Demonetisation: Hit by raids, Axis Bank’s Rajiv Anand says ‘will rebuild the brand name’

By: |
New Delhi | Published: December 15, 2016 10:52:57 PM

Expressing his disappointment Axis Bank Group Executive & Head Retail Banking Rajiv Anand on Thursday expressed distress and disappointment at seeing the brand's name being impacted in this manner.

axis bank, it raids, income tax raid axis bank, axis bank scamThe bank has taken action against those against whom charges have been made. As of now, 50 accounts and 24 employees have been suspended for “suspicious activities”. (Reuters)

Expressing his disappointment Axis Bank Group Executive & Head Retail Banking Rajiv Anand on Thursday expressed distress and disappointment at seeing the brand’s name being impacted in this manner. The statement came in the wake of raids that the Income-Tax department has been carrying out in different branches of Axis Bank across the city and elsewhere too. Two of Axis Bank branches were raided today – in Noida and in Connaught Place. In the Noida branch Rs 60 cr had been deposited in accounts of 20 fake companies Another raid was carried out last week in the Chandni Chowk branch and there as many as 44 fake accounts were found.

The bank has taken action against those against whom charges have been made. As of now, 50 accounts and 24 employees have been suspended for “suspicious activities”. Axis Bank also made news when many Axis Bank ATMs were found shut, leaving account holders with no direct option at all to source cash.

You May Also Want To Watch:

Since PM Modi’s November 8th announcement on demonetisation of high-value currency notes of Rs 500 and Rs 1,000 notes, IT department has carried out several raids and has seized hundreds of crores of rupees from various individuals. Several rumours too were making rounds about Reserve Bank of India withdrawing the bank’s licence. Soon after, RBI issued an official statement clearing the air, and denying the rumours. Concerned about the image of the bank, bank head Rajiv Anand today said that “We are deeply distressed to see our brand name being impacted in this manner”. Talking about rebuilding the brand name, he also said “If the brand name has been tarnished, then we will certainly work very hard to rebuild it”.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.