Axis Bank faces ₹1.14 Crore EPFO demand for delayed contribution remittance
Axis Bank received a demand of ₹1.14 crore from EPFO, including ₹39.50 lakh in interest and ₹74.27 lakh in damages. This is for delayed remittance of Employees' Pension Scheme contributions between April 2015 and March 2022. The bank has submitted information and expects no significant impact on its operations.
Although a demand has been made, the bank has stated that it anticipates no significant effect on its financial, operational, or other business activities.
The bank has received a demand for interest and damages from EPFO, indicating a non-compliance issue.
Axis Bank Limited has received a demand from the Employees' Provident Fund Organization (EPFO) for ₹1,13,76,736. This amount comprises ₹39,49,751 in interest and ₹74,26,985 in damages. The demand is related to a delay in the remittance of contributions to the Employees' Pension Scheme under the Employees' Provident Fund Act & Miscellaneous Provisions Act, 1952, for the period from April 1, 2015, to March 31, 2022.
The bank was issued a Show Cause Notice by EPFO on January 6, 2026, citing failure to deposit EPS contributions within the stipulated timeline due to various reasons, including non-Aadhaar linkage and non-receipt of Form-11.
Axis Bank has reviewed the matter and submitted the requisite information to the EPFO at the earliest opportunity. The bank anticipates no significant effect on its financial, operational, or other business activities as a result of this demand.
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Axis Bank Limited filed this with the NSE as a statutory disclosure, categorised under regulatory impact. It is a primary document, not a recommendation, and the desk marks it low impact, the band that almost never moves a portfolio on its own.
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