Axis Bank is an Indian banking and financial services institution headquartered in Mumbai, India. It provides financial services to large and mid-size companies, SMEs and retail businesses. The bank was founded in 1993 as UTI Bank, after which it underwent a name change to Axis Bank in 2007. In 2022, it employed over 85,500 staff and had INR 9.96 trillion in total assets.
In terms of senior leadership accountability, the responsibility for sustainability issues lies with Axis Bank’s board of directors. Additionally, the financial institution discloses a list of trade associations of which it is a member including sustainability- and non-sustainability-related organisations.
Axis Bank discloses the aggregate amount of finance it devotes to climate solutions, while specifying what these solutions are, namely lending for renewable energy generation, urban mass transport, electric mobility, and green buildings, as well as green bonds. These climate solutions are defined according to internationally adopted frameworks.
Axis Bank commits to protecting personal data, respecting the health and safety of workers and prohibiting bribery and corruption, in public policy documents. Moreover, it has a grievance mechanism accessible to all workers and external stakeholders to raise human rights concerns and complaints. The financial institution discloses the amount of finance it directs towards usually excluded groups, namely the unbanked and underbanked. It also provides evidence regarding the proportion of women in its total direct operations workforce, as well as the proportion of its workforce covered by collective bargaining agreements. In addition, Axis Bank discloses a global tax strategy, responsibility for which lies with the chief financial officer.
In terms of its approach to senior leadership accountability, Axis Bank could link the remuneration of the entire group level executive or management teams to sustainability performance criteria. Regarding gender equality and diversity, women are currently underrepresented on the board of directors where only 3 out of 12 board members are women. Furthermore, no evidence was found that the financial institution is committed to gender equality and women’s empowerment. Axis Bank has an opportunity to disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps. Finally, on the topic of engagement, the financial institution has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees, across its financing activities.
There is no evidence that Axis Bank discloses a target to reach net-zero financed emissions by 2050. In terms of engagement on climate change, the financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with, specifically on alignment with the Paris Agreement. While the financial institution discloses a time-bound sustainable financing target for its wholesale banking segment, it could disclose time-bound targets explicitly for its climate solutions. Regarding nature and biodiversity, no evidence was found that the financial institution is committed to minimising its negative impacts or financing regenerative solutions.
Axis Bank has a publicly available policy statement committing it to respect human rights. However, it has an opportunity to use stronger language to turn this statement into a formal commitment. Furthermore, the financial institution could describe the process for identifying human rights risks and impacts through its relevant financing activities. In terms of workforce diversity, the financial institution discloses the ages of its board of directors, but has an opportunity to disclose this information for each employee category. While the financial institution discloses that it directs finance towards micro-, small- and medium-sized enterprises, it could provide an amount. Moreover, Axis Bank has an opportunity to disclose the amount of finance directed towards low-income developing countries.
More about the company
Net income: INR 292.39 billion; Total assets: INR 9.96 trillion