The 212 star recently sparked an unlikely online feud with the former Governor of Alaska, while responding to a satirical news article that suggested Palin had once said black people "accepted (slavery) willingly."
Banks appeared to suggest Palin should be sexually assaulted on camera in a series of since-deleted posts on Twitter.com, but later returned to social media to clarify her comments, stating, "I would never wish a woman to be raped."
Palin responded in a Facebook post, which began, "Hey Female Rapper", stating Banks was "obviously not exercising enough intelligence to acknowledge you've been sucked into believing some fake interview in which I supposedly offered comments representing the antithesis of my truth."
She then urged the rapper to "focus on working together to create something worthwhile", before ending her post on a positive note, writing: "God bless you Ms. Banks, as you consider a change of heart."
And now it seems the hip-hop star has done exactly that - she took to Tumblr on Tuesday (05Apr16) and apologised to Palin in a lengthy missive.
"Since learning that the article was not published officially, I sincerely apologize for any emotional distress or reputational scarring i may have caused you," Banks wrote. "In my honest defense, i was completely kidding. I happen to have a really crass, New-York-City sense of humor, and regularly make silly jokes in attempts (to) make light of situations which make me uncomfortable."
She also insisted the slang she used in the tweets were misconstrued, explaining she never suggested Palin be raped, but rather participate in a "group sex" act, writing, "There are many distinctions between the two. As a woman, I would never trivialize something as lewd and criminal to provide myself any sort of comic relief because it simply… just isn’t funny."
Banks added, "I cherish my ability to express myself freely, yet remain totally aware that for every action, there will be a reaction. All in All, Woman to Woman, I hope you will accept my sincerest apology."
But in her post script, Banks' final thoughts included a final few jabs at Palin, as she added, "I am an EXTREMELY intelligent woman, Mrs. Palin... 'Hey Female Rapper,' was your way to euphemize (sic) what you REALLY wanted to say. What you wanted to say was, 'Hey little Stereotypical Black, Thing!'... Twitter is not real, neither is your opinion of me!"