The country's central bank (RBI) has specified three ways in which we can remit money. These include the popular NEFT, RTGS and IMPS. However, to undertake these transactions, we must have the IFSC Code allotted by RBI to each bank and the specified branch.
The Axis Bank IFSC Code is an 11-digit alphanumeric code having special 4 characters, 'UTIB', stand for the name of the bank, the fifth character is always 'zero' for future use and the final six characters specify the 'exact branch address'.
If you are searching for the IFSC code of your home branch, you can use two mechanisms to search. In the offline mode you will find it written on your cheque book, which has been given to you by the Axis Bank branch. If you are looking for online IFSC Code of Axis Bank you can find here in Goodreturns.
Axis Bank was formerly known as UTI Bank. It is the third largest private sector bank in the country, behind ICICI Bank and HDFC Bank.
The Bank to begin with had a number of promoters. Among them was the Specified Undertaking of Unit Trust of India, which today is known as SUUTI.
Apart from this it was promoted by a host of prominent insurance companies, which are owned by the Government of India. Among these include the Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd.
Today, a host of individuals and prominent foreign portfolio investors have a stake in Axis Bank.
Rapid expansion by Axis Bank
Axis Bank has seen superb growth in branches and business over the years. Today, if we need to remit money to Axis Bank branches, we need the IFSC Codes for Axis Bank.
You can find the same by using our user friendly website. Axis Bank has chalked out rapid growth in the last few years.
The bank's financials have been impressive in the last many years. The bank had a a balance sheet size of around Rs 4,61,932 crores as on March 31, 2015, which may have already swelled.
The asset quality at Axis Bank has been much better, though some of the other banking sector peers are seeing a huge deterioration in the asset quality.