Axis Bank Ltd.

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2 million on Axis Bank for contravention of the directions contained in Master Circular on Detection and Impounding of Counterfeit Notes dated July 20, 2017 and, the Circular on Sorting of Notes - Installation of Note Sorting Machines dated November 19, 2009.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.