Final update by RBI : The complaint was regarding unauthorised issuance of credit card. The complainant alleged that Axis bank issued IOCL credit card without consent or OTP. The bank (Axis Bank Limited) submitted that a technical glitch in the new "Olive/OLCCA" digital channel resulted in the incorrect issuance of credit cards to customer and the bank has now cancelled the disputed card from system and raised request for CIC suppression to the concerned bureaus. As per the customer's concern, joining fees have been reversed to the account, and the card has been closed with nil outstanding, bank stated. It was observed that, the disputed credit card was issued to the complainant due to technical glitch in bank's internal system which was now cancelled by the bank. The bank stated that they have raised request to suppress the card account details with credit bureaus. In view of the above, the bank was advised pay a token compensation of ₹10,000/- to the complainant for the mental agony caused in this regard. The bank informed to have written off ₹10,000/- on the customer’s credit active card account 12345000xxxxxx0123 on 08.12.2025 (account screenshot submitted). In his response to the bank’s advisory compliance, complainant stated that while the bank had written off ₹10,000/-, this amount does not address nor compensate for the actual violations committed by them nor does it resolve the core issues raised in his complaint He requested the RBI Ombudsman to direct the bank to issue written confirmation that the unauthorized card account was fully deleted from Credit Information Bureaus, award compensation of ₹99,000/- towards mental harassment, time loss, etc, and for financial losses, including joining fee damage, CIBIL subscription, documentation efforts, and prolonged stress, issue a permanent closure letter and zero-liability certificate, provide a certified investigation report and take regulatory action for violations of RBI guidelines. As the bank has stated that they have now cancelled the affected card from system, and we have raised request for CIC suppression to the concerned bureaus and as per the Customer's concern, joining fees have been reversed to the account, and the card has been closed with ₹ Nil outstanding. After carefully examining the submissions made and the supporting documents submitted both by the Regulated Entity and the complainant, for the reasons stated and observations made as above, it was concluded that the Regulated Entity has cancelled the card, raised request to suppress the card account details with credit information bureaus and also compensated the complainant. Hence, the complaint is treated as resolved and closed.
Rbi is just a waste of time. Didn't take any regulatory action against axis Bank. Hell..!!!
