as below:

Axis Bank is the third largest private sector bank in India and excels in several business segments. In the retail banking segment, Axis Bank has a large customer base of 483 million customers as of 2024, demonstrating its strong presence in retail banking. In the credit card business, Axis Bank is the fourth largest credit card issuing bank in India, with credit card spending growing by 64% year-on-year in FY2024. In particular, its credit card market share increased from 11.4% to 16.2% after the acquisition of Citibank's credit card business in India, further strengthening its position in the segment.

In the digital payments space, Axis Bank's performance was equally impressive. Its market share in UPI (Unified Payment Interface) payments was around 17%, in mobile payments 15.7% and in NEFT (National Electronic Funds Transfer) payments a whopping 22%. Axis Bank also holds a significant position in the merchant acquiring business with a market share of around 20-30% and is the second largest merchant acquiring bank in India.

In the bond market, Axis Bank has a market share of 18%, demonstrating its presence in the capital markets. In addition, Axis Bank's share in the Credit Information File (CIF) market is around 14%, further demonstrating its extensive coverage of the financial services sector.

In contrast, Axis Bank's international presence is small, with a strong concentration in the regions of Singapore, Hong Kong, Dubai, Shanghai and Colombo. In these regions, Axis Bank offers services in corporate banking, trade finance, investment banking and retail liability products. In addition, Axis Bank operates in the United Kingdom through its wholly-owned subsidiary, Axis Bank UK Limited. Although Axis Bank shows some international presence through its listing on the London Stock Exchange through Global Depository Receipts (GDRs), its specific international market share figures are not explicitly disclosed.

 

Axis Bank's international business focuses on a diverse client base. It covers a wide range of needs from large corporations to individual clients. The following are the main customer groups and services of Axis Bank's international business:

Customer Group	Services Provided
Large and Medium-sized Enterprises (Corporate Clients)	Corporate lending, trade finance, cash management, foreign exchange trading, risk management services
Small and Medium Enterprises (SMEs) and Micro Enterprises (MSMEs)	Specialized financial services, digital platforms, API services for international market expansion
Financial Institutions	Interbank trading, foreign exchange and derivatives trading, cooperation with multilateral institutions and DFIs
Retail Customers	Savings accounts, credit cards, personal loans, international remittance, foreign exchange services
High Net Worth Individuals (HNIs)	Wealth management, portfolio management, private banking, customized financial solutions
Government and Public Sector (GPS)	Fiscal management services, tax collection, fund management
Geographical Coverage	International presence in Singapore, Hong Kong, Dubai, Shanghai, Colombo, and UK subsidiary (Axis Bank UK Limited)