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Axis Bank May Issue Legal Notices for Unsettled Negative Reward Points Balances
- Thread starter TechnoFino
- Start date
This aligns to what I have been thinking. People need to get this right and straight... they can't keep on talking about MITC and all that. Fraud is fraud, if something is done with Mala fide intentions, you will be caught hold of sooner or later. It's a simple thing...if someone's statement shows 50 Lakh points against 1L Rs transactions, he needs to prove in the court how could he could accumulate those points. As long as he is able to, he is good else he must pay off. If the person says, he went ahead and cancelled the transactions but bank still didn't reverse it and it was bank's fault blah blah. This itself would establish that person has agreed to the fact that those points were supposed to be reversed by the bank earlier for all the transactions he cancelled even if MITC doesn't state that explicitly. The point is - the bank needs to be pulled up by RBI for their buggy systems and inefficient processes but so far fighting it out in the court is concerned, it would be Axis winning hands down.
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skyroamer
TF Buzz
can the banks whether axis or any other recover their defrauded reward points in the form of cash value from any out of the line customer if the points werent redeemed as cashback in their statements but used for general/concierge services like gift vouchers, air miles/tickets , hotel bookings , goods etc , particularly if the reward points balance goes under negative after the reversals and even moreso for closed accounts ? has such a recovery thing happened before in the past in any bank in the country where reward points are concerned ?
Axis the pioneer bank in dumb glitches and recovery.
Yes, they can regardless of how points were used. For any cancelled transactions you see points reversals as well. In this case, it didn't happen so happening later.
I'm not sure if such a thing has happened in the past but banks can always post outstanding amount even on the closed card account and levy interests and penalties on the outstanding amount until it's all cleared.
One of my close friends, into Sr. Mgmt with an MNC, had several credit card applications rejected of late. I suggested him to review his CIBIL report and figure where was the issue as he had a consistent payment record and handsome package. We figured that his CIBIL hit the rock bottom with late payments being reported since 2021 every month on the card account which he couldn't even recall. He vaguely remembered that he had one Axis bank card which he had closed way back in 2008 but for some reason Axis had started reporting due payment from 2021. Upon investing, he figured the while he had closed the card but had 100+ Rs due on it, which most likely was posted later by the bank as a result of some settlement which would be some insignificantly meagre amount back then. Now he is working with the bank to get it sorted and also with CIBIL as it's getting difficult for him to get any new loans or card. He also had raised a compliant with RBI and requested some compensation. Let's see how it goes.
That said, banks have all the means and ways to make you pay what's due to them even on the closed accounts. Just that if you are on the right side, try and fight it out.
OMG 😢 now this scares me to close axis ace card
lucifer69
TF Select
Yes, they can.
I have some different point of view in this case ,
With Such a poor IT infrastructure, It is dangerous for public to keep their hard earned money with kind of Bank who takes months and years to rectify a simple error.
How can depositors trust such Bank and what about Data Privacy,
It clearly shows Involvement of insiders as well.
I don't have much idea what Axis can do further , Or not Support anybody, But Yes Axis also should be held accountable for such Poor IT infrastructure, Because they can not just Play with Public money like anything.
RBI must also see these facts very Seriously.
With Such a poor IT infrastructure, It is dangerous for public to keep their hard earned money with kind of Bank who takes months and years to rectify a simple error.
How can depositors trust such Bank and what about Data Privacy,
It clearly shows Involvement of insiders as well.
I don't have much idea what Axis can do further , Or not Support anybody, But Yes Axis also should be held accountable for such Poor IT infrastructure, Because they can not just Play with Public money like anything.
RBI must also see these facts very Seriously.
krishc
TF Ace
Read through most of the thread, and see that you've nicely summarized it.
As for me, I want A*is to be punished for their glitchy IT system similar to how HD*C & Lotak were punished by RBI.
At the same time, these so called 72 people who have committed mala fide fraud should face some consequences so that people are deterred in future from this sort of greed.
Even if Axis decides to go to court, the likely loss in business due to perception of big bank going against 72 customers will be unfavourable.
I myself am already thinking of closing ac with axis... No cost emi ka paisa lene aa gaye toh worth nahi hai. If they can come after years on any offer, it sets wrong precedent but that can of worms is opened now.
Let's see if Axis will be ok to risk that loss of brand and future business for clawing back less than 1% of their marketing expense.
I myself am already thinking of closing ac with axis... No cost emi ka paisa lene aa gaye toh worth nahi hai. If they can come after years on any offer, it sets wrong precedent but that can of worms is opened now.
Let's see if Axis will be ok to risk that loss of brand and future business for clawing back less than 1% of their marketing expense.
That's What I was wondering,
By this time very few have came to know about such Poor IT Infrastructure of Axis, But When Axis Goes further , It is likely to get coverage in all leading Media, It may cost Axis a Lot since after all Banking Industry runs on Public Trust and Robust IT Infrastructure.
People will then think atleast once they should be banking with Axis or Not after knowing how Poor they are at Their IT Infrastructure (which is must).
lucifer69
TF Select
Bold of you to assume, people will remember this. Elections happens every year somewhere and people don't remember the outrage of few months back. Crimes gets forgotten, nationwide issues gets dust and you're assuming people will care that Bank went after 72 people?
Hardly, there will be 1% customers who will re-think.
I see it coming positive that out of millions of users, bank choose "72" those "72" must've done something highly stupid. That can also be circulated, innit?
I want bank to get a scolding from RBI, a good one but I don't see closing my relationship with bank over this
malavkarkar
TF Select
Axis now belongs to the 'shoot me' category.
Shoot me if you ever catch me doing any kind of business with this bank.
When you have kept your mind to Blame only Customers, somewhere you are over protecting Axis ,
Do you really believe if Axis was prompt enough , such thing could happen?
And what about the Poor IT Infrastructure which should be at core on this discussion.
If you have kept your mind to protect Bank any cost then it's your take but think at other side also.
lucifer69
TF Select
This thing happened because people figured out something is broken and they exploited. Fair enough?
Poor IT Infra....... [ Definitely, I've mentioned in above posts that RBI should give them a strict whip about this and they should be punished for this mockery as well ]
"Protect bank......" just surf through internet, people get 9rs cashback when they are supposed to get 10 and they wreak havoc and write mails to bank upto RBIO and they credit them, right? Now, when it's opposite, bank can also do the same, right?
Axis should be given a whip for this fiasco but on the other hands "Fraudsters" shouldn't let go as well.
We are missing the point, 72 mails only. They are not going to go after every Tom, Rick and Harry.
I understand your emotions but let's see.
Dear,
I understand your concern as well , and it's not about 72, 720 or 7200 , even if mail is sent to only one customer my stand would be same, yes I am not protecting the customers but at the other hand I am not even concerned for those customers,
I only concern for rest of the Axis customers that it's very very Scary to know that such Reputed Bank can make this kind of blunder and even after making such blunder the time they have taken to figure that out is really really suspicious as well as warning signal to the rest of the customers.
I may be wrong but somewhere I strongly feel that Axis has done that intentionally to gain something which common people not able to even think.
Just for your information:
I have not received any Notice but its really shocking what's happening and knowing about such glitches.
lucifer69
TF Select
True that, I totally agree with these statements that it's indeed bad that a top 5 is unable to fix some basic shit for so long. How did it passed through QA and sent to prod when transactions in DB are so sensitive.
Intentionally, I won't comment but one thing for sure is that they knew they made a blunder in 2023 itself and sent notices just now. Those changes in t&c were definitely done related to this.
what kind of gain or profit axis got by doing the whole mess intentionally? ... i mean by intentionally lowering the IT infrastructure level so that somebody can scam him...????
That's what I've mentioned just before that, common people can not even think 🤔,
Being A Chartered Accountant myself i can somewhat figure it out,
First, They actually shown these all the Transactions as valid transactions and also shown those same in their account Books as well.
Second, Showing these fictitious figures they have managed to boom their Credit Card Selling,
Such hefty figures have helped them raising their stock price and market capitalisation nicely.
Who knows and no one can deny Top Management would have made lot of money as well as Bank itself.
Corporate Culture works and can think in a way common people will never ever be able to work out.
This
That's what I've mentioned just before that, common people can not even think 🤔,
Being A Chartered Accountant myself i can somewhat figure it out,
First, They actually shown these all the Transactions as valid transactions and also shown those same in their account Books as well.
Second, Showing these fictitious figures they have managed to boom their Credit Card Selling,
Such hefty figures have helped them raising their stock price and market capitalisation nicely.
Who knows and no one can deny Top Management would have made lot of money as well as Bank itself.
Corporate Culture works and can think in a way common people will never ever be able to work out.
is copy and paste of my previous post, but just have a look on this .
That's what I've mentioned just before that, common people can not even think 🤔,
Being A Chartered Accountant myself i can somewhat figure it out,
First, They actually shown these all the Transactions as valid transactions and also shown those same in their account Books as well.
Second, Showing these fictitious figures they have managed to boom their Credit Card Selling,
Such hefty figures have helped them raising their stock price and market capitalisation nicely.
Who knows and no one can deny Top Management would have made lot of money as well as Bank itself.
Corporate Culture works and can think in a way common people will never ever be able to work out.