NCDRC Orders Axis Bank to Pay 3.2 Cr + Interest for Demonetization Cash Refusal

• National Consumer Disputes Redressal Commission (NCDRC) ordered Axis Bank to return 3.2 crore rupees with 6% interest.
• Bank failed to deposit Procurer Logistics Services Private Limited's cash during the 2016 demonetization.
• The 3.2 crore became 'worthless paper' after the deadline due to the bank's refusal to accept it.
• Bank cited the company's account as 'suspicious' and 'high-risk', but NCDRC found the decision unilateral.
• Commission stated the bank flouted government rules and RBI notifications, and should have accepted the cash and reported it.