No Action Taken For Cancelling Axis Bank's License: RBI
By MEHER ONISA : 13-Dec-2016
Mumbai: The Reserve Bank of India on Monday clarified that it has not yet instigated any core action on the cancellation of license of the Axis Bank that was known to have involved in infringing activities post-demonetisation.
According to the Central bank, 19 officials of the Axis Bank working from remote branches have transgressed serious irregularities in its transactions.
Therefore, the Axis bank was likely to lose its banking licence as the government had considered scratching it off for carrying disregarded activities.
The Axis bank defended the allegations published in the regional newspaper saying that "We would like to bring to your attention that the false and malafide news projected in the local gazettes alleging consideration of regulatory action against the Axis bank."
Axis bank further added that the false news was intended to damage the reputation and demoralise the dedicated employees of the bank.
The bank assured its customers, investors and the general public that it follows strong code of conduct and has zero tolerance to any transgression.
The bank admitted that they are adhering to the highest standards of governance in all aspects of its transactions and has been rendering the best services to its valued customers since decades.