The income tax department has raided the Noida branch of Axis Bank on Thursday, according to an alert from ANI.

ANI also reported that the I-T department found 20 fake accounts in the bank branch with Rs 60 crore deposited in them.

Axis Bank, India's top importer of gold, has suspended the bank accounts of some bullion dealers and jewellers after two of its executives at a branch were arrested over alleged money laundering.

The move is likely to curtail imports by the world's second-biggest gold consumer this month and could weigh on global prices already near their lowest level in ten months.

Private sector lender Axis Bank on Friday partially reversed the 100-basis-point (bps) cut in the interest rates on fixed deposits of more than R5 crore that it had effected on November 25. The lender will now pay interest at the rate of 6.25%, as against 5.5% till Thursday.

The move comes even as most banks are reducing rates on term deposits amid a flush of liquidity resulting from the government’s decision to withdraw the legal tender status of old R500 and R1,000 notes. Banks received deposits worth Rs 11.55 lakh crore since

MUMBAI: The country's third largest private sector lender Axis BankBSE -0.09 % on Tuesday said that it has suspended nineteen employees across India for allegedly involved in corrupt practices in exchanging currency post demonetisation.

The bank also said that it has hired KPMG to conduct a forensic audit to strengthen its processes. "We have identified and suspended 19 employees at various levels in hierarchy across the country, for alleged deviations," an Axis Bank official said.

Mumbai: The enforcement directorate (ED) on Monday arrested two officials of Axis Bank Ltd in Delhi and seized 3kg of gold, saying they were helping money launderers convert banned currency notes into gold, the ED said.

“Banks have been advised to stop activity in eleven accounts,” the ED added.

Cracking down on banking staff who are allegedly helping people convert their black money into white, the Income Tax Department has conducted a survey at the Kashmere Gate branch of Axis Bank in Delhi. According to various reports, the I-T department has conducted searches at the residences of two bank managers of Axis Bank. The searches happened after two people were caught with Rs 3.5 crore in new currency notes.

Mumbai: Private sector lender Axis Bank Ltd is looking to sell its approximately 8% stake in Mswipe Technologies Pvt. Ltd, a mobile payments services provider, two people aware of the development said.

“The bank wants to sell its entire stake in the payments terminal company Mswipe and they have initiated discussions on the same. They are talking to some of the existing investors of the company, too, to pick the stake from them,” said one of the two people cited above, requesting anonymity, as the talks are private.

Axis Bank—country's third largest private sector lender—reported a 83% drop in net profit to Rs 319 crore in July-September quarter as compared to Rs 1,915.64 crore in the same quarter last year. This sharp drop in profit was led by higher provisioning that increased by over five times as bad loans increased.

In the quarter ended September, bank's Gross non-performing loans (NPAs) rose to 4.17% (Rs 16,379 crore) from 1.38 %(Rs 4,415 crore) in the same quarter a year ago. In quarter ended June 2016, its Gross NPAs were at 2.54% (Rs 9,553 crore).

Within days of Essar Group signing a mega $12.9-billion asset sale in its oil business, three top lenders — ICICI Bank, Axis Bank and StanChart — have got back an estimated $2.5 billion as part of the first payment for their debt exposure to the Ruias-led conglomerate.

The two Indian lenders — which together had an exposure of $1.5 billion — will get back nearly half of their money or about $770 million in cash while further $750 million of debt will get transferred to Rosneft-led consortium and Essar's ports and other businesses, according to the terms agreed upon by them.

MUMBAI: A month ago, an official of Axis Bank -- India's third largest private sector lender -- received an unexpected telephone call. The caller, an engineer at Kaspersky Lab, the well-known Moscow-headquartered cyber security firm, rattled off the names of several Axis computers which, he claimed, have been breached.

The Kaspersky man said his firm had stumbled on the information in the course of a separate probe. When an Axis team looked into the bank’s servers, it found out that there was indeed an unauthorized login by an unnamed, offshore hacker.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.