Axis Bank Receives EPFO Orders for Damages and Interest Related to Fund Remittance
Axis Bank Limited confirmed receipt of speaking orders from the Employees Provident Fund Organization (EPFO) concerning the remittance of provident fund and allied dues. The orders pertain to damages and interest calculated for the period between April 1, 2022, and June 13, 2024.The EPFO issued the recovery orders, identifying the recovery of interest under section 7Q and damages under section 14B. The direction and orders were dated March 27, 2026.
The total amounts levied are detailed below:
| Component | Authority | Amount |
|---|---|---|
| Damages (s/ 14B) | Employees Provident Fund Organization | Rs. 91,50,641 |
| Interest (s/ 7Q) | Employees Provident Fund Organization | Rs. 47,34,743 |
These recovery measures stem from the delay in remitting provident fund and allied dues. The bank noted that the orders were received via Order no. MH/R.O. Dadar/Damages/45239/2025- 26/278 and Order no. MH/R.O. Dadar/Damages/45239/2025-26/279.
Regarding the financial impact, Axis Bank stated that the bank anticipates no significant effect on its financial, operational, or other business activities as a result of the aforementioned orders.
AXISBANK Stock Price Movement
Today, Axis Bank Limited shares rallied to settle at ₹1359.1, marking a positive close up 1.07%. The stock saw robust participation throughout the session, trading on a volume of 4.06 million shares.Source:
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