The Reserve Bank of India today clarified that it has not initiated any action to cancel the banking licence of Axis Bank in the wake of certain allegations about some serious irregularities in transactions relating to deposit/exchange of Specified Bank Notes in a few branches of the bank. The clarification comes in the background of rumours in a segment of the media that the bank was likely to lose its banking licence.

Alpana Killawala

Principal Adviser

Banking licence cancellation: central bank denies initiating revocation amid alleged irregularities in specified note transactions. The central bank clarified it has not initiated any action to cancel Axis Bank's banking licence in response to allegations of irregularities in the deposit and exchange of Specified Bank Notes at certain branches, addressing media rumours of imminent licence revocation.