Axis Bank’s top management on Tuesday sought to assure the government that irregularities involving some of its personnel, post-demonetisation, were one-off incidents and that the bank was taking action against erring officials.

This was conveyed by Shikha Sharma, Managing Director & CEO, Axis Bank, to Finance Minister Arun Jaitley and his senior officials at the pre-Budget meeting convened by the Finance Ministry with chief executives of banks here. Axis Bank has been on a damage control mode recently after embarrassing incidents of money laundering were detected at some of the branches of the bank after demonetisation was announced on November 8.

Money laundering Recently, the Enforcement Directorate arrested two Axis Bank managers in the National Capital Region and seized three kg gold bars in connection with a money laundering probe on illegal conversion of old notes.

Speaking to reporters after the pre-Budget meeting, Jaitley said that the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) are keeping a close watch on the activities of bank officials post-demonetisation. “We have told the top management of banks that they should also take action against guilty officials,” Jaitley said.

Jaitley said that Axis Bank Chairperson (Shikha Sharma) had conveyed that the bank had, on its own — without the investigating agencies finding out — identified erring officials and suspended them.

Jaitley lauds banks The Finance Minister, at the same time, lauded banks for the good work being done by them. He pointed out that several bank officials were even working on Saturdays/Sundays distributing new currency and also tackling the crowds at bank branches.

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