FAQs on Citibank Axis Bank Transition (2024)

FAQs

How to give consent to Citibank for transfer to Axis Bank? ›

You have the option to change your earlier decision and share your consent to transfer your Citi relationships to Axis Bank. Just SMS “YES <Space> last 4 digits of your debit/credit card” to 52484 / 9880752484 from your registered mobile number.

Citi India has transferred ownership of its consumer banking business to Axis Bank (registration number L65110GJ1993PLC020769). Consumer banking customers can continue to use all existing Citi products and/or services, branches, ATMs, internet banking and Citi Mobile® App as usual.

To do this, you should first delete the Citi Credit Card from your other bank account's payee list. Once done, please add your Citi Credit Card again as a new payee using the new Axis Bank IFSC - UTIB0000400.

The latest reshuffle finalizes Citi's new structure and is part of a broader goal to trim its global workforce of 239,000 by 20,000 over the next two years. Citi eliminated 1,500 managerial roles comprising 13% of its worldwide leaders, Fraser said as the company released its fourth-quarter results in January.

The acquisition is a healthy strategic fit in line with Axis Bank's GPS (Growth, Profitability & Sustainability) strategy and its focus on premium segment growth. The Bank has gained access to the large, affluent and profitable customer franchise of Citibank, which aligns well with its Premiumization strategy.

As you have given consent to transfer your Citi relationships, there is no need to make any alternate arrangements. In case you are issued a replacement/new card or there is change to your card number, then you will be required to re-initiate recurring merchant payments or any other standing instructions on your card.

If you set up a transfer to take place today, it will be processed immediately and appear in Completed Transfers. Account balances will also be updated immediately. Transfers or payments to credit accounts will also take place immediately, however, your credit balances will be updated the next business day.

In the country's rapidly transforming economic and banking landscape, Citibank was unable to garner a sufficient market share in the consumer banking sector, which it forayed into in 1985. As a result of this, the group decided to exit its retail business in India.

Citibank India has announced on its website that its consumer banking customers will now be served by Axis Bank. The consumer business of the multinational bank includes credit cards, home loans, personal loans, and retail banking, among others.

What is the swift code of Citibank to Axis Bank? ›

Beneficiary Bank: Axis bank. Beneficiary SWIFT Code: AXISINBB.

Speaking on the reason behind the name change, Hemant Kaul, President-Retail Banking, Axis Bank, said, “The decision to re-brand the bank emanated from the need to move out of a scenario of brand confusion that is created by several shareholder-unrelated entities using the UTI brand. We renamed ourselves on July 30.

At the hearing, titled “The People vs. Citi,” climate justice leaders argued that Citibank is complicit in environmental racism and demanded the bank stop enabling fossil fuel projects, which disproportionately impact Black and Indigenous communities and other people of color.

Citigroup is planning to lay off 20,000 employees, or about 10% of its workforce, in the next two years as it comes off its worst quarterly financial results in more than a decade.

All you need to set up a Citibank Global Transfer is the recipient's name and account number. Once your transfer is reviewed, your funds are debited from your account and transferred to the recipient's bank.

Login to Citibank Online and provide the details of the beneficiary's account number and IFSC code. Citibank will send you a one-time use six digit OTP (One Time Password) to the mobile number as updated on your account with us. Use this OTP to authorize your payee registration.