Axis Bank, previously called UTI Bank, was the first of the new private banks to have 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 Insurance Company Ltd. UTI-I holds a special position in the Indian capital markets and has promoted many leading financial institutions in the country.P J Nayak is its Chairman and Managing Director.
As on the year ended March 31, 2006 the Bank had a networth of Rs. 2872.19 crores with the public holding (other than promoters) at 56.65%. Net Profit for the year was up 44.98% to Rs 485.08 crores.