Last week, Axis Bank decided to suspend 19 employees after it emerged that Rs 100 crore was deposited in 40 fake accounts.In her first interaction after the I-T department raided Axis Bank's Chandni Chowk branch,of the bank, told, “We have taken the toughest action against these employees and will do so in every case of divergence from our code of conduct.“ Edited excerpts: Demonetisation has been an unprecedented exercise. But yes, we have had bad apples who have done things that are inconsistent with the code of Axis. We have taken the toughest action against such employees and will do so in every case of divergence from our code of conduct. We are embarrassed that this has happened, but these are isolated incidents given that we have more than 3,000 branches and 50,000 employees.We have had many of our customers writing to us that the bank has done a great job and, therefore, it is disappointing that a handful of people have let us down. We have appointed consulting firm KPMG to help us with due diligence in some of these transactions and also look if any additional safeguard can be built into the system.We have served 80 lakh customers and have seen the impact of demonetisation -banks having to maintain logistics in terms of moving cash, taking out old cash, replenishing new cash, and dealing with surge in volumes in terms of deposits. There are some black sheep who have defied the code and done things that aren't right.While there's need to move to a cashless economy , customers are reluctant to board this platform because they fear about the resolution issue in case there's a dispute related to ecommerce transactions. RBI has a code of conduct on dispute resolution and customers should not worry because banking is a highly regulated industry and, therefore, the safest for digital transactions.The biggest pain has been the operational challenge of having to deal with massive amounts of currency and huge number of cash transactions.This has strained the entire logistics system dramatically. Also, to promote digitisation, banks voluntarily waived off the fee on ATM transactions, MDR (merchant discount rates) for this month, so revenues have also taken a hit. From a financial perspective, we faced higher operating cost and gave up on revenues in this quarter.Money sitting at homes has come into the formal channels, which has resulted in a surge in deposits which is good.This gives us an opportunity to reconnect with customers who would not have come to the branches. In the medium term, we think structurally a large section of the informal sector will move to the formal.The biggest lesson is that I always thought that banks are highly regulated, bureaucratic, and difficult to change. But what was demonstrated was that we can be agile when we want to, and the whole organisation can come together when there's a cause. That's a big positive and we will see how we can institutionalise this and make it a way of our business.