Report of regulatory action against us false: Axis Bank

Private sector lender Axis Bank on Monday said the reports alleging that regulatory action against the bank was under consideration, were false and malafide.

"We would like to bring to your attention, the false and malafide news published in a regional newspaper alleging consideration of regulatory action against the bank," Axis Bank said in BSE filing.

The clarification came after a regional newspaper published that the government was considering cancelling the bank's license after 19 of its officials were found involved in violative activities post-demonetisation.

"In this connection, we strongly deny the contents of the said article and we reiterate that the bank has strong systems and controls as per the norms prescribed by the Reserve Bank of India (RBI)," the statement said.

"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," it said.

Assuring its customers, investors and public, the bank said that it has a strong code of conduct and zero tolerance to any deviations from prescribed processes.

"We are committed to adhering to the highest standards of governance in all aspects of our business and to provide the best services to our valued customers," it said.

--IANS

mm/vd