Krishnan Venkateswaran Srinivasan v. Axis Bank Limited

Bombay HC2 Feb 2026WP/460/2026

Case brief

AI extract

What is this about?

Fraud classification; Central Fraud Register (CFR); Central Fraud Registry; Fraud Monitoring Return (FMR); Axis Bank; Reserve Bank of India; RBI Master Directions on Fraud Risk Management in Commercial Banks and All India Financial Institutions (15.07.2024); CFR extracts for RCFL/RHFL; removal/deletion of name from fraud entries; writ petition disposed; Bombay High Court; WP No.460 of 2026; Communication dated 09.01.2026 marked X-1.

What did the court decide?

Writ Petition disposed of; Respondent No.1 Axis Bank to ensure removal of the Petitioner's name from all such entries, and if the name still appears in the CFR, Respondent No.2 RBI to take steps to ensure the said entry is deleted. ¶¶16

Krishnan Venkateswaran Srinivasan vs Axis Bank Limited — Bombay HC (2026) — LawSathi Research

What the court decided

AI extract

Outcome

¶¶16

Issue for consideration

Whether the classification of the Petitioner as 'Fraud' and the entry of his name in the Central Fraud Register by Respondent No.1 Bank was in violation of the RBI Master Directions on Fraud Risk Management in Commercial Banks and All India Financial Institutions dated 15th July, 2024. +1 more

¶¶10

Court's answer

In view of the Bank's Communication dated 9th January, 2026 (marked X-1) and the RBI's submission, the Writ Petition is disposed of.

¶¶16

Ratio / Principle

Respondent No.1 Axis Bank shall ensure that the name of the Petitioner is removed from all such entries.

¶¶16

Key takeaways

If the name of the Petitioner still appears in the CFR, Respondent No.2 RBI shall take steps to ensure that the said entry is deleted.ratio¶¶20

Detailed headnote1 paragraphs

Bombay High Court (Ghuge & Mantri, JJ.) disposed of a writ petition in which the Petitioner challenged his classification as 'Fraud' by Axis Bank (Respondent No.1) and the entry of his name in the Central Fraud Register (CFR), contending violation of the RBI Master Directions on Fraud Risk Management in Commercial Banks and All India Financial Institutions dated 15th July, 2024. Pending the Petition, Axis Bank issued a Communication dated 9th January, 2026 (taken on record as 'X-1') stating that, as per the latest CFR extracts for RCFL and/or RHFL, Axis Bank had presently not reported the Petitioner's name as a perpetrator in any Fraud Monitoring Return (FMR) and that his name did not appear in the CFR database pertaining to any reporting by Axis Bank. RBI (Respondent No.2) submitted that, the Bank maintaining the FMR and the Central Fraud Registry, removal of the name from the Fraud Classification Entry was for the Bank. Disposing of the Petition, the Court directed that Axis Bank shall ensure removal of the Petitioner's name from all such entries and that, if the name still appears in the CFR, RBI shall take steps to ensure the entry is deleted.

¶1

48-WP-460-2026.odt

¶2

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

¶3

WRIT PETITION NO.460 OF 2026

¶4

Krishnan Venkateswaran Srinivasan ….Petitioner Versus Axis Bank Limited & Anr. ….Respondents

¶5

Mr. Akshay Ayush (through VC) a/w Ms. Janhavi Sakalkar i/b. Bharucha And Partners, Advocate for the Petitioner.

¶6

Mr. Pradeep Mane a/w Ms. Huzan Bhumgara and Ms. Riddhi Badheka i/b. Desai & Diwanjji, Advocate for Respondent No.2-RBI.

¶7

CORAM : RAVINDRA V. GHUGE & ABHAY J. MANTRI, JJ. DATE : 2^nd FEBRUARY, 2026

¶8

P.C. :-

¶9

We have heard the learned Advocate for the Petitioner

¶10

and Respondent No.2 Reserve Bank of India. The Petitioner actually approached this Court after Respondent No.1 Bank classified the Petitioner as a ‘Fraud’ by entering his name in the Central Fraud Register ( CFR ). This is said to be in violation of the Master Circular of the Reserve Bank of India’s Master Directions on Fraud Risk Management in Commercial Banks and All India Financial Institutions, dated 15^th July, 2024.

¶11

1 of 3

¶12

Kartikeya

¶13

48-WP-460-2026.odt

¶14

However, after the filing of this Petition, Respondent No.1 Bank, namely, Axis Bank, considered the representation tendered by the Petitioner regarding the CFR reporting, and this pending Petition, and issued a Communication dated 9^th January, 2026, informing the Petitioner that, ‘as per the latest CFR extracts for RCFL and/or RHFL, Axis Bank has presently not reported your name as a perpetrator in any Fraud Monitoring Return’ ( FMR ). “Your name does not appear in the CFR database pertaining to any reporting by Axis Bank”. A colour photostat copy of the said Communication is taken on record and marked as ‘X-1’ for identification.

¶15

The learned Advocate for the RBI submits that since it is the Bank which maintains the FMR and the Central Fraud Registry ( CFR ), it is for the Bank to remove the name of the Petitioner from the Fraud Classification Entry.

¶16

In view of the above, this Writ Petition is disposed off . Needless to state, Respondent No.1 Axis Bank shall ensure that the name of the Petitioner is removed from all of such entries, inasmuch

¶17

2 of 3

¶18

Kartikeya

¶19

48-WP-460-2026.odt

¶20

as, if the name of the Petitioner still appears in the CFR, Respondent No.2 RBI shall take steps to ensure that the said entry is deleted.

¶21

(ABHAY J. MANTRI, J.) (RAVINDRA V. GHUGE, J.)

¶22

3 of 3