Axis Bank ordered to pay ₹3.19 crore for refusing demonetised notes in 2016

Axis Bank must pay Procure Logistics Services Pvt Ltd Rs 3.19 crore. The National Consumer Disputes Redressal Commission found the bank deficient in service. Axis Bank refused to accept demonetised currency notes from the company during the 2016 demonetisation period. This refusal caused the company a direct and irreversible loss. The commission ordered payment with interest.