The Competition Commission of India (CCI) has imposed a fine of Rs 40 lakh on Axis Bank for failing to notify the regulator about its acquisition of a stake in Common Service Center(CSC) e-Governance.
Axis Bank had bought a 9.91 per cent stake in CSC e-Governance in 2020 and by rule it was required to inform the CCI. However, it failed to do so.
The Axis Bank will have to pay the penalty within 60 days from the date of order. The order was passed on 9th August 2023.
CSC e-Governance Services India Ltd
CSC e-Governance Services India Ltd is a special-purpose vehicle set up by the Union Ministry of Electronics and Information Technology to oversee the implementation of the common services centre scheme.
The Common Service Centers are physical facilities for delivering government of India's e-service facilities. It aims to make government service delivery transparent and to reduce citizens' need to visit government offices.
Competition Commission of India (CCI)
The Competition Commission of India (CCI) was established under the Competition Act, 2002 for the administration, implementation and enforcement of the Act.
It was constituted in March 2009.
The following are the objectives of the Commission.
To prevent practices having adverse effects on competition.
To promote and sustain competition in markets.
To protect the interests of consumers and
To ensure freedom of trade.
Members of the CCI
It consists of 7 members ; one Chairperson and six other members .
The members are appointed by the government for five years and are re -eligible for appointments .
However the members have to retire after attaining the age of sixty-five years.
First Chairperson of CCI: Dhanendra Kumar
Current Chairperson: Sangeeta Verma (acting)
Headquarters : New Delhi
It started its business as UTI bank in 1993. Its name was later changed to Axis Bank in 2007.
Headquarters of Axis Bank : Mumbai, Maharashtra
Managing Director and Chief Executive Officer : Amitabh Chaudhary.
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