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 Banks 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 email. 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 remitters account.
The banks Ping Pay service competes with other banks digital products like ICICI
Banks Pockets and HDFC Banks Chillr.