Axis Bank fined ₹1.38 Cr by EPF Org for delayed remittance
Axis Bank received orders from the Employees Provident Fund Organization for delayed remittance of provident fund dues. The bank was levied damages of ₹91.51 lakh and interest of ₹47.35 lakh for the period April 1, 2022, to June 13, 2024. The bank expects no significant impact on its operations.
Although a penalty has been imposed, the bank has stated that it anticipates no significant effect on its financial, operational, or other business activities.
The bank has been penalized by the EPF Organization with damages and interest for delayed remittance of provident fund dues.
Axis Bank Limited has received speaking orders from the Employees Provident Fund Organization (EPFO) levying damages and interest aggregating to ₹91,50,641 and ₹47,34,743, respectively. These amounts are related to the delay in remittance of provident fund and allied dues for the period from April 1, 2022, to June 13, 2024.
The orders, dated March 27, 2026, were received by the bank, and the EPFO has initiated recovery proceedings under Section 7Q for interest and Section 14B for damages of the Employees Provident Fund Act & Miscellaneous Provisions Act, 1952.
The bank has reviewed the matter and submitted the requisite information to the EPFO at the earliest opportunity. Axis Bank anticipates no significant effect on its financial, operational, or other business activities as a result of these orders.
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Axis Bank Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. 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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