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Axis Bank CEO apologises to customers in the wake of money laundering reports

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…

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