BANKING AFFAIRS

Detailed explanation-1: -Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. It sells financial services to large and mid-size companies, SMEs and retail businesses. Axis Asset Management Company Ltd. Axis Mutual Fund Trustee Ltd.

Detailed explanation-2: -(formerly Enam Securities Direct Pvt. Ltd.) Axis Finance Ltd. (formerly Enam Finance Pvt.

Detailed explanation-3: -The Bank changed their name from UTI Bank Ltd to Axis Bank Ltd with effect from July 30 2007 to avoid confusion with other unrelated entities with similar name.

Detailed explanation-4: -The name of UTI Bank was changed to Axis bank ltd on 30th July 2007. It was the third-largest private sector lender bank in India at that time. The change in name was considered for avoiding confusion between the other UTI brand, so executive director R Ashok Kumar gave this statement in 2007.

Detailed explanation-5: -"The UTI brand name was given to us by the promoters. The name has grown on us. The change in name is on account of several shareholder-unrelated entities using the UTI brand and the consequent brand confusion. The new name, Axis Bank, will give us a brand of our own."