Following media reports of some Axis Bank employees being engaged in fraudulent transactions and money laundering, managing director and CEO Shikha Sharma sent an apology to customers in an email. "Recent media reports around the conduct of a few of our employees have left me embarrassed and upset," Sharma wrote. "We have fallen short of your expectations because a handful of people did not follow our fully compliant and robust processes," she added. Following the demonetization of Rs 500 and Rs 1000 notes, CNN Network 18 reported a video shows that some private bank employees are helping people who wish to launder black money by opening different accounts. The video shows an Axis Bank employee in Sonipat who is advising an undercover reporter to open multiple accounts and deposit Rs 2.5 lakh to avoid the tax radar. He further advises the undercover reporter not to use an Aadhaar card for opening the account as it can be traced by the government. Watch the video here. Shortly after the incident, the RBI placed placed withdrawal limits on Jan Dhan accounts. Fully KYC compliant Jan Dhan account holders will be allowed to withdraw Rs 10,000 in a month while limited or non KYC compliant account holders will be permitted to withdraw Rs 5,000 per month. "I regret that the misdeeds of a few people have eroded the hard work of 55000+ employees, who have been at the front end beyond working hours, displaying extraordinary patience and commitment to their responsibilities," the CEO added. The bank added that…
- Summary: India’s new guidelines for online reviews on e-commerce platforms December 5, 2022
- All Real-Money Online Games May Come Under Indian Government’s Proposed Gaming Regulation: Report December 5, 2022
- New guidelines for PLI scheme on drones but MCA yet to regularise drone usage December 5, 2022
- Telegram Once Again Discloses User Information In Copyright Case At Delhi High Court December 5, 2022
- ITI submissions: what are the policy barriers faced by US tech businesses in India? December 5, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...