Axis Bank Limited (BSE: 532215, LSE: AXBC) is an Indian financial services corporation headquartered in Mumbai, Maharashtra. It had begun operations in 1994, after the Government of India allowed new private banks to be established. 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), General Insurance Corporation Ltd., National Insurance Company Ltd., The New India Assurance Company, The Oriental Insurance Corporation and United India Insurance Company UTI-I holds a special position in the Indian capital markets and has promoted many leading financial institutions in the country. As on the year ended 31st March 2012, Axis Bank had an operating revenue of 13,437 crores and a net profit of 4,242 crores. [18] Axis Bank (erstwhile UTI Bank) opened its registered office in Ahmedabad and corporate office in Mumbai in December 1993. The first branch was inaugurated in April 1994 in Ahmedabad by Dr. Manmohan Singh, then the Honorable Finance Minister. The Bank, as on 31st March 2012, is capitalised to the extent of Rest. 413.2 crores with the public holding (other than promoters and GDRs) at 54.08%. [19].New Zealand born Richard Chandler owns about 9.5% share through Orient Global. On 14th March 2013 an online magazine named Cobrapost released video footage from Operation Red Spider showing high ranking officials and some employees of Axis bank willing to turn black money into white which is violation of Money Laundering Control Act. After this The government of India and Reserve Bank of India have
Posted on: Tue, 10 Sep 2013 10:17:31 +0000
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