Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2024
SEBI action involving Axis Capital debt assignments
SEBI restricted Axis Capital from taking on new debt assignments after identifying irregularities in a non-convertible debenture issue connected with Sojo Infotel.
2021
RBI fines Axis Bank for KYC-norm violations
Fine or penalty
The Reserve Bank of India fined Axis Bank Rs 25 lakh for violating KYC norms. The penalty followed an RBI scrutiny conducted in February and March 2020 of a customer account maintained with the bank. The action was announced in a news report dated September 1, 2021.
Source excerpt
RBI fines Axis Bank Rs 25 lakh for flouting KYC norms
The fine is based on a scrutiny carried out by RBI during February 2020 and March 2020 in a customer account maintained with the bank
2019
Consumer forum orders compensation over dishonoured cheque
Fine or penalty
Koraput's consumer disputes and redressal forum found the concerned Axis Bank authorities guilty of dishonouring a cheque despite sufficient funds and ordered the branch manager to pay Rs 7,000 in compensation and Rs 3,000 in litigation costs.
Company response
Refund or compensation — Axis Bank
The bank authorities also initiated the refund of Rs 690, she added.
Source excerpt
The forum found the concerned bank authorities guilty and labelled the fine after examining the case, verifying documents and recording statements.
The forum in its order pronounced on Monday asked the official to pay a fine of Rs 7,000 to the complainant towards compensation and Rs 3,000 towards litigation cost within 30 days from the date of communication of the order.
2016
Demonetisation-related money-laundering cases
Several Axis Bank employees were arrested after India’s demonetisation in cases involving alleged money-laundering facilitation. Reporting also raised questions about sales targets, employee incentives and the adequacy of internal controls.
2013
Operation Red Spider
A media sting operation alleged that employees of multiple Indian banks, including Axis Bank, facilitated improper financial arrangements and money-laundering methods. The Reserve Bank of India imposed a penalty on Axis Bank in response to the matter.