Axis Bank on Monday refuted a local media report that claimed the lender was about to lose its banking licence over money laundering activities. The bank said that its systems were in compliance with regulations, Reuters reported. The bank said the report in Hindi regional daily Dopahar was "false and malafide". The Reserve Bank of India later announced it has not initiated action to cancel the bank's licence. Axis Bank Limited, the country's top importer of gold, on Monday suspended the bank accounts of several bullion dealers and jewellers after two of its executives were arrested over alleged money laundering cases. A Delhi Court extended police custody of Axis Bank manager Vineet Gupta for three days and sentenced its manager Shobit Sinha to 14 days in judicial custody, ANI reported.