S I think this is correct , huge devaluation . Just now confirmed with axis bank customer care seems like they have discontinued this offer from 11th November.
Everybody tells this rbi guidelines. But if you read full tnc..
Axis Bank’s computation of the Cashback shall be final, conclusive and binding on a Card member and will not be liable to be disputed or questioned.
The cashback proposition is made available at the pleasure of Axis Bank and Axis Bank expressly reserves the right at any time and with notice to Card members, to add to and/or alter, modify, change or vary all or any of these Terms and Conditions or to replace wholly or in part, the Cashback Scheme by another scheme, or to withdraw it altogether.