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
- Update internal systems and databases to reflect Axis Bank instead of UTI Bank.
- Review existing contracts and agreements referencing UTI Bank and amend where necessary.
- Inform counterparties and customers about the name change for compliance.
- Ensure all regulatory filings and correspondence use the new name Axis Bank Ltd.
Who it affects
All scheduled commercial banks, Axis Bank (formerly UTI Bank), Regulatory compliance teams, Legal and documentation departments
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.