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Following reports of the Income Tax department raiding a branch here of Axis Bank after two people were held with Rs 3.5 crore in new notes, the private lender said on Friday that it was investigating the matter and cooperating with the authorities.
"The deposits were made in the existing accounts of our customer at Kashmere Gate branch, Delhi," Axis Bank said in a statement here.
"The Bank is investigating the matter in detail and is fully cooperating with the agency on ground," it added.
According to a TV news channel report, the raids were conducted after two people were held with Rs 3.5 crore in new notes.
On November 8, Prime Minister Narendra Modi announced that currency denominations of Rs 500 and Rs 1,000 will no longer be legal tender.
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