 "Axis Bank says it's internally probing the forex scam issue")
Axis Bank, India’s third largest private sector lender, has said it is probing the issue of illegal transfer of money internally.
“This is being looked into internally on a priority basis and based on our preliminary assessment, it appears that this relates to transactions of 2010, which were then reported by the bank to the authorities concerned,” said Axis Bank in a statement.
The lender added, “The bank is fully committed towards maintaining the highest standards of business and regulatory conduct and has ‘zero tolerance’ for any deviations. The bank will extend full co-operation to the law enforcement agencies during the course of any investigations in this regard.’’
Investigations by the Enforcement Directorate in the Bank of Baroda case has now extended to 10 more banks — HDFC Bank, ICICI Bank, Axis Bank, DCB, YES Bank, IndusInd Bank, Dhanlaxmi, ING Vysya, Kotak Mahindra Bank, and Oriental Bank of Commerce.
