Embarrassed, upset over conduct of handful of employees: Axis Bank MD Shikha Sharma

Axis Bank MD and CEO Shikha Sharma has said that the recent reports about the conduct of a few of the bank's employees have left her embarrassed and upset.

Embarrassed, upset over conduct of handful of employees: Axis Bank MD Shikha Sharma

Axis Bank MD and CEO Shikha Sharma has said that the recent reports about the conduct of a few of the bank's employees have left her embarrassed and upset.

Since Prime Minister Narendra Modi’s decision to demonetise high-value currency notes, Axis Bank has come under the scanner for helping the influential convert black money into white.

Income Tax department has conducted number raids over Axis Bank branches across the country. On December 15 income tax officials unearthed Rs60 crore worth of deposits in 20 fake accounts at an Axis Bank branch in Noida which has dented the bank’s image.


Shikha Sharma said that the conduct of a handful of employees has brought the organisation into disrepute. She added that the bank has hired KPMG to conduct a forensic audit for enhanced due diligence and building more safeguards.

Assuring that the fundamentals of the bank is on a “solid footing’, Sharma said in a letter to Axis Bank customers that the bank is tracking sudden surge in account activity and have ‘proactively identified potentially suspicious accounts”.

“The recent media reports around the conduct of a few of our employees have left me embarrassed and upset. We have fallen short of your expectations because a handful of people did not follow our fully compliant and robust processes. We have taken the toughest action against such employees and we will do so in every case of divergence from our Code of Conduct. I regret that the misdeeds of a few people have eroded the hard work of 55,000+ employees, who have been at the front end beyond working hours, displaying extraordinary patience and commitment to their responsibilities,” she said in the letter.

Thanking customers for the support and understanding since the demonetisation initiative, Sharma said it has been a challenging time and the bank has tried its “level best” to make it easier for customers.