Are you confused by the many acronyms used by banks? With names like AXIS, IBKL, or YONO, it’s easy to feel lost trying to figure out what they mean. This lack of clarity can make it hard to choose the right bank or service for your needs. When you’re unsure about a bank’s background, it’s tough to make informed decisions. Fortunately, understanding these names is simpler than you think!
In this blog, we’ll break down the full forms (if they exist) and meanings behind popular bank names so that you can bank with confidence.
1. AXIS Bank
- Full-Form: None! AXIS Bank doesn’t have a full form.
- Background: It started in 1994 as UTI Bank, under the Unit Trust of India. In 2007, AXIS Bank was renamed to give it a modern and international feel. The name “AXIS” doesn’t stand for anything; it’s a brand name chosen to represent stability and reliability.
2. AU Small Finance Bank
- Full-Form: The “AU” in AU Small Finance Bank doesn’t have a full form.
- Explanation: It comes from “Aurum,” which means gold in Latin, symbolizing value and trust. In many parts of India, the chemical symbol “AU” is considered auspicious, making it a fitting name for a bank that strives to bring financial prosperity to its customers.
3. BUPB Bank
- Acronym: Baroda U.P. Gramin Bank
- Description: Baroda U.P. Gramin Bank (BUPB) is a Regional Rural Bank (RRB) sponsored by the Bank of Baroda. It serves the rural areas of Uttar Pradesh, offering banking services to agricultural workers, small businesses, and rural communities. BUPB provides a wide range of services, including savings accounts, loans, and agricultural banking products, aimed at promoting financial inclusion in rural regions.
4. Yes Bank
- Abbreviation: Yes Bank was founded in 2004 and doesn’t have a full form.
- Details: The name “Yes” was chosen to reflect positivity and a customer-centric approach. Despite facing financial difficulties in recent years, Yes Bank remains a significant player in India’s private banking sector, offering retail, corporate, and investment banking services.
5. IBKL Bank
- Short form: IDBI Bank
- Background: IBKL is not the name of a bank, but an IFSC (Indian Financial System Code) used for IDBI Bank. IDBI stands for Industrial Development Bank of India, which was founded in 1964 to support India’s industrial growth. Over time, IDBI Bank became a public sector bank and offers everything from personal banking to large-scale corporate banking services.
5. Citi Bank
- Full Form: First National City Bank (1967)
- Background: Citi Bank is a part of Citigroup, one of the largest financial services corporations in the world. Originally established as the City Bank of New York in 1812, the name was eventually shortened to Citi Bank. There is no full form for Citi Bank, as it is simply a brand name.
6. YONO
- Short form: YONO SBI
- Information: YONO is a digital banking platform launched by the State Bank of India (SBI). The full form of YONO is You Only Need One, representing the app’s ability to provide all essential banking and financial services in one place. With YONO, users can manage their accounts, shop online, book travel, and even invest, all from a single app.
7. ESFB Bank
- Detail: ESFB stands for Equitas Small Finance Bank
- Background: Equitas is one of India’s leading small finance banks. Launched in 2016 after its parent company, Equitas Holdings, received a banking license from the RBI, the bank focuses on providing services to underserved sections of society. It offers loans, savings accounts, and other financial products, particularly for small businesses and low-income groups.
8. TNGB Bank
- TNGB stands for Tamil Nadu Grama Bank
- Answer: TNGB is a Regional Rural Bank (RRB) sponsored by the Indian Bank. It focuses on providing financial services like savings accounts, loans, and agricultural financing to the rural population in Tamil Nadu, promoting economic growth in these areas.
9. DBGB Bank
- Info: DBGB stands for Dakshin Bihar Gramin Bank
- Explanation: DBGB is Sponsored by the Bank of India, this Regional Rural Bank (RRB) focuses on providing financial services to the rural regions of Bihar. DBGB offers products such as savings accounts, loans, and agricultural finance to help boost economic growth in these underserved areas.