Axis Bank has received orders from the Employees Provident Fund Organization (EPFO) regarding a delay in the remittance of provident fund and allied dues. The bank has been directed to pay Rs. 91,50,641 in damages and Rs. 47,34,743 in interest. These penalties relate to remittances made during the period from April 1, 2022, to June 13, 2024. The bank has confirmed there will be no significant impact on its overall business or operations.
Details of the EPFO Orders
On March 27, 2026, Axis Bank received two formal orders from the Employees Provident Fund Organization. These orders mandate the payment of damages and interest following a review of the bank’s provident fund remittances spanning from April 1, 2022, through June 13, 2024. The specific orders issued are numbered MH/R.O. Dadar/Damages/45239/2025-26/278 and 279.
Financial Impact and Assessment
The total financial liability arising from these orders includes damages amounting to Rs. 91,50,641 and interest charges of Rs. 47,34,743. Axis Bank has thoroughly reviewed the matter and submitted the necessary information to the relevant authorities. Despite these financial penalties, the bank has stated that it expects no material or significant impact on its ongoing financial health, operational workflows, or general business activities.
Source: BSE
