SUB: NEWS CLARIFICATION UNDER REGULATION 30 OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015.
This has reference to your email dated October 14, 2022, seeking clarification / confirmation in respect of the recent news item which appeared in the "www.moneycontrol.com" dated October 14, 2022 captioned "Axis Bank-Max Life deal: Lender to pay Rs 2 crore fine to IRDAI for rules violation".
In this connection, we would like to inform you that the Insurance Regulatory and Development Authority of India (ÍRDAI) has imposed a penalty aggregating to Rs. 2 crores on Axis Bank alleging certain violations of directions issued by IRDAI on account of transaction of transfer of shares of Max Life Insurance Company Limited between Max Financial Services Limited and Axis Bank/its subsidiaries.
In this regard, please also note that the said penalty does not have any material impact on the Bank or its corporate agency operations.
We hope the above clarifies the matter.
Thanking You.
Yours Sincerely,
For Axis Bank Limited
SANDEEP PODDAR
Digitally signed by
SANDEEP PODDAR Date: 2022.10.17 11:10:01 +05'30'
Sandeep Poddar
Company Secretary
AXIS BANK
Legal &CS: Axis House, Wadia International Centre, Pandurang Budhkar marg, Worli, Mumbai 400 025
Registered Address: "Trishul" - 3rd Floor, Opp. Samartheswar Temple, Near Law Garden, Ellisbridge,
Axis Bank Ltd. published this content on 01 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2022 11:09:03 UTC.
Axis Bank is a banking group organized around 3 areas of activity:
- retail banking 42.3% of gross income);
- business banking (31.9%);
- treasury management (25.8%).
At the end of March 2018, the group managed EUR56.8 billion in current deposits and EUR56.1 billion in current credits.
Products and services are marketed through a network of 3,703 branches located in India.
AXIS BANK LIMITED 
