RBI Drops Axis Bank From List Of Bullion Importers
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In recent times, Reserve Bank of India has been giving shockers to the Indian banks. In its latest measures, RBI has refused to extend the license of Axis Bank for bullion imports. Axis Bank is one of the leading bullion importers in India.
This time around, the RBI has issued licenses to 16 banks. The reasons are still are unclear why Axis Bank has been refused its license. Along with Axis Bank, Karur Vysya Bank and South Indian Bank were also refused their license. The list of 16 banks that have been granted the license to import bullion has been released by RBI after Monday midnight.
HDFC Bank, Bank of Baroda and Bank of Nova Scotia have been issued the license to import bullion. Both Axis Bank and Reserve Bank of India officials were unavailable to comment on the latest development. Meanwhile, market analysts stated that the fraud that took place post-demonetization might have had an impact on Axis Bank.