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UTI Bank renamed Axis Bank in RBI Schedule

Current · Source: Reserve Bank of India · RBI/2007-2008/172 · issued 30 Oct 2007 · ~1 min read
Quick answerRBI notified that UTI Bank Ltd is now Axis Bank Ltd in the Second Schedule to the RBI Act, 1934, effective July 30, 2007. This formalizes the name change for all regulatory purposes.
The rule, in the simplest words
How it plays out — a real example

A branch operations officer in Indore, Priya, is updating her bank's internal system. She sees an old contract that still says 'UTI Bank'. She changes it to 'Axis Bank' and tells her team to use the new name in all future loan documents and customer forms, so everything matches the RBI's official list.

What changed

RBI updated the Second Schedule to the RBI Act, 1934, replacing 'UTI Bank Ltd' with 'Axis Bank Ltd'. The change took effect from July 30, 2007, and was published in the Gazette of India on September 1, 2007.

What it means for you

For banks and lenders, this confirms that Axis Bank is the legal successor to UTI Bank under the RBI Act. All references to UTI Bank in regulatory documents, contracts, and systems should now use Axis Bank. No operational impact beyond updating records.

What you must do

Who it affects

All scheduled commercial banks, Axis Bank (formerly UTI Bank), Regulatory compliance teams, Legal and documentation departments

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

When did the name change take effect?

The change was effective from July 30, 2007, as per RBI notification DBOD.No.PSBD.1174/16.01.127/2007-08 dated August 2, 2007.

Does this affect any existing contracts with UTI Bank?

Yes, all contracts and references to UTI Bank should be updated to Axis Bank Ltd. The RBI schedule update formalizes the name change for legal and regulatory purposes.

Is there any action required from other banks?

Other banks should update their records and systems to reflect the new name Axis Bank Ltd for all transactions and communications.

📜 Read the original circular — full text as issued by RBI
RBI/2007-2008/172 Ref: DBOD.No.Ret.BC.43/12.06.085 /2007-08 October 30, 2007 All Scheduled Commercial Banks Dear Sir, Alteration in the name of Bank in the Second Schedule to the Reserve Bank of India Act, 1934 - 'UTI Bank Ltd' to 'Axis Bank Ltd'. We advise that the name of 'UTI Bank Ltd' has been changed to 'Axis Bank Ltd' in the Second Schedule to the Reserve Bank of India Act, 1934 with effect from July 30, 2007 by notification DBOD.No.PSBD.1174/16.01.127/2007-08 dated August 2, 2007, published in the Gazette of India (Part III - Section 4) dated September 1, 2007. Yours faithfully, ( B.K.Biswas ) Deputy General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2007-2008/172 · issued 30 Oct 2007. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
🏦 Branch Manager
  • Inform counterparties and customers about the name change for compliance.
💻 IT / Systems
  • Update internal systems and databases to reflect Axis Bank instead of UTI Bank.
📜 Compliance
  • Review existing contracts and agreements referencing UTI Bank and amend where necessary.
  • Ensure all regulatory filings and correspondence use the new name Axis Bank Ltd.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an IT/Systems lead at a bank this circular applies to (All scheduled commercial banks, Axis Bank (formerly UTI Bank), Regulatory compliance teams, Legal and documentation departments), your first concrete step on “UTI Bank renamed Axis Bank in RBI Schedule” is: “Update internal systems and databases to reflect Axis Bank instead of UTI Bank.” (RBI issued this 30 Oct 2007).

  1. Circular: RBI/2007-2008/172 -- UTI Bank renamed Axis Bank in RBI Schedule
  2. Issued: 30 Oct 2007
  3. Action required: Update internal systems and databases to reflect Axis Bank instead of UTI Bank.
  4. Action required: Review existing contracts and agreements referencing UTI Bank and amend where necessary.
  5. Action required: Inform counterparties and customers about the name change for compliance.
  6. Action required: Ensure all regulatory filings and correspondence use the new name Axis Bank Ltd.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=3910&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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