Axis Bank has received a demand of ₹1,13,76,736 from the Employees’ Provident Fund Organization (EPFO). This includes interest of ₹39,49,751 and damages of ₹74,26,985, related to delays in pension scheme contributions. The bank has reviewed the matter and submitted the required information, anticipating no significant impact on its business.
EPFO Demand Details
Axis Bank has received a demand from the Employees’ Provident Fund Organization (EPFO) for a total of ₹1,13,76,736. This demand comprises two components:
- Interest: ₹39,49,751
- Damages: ₹74,26,985
This demand is related to delays in remitting contributions to the Employees’ Pension Scheme.
Reason for Demand
The demand arises from a delay in depositing Employees’ Pension Scheme (EPS) contributions. The delays were attributed to reasons such as non-Aadhaar linkage and non-receipt of Form-11 within the stipulated timelines.
Bank’s Response
Axis Bank has reviewed the matter and has already submitted the necessary information to the EPFO.
Anticipated Impact
The Bank anticipates no significant effect on its financial, operational, or other business activities as a result of this order. The timeframe for the contribution recovery is related to the period between April 1, 2015, and March 31, 2022.
The show cause notice from MH/R.O. Mumbai (Dadar) was dated January 6, 2026.
Source: BSE
