<P> An Indian online magazine conducted a sting operation which was publicised along with 2013 videos evidence showing a wide range of violations and money - laundering schemes by top officials at a number of Indian banks, including Axis Bank . Consequently, penalty of Rs 5 crore on Axis Bank, Rs 4.5 crore on HDFC Bank and Rs 1 crore on ICICI Bank was imposed by Reserve Bank of India . </P> <P> The newly introduced UPI will facilitate banking transactions using only a single' Virtual Payment Address' (VPA). While transferring money to an account, the sender will not be forced to feed the slew of details like the account number and bank's IFSC Code, but can transact using only the VPA . </P> <P> The bank launched Ping Pay in 2015, which is a multi-social payment solution that allows customers to transfer funds using their smart phones to both Axis Bank accounts and other banks' account holders . </P> <P> Axis Bank augmented reality feature within its mobile app which lists all the dining destinations, property lists, shopping centers, bank ATMs, branches and many other things not only as a location on GPS but also in real life pictures along with distance and directions . </P>

When was uti bank renamed to axis bank