Axis Bank ordered to pay ₹3.19 cr for refusing demonetised cash

National Consumer Disputes Redressal Commission directed Axis Bank to pay ₹3.19 crore to a Delhi-based firm for refusing to accept demonetised currency in 2016. The commission held the bank guilty of "deficiency in service" under Consumer Protection Act, 1986. The bank's refusal deprived the firm of its only legal opportunity to deposit demonetised currency within the permitted window, it said.