4.2 COMPETITOR PROFILE AND THEIR PRODUCTS

4.2.1 ICICI BANK

ICICI Bank is India's largest private sector bank with total assets of Rs. 6,461.29

billion (US$ 103 billion) at March 31, 2015 and profit after tax Rs. 111.75 billion

(US$ 1,788 million) for the year ended March 31, 2015. ICICI Bank currently has

a network of 4,050 Branches and 12,872 ATM's across India.

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian

financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in

ICICI Bank was reduced to 46% through a public offering of shares in India in

fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal

2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock

amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional

investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative

of the World Bank, the Government of India and representatives of Indian

industry. The principal objective was to create a development financial institution

for providing medium-term and long-term project financing to Indian businesses.

In the 1990s, ICICI transformed its business from a development financial

institution offering only project finance to a diversified financial services group

offering a wide variety of products and services, both directly and through a

number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the

first Indian company and the first bank or financial institution from non-Japan

Asia to be listed on the NYSE.

4.2.2 POCKETS

ICICI Bank launched 'Pockets', a digital banking service, enabling users to

instantly send (or request) money to any email ID, mobile number, friends on

Facebook and bank account.

Anyone, including those who are not customers of ICICI Bank, can download the

mobile wallet from Google Play store, fund it from any bank account in the

country, and start transacting immediately.

This wallet uses a virtual Visa card which enables users to transact on any website

or mobile application in India, the customers can also request for a physical card to

use at any retail outlet.

With the app, users will also be able to recharge their mobile plans, book movie

tickets, pay bills, send gifts and split expenses with friends. Users will also be able

to add friends to Favorites and send and request money from them, recharge their

mobile plans, and also send them gifts.

Users can choose to add a zero-balance savings account to the wallet, which will

allow them to earn interest on their idle money. Some personalization options are

also available, allowing users to choose color themes and card images.

The universal wallet and the savings account are the first two products to be

launched as part of the 'Pockets' digital bank. Special deals are also available in the

app, and the users can easily solve any problems they face with app using the

built-in support chat feature.

4.2.3 AXIS BANK

Axis Bank is the third largest private sector bank in India. Axis Bank offers the

entire spectrum of financial services to customer segments covering Large and

Mid-Corporates, MSME, Agriculture and Retail Businesses.

The Bank has a large footprint of 2402 domestic branches (including extension

counters) and 12,922 ATMs spread across the country as on 31st March 2014. The

overseas operations of the Bank are spread over its seven international offices with

branches at Singapore, Hong Kong, DIFC (Dubai International Financial Centre),

Colombo and Shanghai and representative offices at Dubai and Abu Dhabi.

During the year, the Bank has upgraded its representative office in Shanghai,

China to a branch to become the first Indian private sector bank to set up a branch

in China. During the year, the Bank’s overseas subsidiary namely Axis Bank UK

Ltd. commenced banking operations.

Axis Bank is one of the first new generation private sector banks to have begun

operations in 1994. The Bank was promoted in 1993, jointly by Specified

Undertaking of Unit Trust of India (SUUTI) (then known as Unit Trust of

India),Life Insurance Corporation of India (LIC), General Insurance Corporation

of India (GIC), National Insurance Company Ltd., The New India Assurance

Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance

Company Ltd. The shareholding of Unit Trust of India was subsequently

transferred to SUUTI, an entity established in 2003.

4.2.4PING PAY

Ping Pay is a multi-social payment app from Axis Bank that lets you send or ask

for money and mobile recharge across Facebook, Whatsapp, Twitter, SMS or e-

mail. And everytime you send or ask for money or recharge, say whatever you

have to say to your friends through videos, voice notes, images, or customized

messages. So now everytime you have to send or ask for money, simply use Ping

Pay.

Ping Pay can be downloaded and used by both Axis Bank and non-Axis Bank

customers. However, the send money/recharge feature is available only for Axis

Bank customers only. However, non-Axis Bank customers can receive

money/recharge using Ping Pay. To receive money/recharge, the receiver bank

account needs to be IMPS enabled. The person-to-person fund transfers through

Ping Pay would happen via Immediate Payment Service (IMPS) and presently the

transaction limit is at Rs. 50,000 per day.

Ping Pay users can register through their registered mobile numbers and for

sending money can associate their Axis Bank internet banking credentials or

ATM/ Debit Card to send money.

The users can choose any social application and select the name of the person to

whom funds are to be transferred. The beneficiary receives an SMS/ notification

informing receipt of funds.

The transmitter has to enter the amount and set a sender code that has to be shared

separately with the beneficiary. After clicking on the “Send” button, the money is

successfully sent by the remitter and the beneficiary will get a message on his

chosen social platform of transaction.

The beneficiary would have 15 days to transfer funds to his/her bank account

using IMPS. If the beneficiary does not claim the money received within 15 days,

the transaction would be auto-reversed to the remitter’s account.

The bank’s Ping Pay service competes with other banks digital products like ICICI

Bank’s Pockets and HDFC Bank’s Chillr.