There is a sensational news about the biggest private sector bank Axis as the national media reported that its license might be canceled due to intervention in money laundering. The news broke out in a Hindi newspaper that the union government is mulling license cancellation as it found several irregularities by the Axis bank after big note ban.
This news gained importance as nearly 19 employees of the bank were shown the door due to irregular transactions. This news resulted in 3% loss of the bank's share. How, Axis bank categorically condemned the news. In a press release it said that it is functioning in accordance to the laws set by the banking law and these rumors are the hand work of some people who want to tarnish the bank's image. It reiterated that the bank has an infrastructure in place where there is no chance of irregularities in banking transactions.