Axis Bank license faces cancellation threat?

Mumbai: Axis Bank on Monday strongly denied a report in the regional daily that authorities are likely to scrap its licence in the wake of its involvement in a multi-crore black-money scam.

It clarified to the National Stock Exchange that the repot that regulatory action will be taken against the bank are "false and malafide".

The bank added that it has strong systems and controls as per the norms prescribed by the RBI. It also sought to assure its customers, investors, and members of public that the bank as strong code of conduct with zero tolerance for any deviation from prescribed processes. "We firmly believe that said news is intended to spread panic amongst the general public, demoralise the staff and damage the reputation of the bank," the lender said.

 Axis bank's Chandi Chowk branch in New Delhi has been in the news over the last few days for alleged involvement of its officials in a racket of illegally converting old notes in connivance with banking authorities.