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 Press Release: 2016-2017/1487