Axis Bank neglects decade-old MSME customer over foreclosure issue

Udaipur, Oct 19 (KNN) A Micro, Small and Medium Enterprise (MSME) based in Udaipur has accused Axis Bank officials of non-cooperation in closing of Working Capital facilities.

It reached out to Federation of Indian Micro and Small & Medium Enterprises (FISME) in New Delhi which has been actively raising the matter in the public domain and MSME sector.

The MSME said that the private lender has imposed heavy amount of closure charges which are not applicable to MSMEs.

Speaking exclusively with KNN, Kartik Singhvi, Manager at Bhanwarlal Madanlal Singhvi (BMS) Jewellers said, “It has been over 12 years that we have been banking with Axis Bank and now that we had decided to switch our banking to Kotak Mahindra Bank due to service issues and various problems, we are deeply harassed by them and are pressuring us to pay a heavy amount of closure charges.”

“We have already escalated the matter to MD & CEO of Axis Bank,” he said.

Singhvi also said that Axis Bank’s team at local level, who used to commit a lot of things when we were in discussion for takeover, now is threatening us to pay foreclosure and penalty charges.

It been over a month that BMS Jewellers have been following Axis Bank but no action or responses has been received yet.  (KNN/KT)