Mumbai, Oct. 15 -- Axis Finance Ltd's initial public offering (IPO) process is "very much on", confirmed Amitabh Chaudhry, managing director and chief executive officer of Axis Bank, on Wednesday, even as the lender awaits final regulatory clarity from the Reserve Bank of India (RBI).

Chaudhry said the bank continues to evaluate options to raise capital for the non-banking financial arm and that listing remains an eventual step in the process.

"On Axis Finance, we are going through a process. we will continue to evaluate our options and do the right thing... Axis Finance would become an upper-layer NBFC very soon, given the size of AUM we have, and that will also mean that we will ultimately get on this path of listing it at some stage ...