UTI Bank changed its name to Axis Bank effective 1st August, 2007
when uti bank was converted into axis bank?
uti is an international bank ,suddenly it chaned that is why iam asking. The change in name was considered for avoiding confusion as several unrelated entities were using the UTI brand
UTI Bank.
Uti Bank
UTI stands for Unit Trust of India. UTI Bank has recently been renamed to AXIS bank.
UTI Bank was renamed as Axis Bank in April 2007 to avoid confusion with other entities of similar name. It is one of Indias largest private banks. It has over 1200 branches and 6000 ATMs across India. The bank has been in existence since 1994 making it one of India's oldest private banks as well.
no its a private bank now and earlier it was a public bank known as UTI bank
Unite Trust Of India (currently AXIS Bank www.axisbank.com)
In India, it was United Trust of India Bank, which has now been renamed as Axis Bank.
UTI stands for Unit Trust of India. It was created in 1963 and for more than two decades it remained the sole vehicle for investment in the capital market for Indian citizens. UTI Bank was recently renamed as Axis Bank and continues its operations even today.
UTI Bank: Drink Your Cranberry Juice.
Axis Bank was formed as UTI when it was incorporated in 1994 when Government of India allowed private players in the banking sector. The bank was sponsored together by the administrator of the specified undertaking of the Unit Trust of India, Life Insurance Corporation of India (LIC) and General Insurance Corporation ltd. and its subsidiaries namely National insurance company ltd., the New India Assurance Company, the Oriental Insurance Corporation and United Insurance Company Ltd. However, the name of UTI was changed because of the disagreement on terms and conditions of the bank authority over certain stipulations including royalty charged over the name from UTI AMC. The bank also wanted to have a new name from its pan-Indian as well as international business perspective. So from July 30, 2007 onwards the UTI bank was named as Axis Bank.