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RETAIL BANKING | Staff Reporter, India

RBI denies rumors of cancelling Axis Bank's licence

Axis Bank is the country's third-biggest private sector lender by assets.

According to Reuters, the Reserve Bank of India on Monday denied a media report that authorities were preparing to cancel the licence of Axis Bank Ltd over irregularities in transactions relating to the exchange of high-value bank notes.

"The clarification comes in the background of rumours in a segment of the media that the bank was likely to lose its banking licence," the RBI said in a statement.

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