Axis Bank May Issue Legal Notices for Unsettled Negative Reward Points Balances

[Tamal]

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.

absolutely i 100% agree with your point but unfortunately we cant proved it so easily. may be RBI/SEBI will investigate.
and as a matter of fact due to Axis bad IT infrastructure at that time, many new customers join axis just to exploit the whole loopholes so definately gain a lot of customers and they all now have to repay the Edge point earned via scam module.

 

[lucifer69]

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.

Couple of things: Please do correct me if I'm wrong

1. Transactions are indeed valid as in record books, x amount is paid to axis, x amount is paid back by Axis. Both are valid transactions and balance sheet in the end will confirm net zero amount [ for that particular transaction] and account books will show the same

2. If the net amt. is zero, how can they show fictitious figures? As from technical pov. Transactions did get reversed and registered as valid, it's just the points which again aren't included in record books for transactions but maintained sidewise in different db related with a foreign key.

3. How can it help raise stock price? as net amt is zero, no business is done, bank is gaining technically zero profit and infact it'll be countered loss as rewards db will be compiled at the end [ assumptions are going on ] and there'll be net loss and missing relations of transactions.

Op [ although I have stopped trusting after his "I will right axis in court", "I have not done this fraud" ] mentioned that he is aware of bank officials who were part of it.

They definitely got benefit on personal level if that's the case but bank overall ? Nah [ my pov ]

 

[lucifer69]

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.

Totally agreed. This should be the way

 

[lucifer69]

This

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.

I was reading and just wrote a reply for the same. Maybe, we posted at a same time

Edit 1: The only thing I'm seeing is that some top brass intentionally delaying the correction as they were getting benefited as well and were involved.

But, Bank overall is a net loser from it.

Again just my perspective

 

[Pinky]

absolutely i 100% agree with your point but unfortunately we cant proved it so easily. may be RBI/SEBI will investigate.
and as a matter of fact due to Axis bad IT infrastructure at that time, many new customers join axis just to exploit the whole loopholes so definately gain a lot of customers and they all now have to repay the Edge point earned via scam module.

Moral of the story ,
It doesn't seem a Glitch , but may be an Intentional Trap 😔.

 

[Pinky]

I was reading and just wrote a reply for the same. Maybe, we posted at a same time

Edit 1: The only thing I'm seeing is that some top brass intentionally delaying the correction as they were getting benefited as well and were involved.

But, Bank overall is a net loser from it.

Again just my perspective

Bank is also itself one of the beneficiary accomnishing Other Top Management Officials of the Bank.

Just a perspective of Stock Market.

Lets be Blank and ask one thing to ourselves,
Can we really accept that one Panwala was knowing this glitch before 2 years and Bank was not knowing 🙂

Seems funny as well as alarming.

 

[chasni]

Everybody is being so negative right now. Paying 40p for ER is still a very good deal if you know the miles game.

I would be willing to pay 40p to Axis if they offer me this. Of course, I won't be buying 1 crore points for sure.

 

[Pinky]

Couple of things: Please do correct me if I'm wrong

1. Transactions are indeed valid as in record books, x amount is paid to axis, x amount is paid back by Axis. Both are valid transactions and balance sheet in the end will confirm net zero amount [ for that particular transaction] and account books will show the same

2. If the net amt. is zero, how can they show fictitious figures? As from technical pov. Transactions did get reversed and registered as valid, it's just the points which again aren't included in record books for transactions but maintained sidewise in different db related with a foreign key.

3. How can it help raise stock price? as net amt is zero, no business is done, bank is gaining technically zero profit and infact it'll be countered loss as rewards db will be compiled at the end [ assumptions are going on ] and there'll be net loss and missing relations of transactions.

Op [ although I have stopped trusting after his "I will right axis in court", "I have not done this fraud" ] mentioned that he is aware of bank officials who were part of it.

They definitely got benefit on personal level if that's the case but bank overall ? Nah [ my pov ]

Yes ,

I was expecting this comment from you now 🤣.

As far as I know such reversed transactions shown in record book just like one fair and complete transaction, one can check his AIS in ITR records,

I know this because I have cancelled a 90000/- iPhone as I was getting better deal just after ordering and then cancelled the same within 5 minutes.
Still they have reported this transaction in AIS.

 

[chasni]

Yes ,

I was expecting this comment from you now 🤣.

As far as I know such reversed transactions shown in record book just like one fair and complete transaction, one can check his AIS in ITR records,

I know this because I have cancelled a 90000/- iPhone as I was getting better deal just after ordering and then cancelled the same within 5 minutes.
Still they have reported this transaction in AIS.

Axis is the only bank that reports refund as well to AIS.

 

[lucifer69]

Bank is also itself one of the beneficiary accomnishing Other Top Management Officials of the Bank.

Just a perspective of Stock Market.

Lets be Blank and ask one thing to ourselves,
Can we really accept that one Panwala was knowing this glitch before 2 years and Bank was not knowing 🙂

Seems funny as well as alarming.

I do understand that you want to point stock market's perspective from CA's pov but I really wanna understand how you concluded that hence I asked the questions.

Regardless of what we do, finance and Law is must for all... Whatever happens to bank or customers will be decided and I'll be happy in both the cases, it's same to me. Indeed, Bank was aware in 2023 itself but still that doesn't answer my questions, Sir/Ma'am. Would you let me know the answers on why you thought it'll impact stock market? I have quoted your post and asked three questions above using my best knowledge in Commerce

 

[Pinky]

Axis is the only bank that reports refund as well to AIS.

You understand the game from the side of Axis ?

They have just reported those transactions as fair transactions and shown the same in their book to make figures glossy.

 

[krishc]

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.

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.

Yes reputational damage & likely RBI audit of their IT infra might be the deterrents for A*is to go the extra mile to fight this out.

As I previously stated, I want to see both A*is & the 72 face some consequences and set a landmark precedent.

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.

I'm thinking in similar line as well. A*is has repeatedly shown that they simply cannot be trusted. Even though I have minimal relationship with them, I'm considering withdrawing my transactions from them.

The only good benefits I have got out of them is 7 quarterly vouchers of 750 from Liberty account via UPI P2M txn and some 1000 rs worth of debit card cashback over a period of close to 2 years, of which they've anyway recovered about 2 quarterly vouchers worth of amount by stupid charges and not fulfilling promotional offers.

I feel like the overall net value of most rewards/benefits etc is so low compared to what we earn on regular basis from honest occupation, all these unnecessary headache by doing business with A*is is simply not worth it.

 

[lucifer69]

Yes ,

I was expecting this comment from you now 🤣.

As far as I know such reversed transactions shown in record book just like one fair and complete transaction, one can check his AIS in ITR records,

I know this because I have cancelled a 90000/- iPhone as I was getting better deal just after ordering and then cancelled the same within 5 minutes.
Still they have reported this transaction in AIS.

You're a CA, Sir/Ma'am? If there is -100 and +100 both will be recorded in record books and net will be zero, it's obvious.
You still have not answered my question thogh

Edit

 

[RichieRich]

 

[Pinky]

You're a CA, Sir/Ma'am? If there is -100 and +100 both will be recorded in record books and net will be zero, it's obvious.
You still have not answered my question thogh

Edit

Dear,

I think you did not get my point,

When a Financial entity reports transaction in your AIS , it means that they have shown this transaction as a fair one which means they have shown only the debit entry and not the credit entry which is for reversed transactions.

Hope you got it now.

 

[panchabhut]

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.

Actually, the general public perception may become favorable if Axis go to court against the 72 high value defaulters. People still blast PSU banks as they failed to go after the likes of Mallya and Nirav Modi and allowed them to run away with public money.
It would only turn negative if they decide to go after even the small value defaulters.

 

[lucifer69]

Dear,

I think you did not get my point,

When a Financial entity reports transaction in your AIS , it means that they have shown this transaction as a fair one which means they have shown only the debit entry and not the credit entry which is for reversed transactions.

Hope you got it now.

Sir/Ma'am, I did get on your post and someone's reply and hence I've edited the part after checking axis does this shit. But still you have not explained how it'll put good numbers new customers and all that doing stock manipulation. Those three questions but anyways let's leave it. Neither you did get a notice nor me. We all are just putting out perspective to know more about all this.
Nice to meet you, TIL axis reports this, I wasn't aware.

 

[Pinky]

I do understand that you want to point stock market's perspective from CA's pov but I really wanna understand how you concluded that hence I asked the questions.

Regardless of what we do, finance and Law is must for all... Whatever happens to bank or customers will be decided and I'll be happy in both the cases, it's same to me. Indeed, Bank was aware in 2023 itself but still that doesn't answer my questions, Sir/Ma'am. Would you let me know the answers on why you thought it'll impact stock market? I have quoted your post and asked three questions above using my best knowledge in Commer

I do understand that you want to point stock market's perspective from CA's pov but I really wanna understand how you concluded that hence I asked the questions.

Regardless of what we do, finance and Law is must for all... Whatever happens to bank or customers will be decided and I'll be happy in both the cases, it's same to me. Indeed, Bank was aware in 2023 itself but still that doesn't answer my questions, Sir/Ma'am. Would you let me know the answers on why you thought it'll impact stock market? I have quoted your post and asked three questions above using my best knowledge in Commerce

Good Financial Figures always keep a stock price raising.

By this kind of fictitious figures and probable manipulation, they have shown their financials over healthy, which in result helps a stock to raise fundamentally,

If still you are not getting this point , please refer Banks stock chart 2022 onwards. You will get intact idea.

 

[lucifer69]

Good Financial Figures always keep a stock price raising.

By this kind of fictitious figures and probable manipulation, they have shown their financials over healthy, which in result helps a stock to raise fundamentally,

If still you are not getting this point , please refer Banks stock chart 2022 onwards. You will get intact idea.

Everything was going up and up and up in that time period and I've asked those questions in tandem but let's leave fair and all

 

[Tamal]

Moral of the story ,
It doesn't seem a Glitch , but may be an Intentional Trap 😔.

No it was a glitch but nobody dared to stop it quickly because everybody was earning at that point by the huge surge in demand of axis card... Sales agent, branch, NRV increased to get premium card.. etc.
And even at this point after recovery of the scam edge points (which they have to ... Otherwise bank trust with the depositors will fall) they may be in net profit with reward expenses also.