Axis Bank Ltd.

BSE: 532215 | NSE: AXISBANK
Large Cap | Bank - Private
1271.95
-14.90 (-1.16%)
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Axis Bank reply to clarification sought by exchange

Date: 17-10-2022
With reference to email dated October 14, 2022, seeking clarification/ confirmation in respect of the recent news item which appeared in the 'www.moneycontrol.com' dated October 14, 2022 captioned 'Axis Bank-Max Life deal: Lender to pay Rs 2 crore fine to IRDAI for rules violation', Axis Bank has clarified that the Insurance Regulatory and Development Authority of India (ÍRDAI) has imposed a penalty aggregating to Rs 2 crores on Axis Bank alleging certain violations of directions issued by IRDAI on account of transaction of transfer of shares of Max Life Insurance Company between Max Financial Services and Axis Bank/its subsidiaries. In this regard, also noted that the said penalty does not have any material impact on the Bank or its corporate agency operations. 

The above information is a part of company’s filings submitted to BSE.