A Study on Promoting Inclusive Growth with Reference to Axis Bank

Abstract

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. Promoting inclusive growth has been top priority area of the Axis Bank Foundation. They try to make the difference to their customers, to the society and to the nation's development directly through the products and services, as well as through developmental initiatives and community outreach its main areas of focus is for promoting inclusive growth consisting of education, public health and medical relief, sustainable livelihoods and improving access to financial services and technology initiatives. These can be achieved through active collaboration with the government and independent organizations. I. Introduction AXIS Bank is one of the fastest growing banks in private sector. The Bank operates in four segments, namely treasury, retail banking, corporate/ wholesale banking and other banking business. The treasury operations include investments in sovereign and corporate debt, equity and mutual funds, trading operations, derivative trading and foreign exchange operations on the account, and for customers and central funding. Retail banking includes lending to individuals/ small businesses subject to the orientation, product and granularity criterion. It also includes liability products, card services, Internet banking, automated teller machines (ATM) services, depository, financial advisory services, and non-resident Indian (NRI) services. The corporate/ wholesale banking segment includes corporate relationships not included under retail banking, corporate advisory services, placements and syndication, management of publics issue, project appraisals, capital market related services, and cash management services. The Bank's registered office is located at Ahmedabad and their Central Office is located at Mumbai. Axis Bank recognizes its duty as a responsible corporate citizen to help strengthen the communities in which we live and work. Axis Bank Foundation (ABF) was setup as a Public Trust in 2006 to carry out the Corporate Social Responsibility initiatives of Axis Bank. ABF has partnered with several NGOs to provide equitable education to various underprivileged individuals across 13 states of India. With the continued efforts to elevate the education levels in India, in 2011 they ventured into the domain of providing sustainable livelihoods. These programs will aim at alleviating poverty and providing livelihood options for economically weak households. Besides the philanthropic initiatives of ABF, they have setup a Volunteering program, encouraging the employees of the Bank to get involved and become socially responsible citizens. ABF is also actively involved in making steps towards reversing the effects of our ecological footprint, by implementing several Sustainability Initiatives. The mission of the foundation is articulated by the MD as; at Axis Bank, strongly believe, that we should participate in the well being of our society. Axis Bank Foundation was set up to give strategic direction to the philanthropic activities of our Bank and its officers. In tune with our desire that the Bank should not only be profitable but also socially relevant, we set apart up to 1% of our profits every year for the activities of our foundation. The foundation has so far been focusing primarily on initiatives in the field of education. We are also engaged in highway trauma care and rural medical relief, in a modest way. Objectives of the study This paper focuses on the initiatives taken by Axis Bank for promoting inclusive growth.