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

[chasni]

If you are more worried about 'instilling fear' among smart alecs rather than being worried about the IT Infrastructure of one of the top 5 Private Banks in India, then there is some problem with you.

Because if the points are not getting deducted upon a basic 'refund', than that hampers the very basis and functioning of payment systems are made.

I agree. Moreover, most people here are dictated by their feelings instead of rules and laws. These are the same people who start crying when the institution abuses their power to deduct false charges or denies credit of earned reward points.

Nobody is normalizing those smart alecs. People need to understand if institutions start abusing their power and playing unfair then it will not stop there but will slowly start percolating to normal day-to-day activities.

First they came for the Communists
And I did not speak out
Because I was not a Communist
Then they came for the Socialists
And I did not speak out
Because I was not a Socialist
Then they came for the trade unionists
And I did not speak out
Because I was not a trade unionist
Then they came for the Jews
And I did not speak out
Because I was not a Jew
Then they came for me
And there was no one left
To speak out for me

 

[Shubham Yadav]

Whenever, whatever, Wherever

I think about open a account in axis something negative always comes up about axis

Some divine power saving me

 

[Talkwithfino]

Whenever, whatever, Wherever

I think about open a account in axis something negative always comes up about axis

Some divine power saving me

Despite so many instances of Divine Power saving you, why are you still thinking of opening account there?

Do you want the Diving Power to give up on you and say - Okay you fool. Open an Acc and face the consequences. I am done with you 😂

 

[Anil_SinghAnil_Singh is verified member.]

Despite so many instances of Divine Power saving you, why are you still thinking of opening account there?

Do you want the Diving Power to give up on you and say - Okay you fool. Open an Acc and face the consequences. I am done with you 😂

He wants to play with the danger. He thinks himself as the danger. But then realizes the real danger.

 

[ShubhRan]

Does Reward points comes under financial trx ? If not then on what basis legal will be taken. It's same Rewarding something to someone for some job but found wrong practice to get reward, thus asking to return the rewards else would take legal action 🥴

 

[Shubham Yadav]

Despite so many instances of Divine Power saving you, why are you still thinking of opening account there?

Do you want the Diving Power to give up on you and say - Okay you fool. Open an Acc and face the consequences. I am done with you 😂

He wants to play with the danger. He thinks himself as the danger. But then realizes the real danger.

Look there too much negative but actual benefit :

1. You learn a very good mail drafting you know complaint grievance etc.
2. You learn about higher authority pno rbi court.
3. Axis teaches you about law forcing you too read long docs like mitc
4. You days and night math calculation becomes strong

😂😂

 

[TechnoFinoTechnoFino is verified member.]

Loopholes are there in every system.... everywhere.... doesn't mean you misuse them.... there's something known as acting in bad faith...some ppl think if there's a loophole then it needs to be exploited... First of all the op needs to be sent legal notice for the cancel and reissue scam that he did....

Come on, man… move on from this. Axis Bank already reversed all the reward points credited for card replacements long ago. They are not going to send a legal notice for that. And if they do, I’ll be happy to fight Axis! 🙂

 

[magnusfan]

Let me know if you guys conclude this - legally! If you think Axis has potential to recover, I can think of buying axis Bank shares tomorrow morning!

 

[desiviru]

I had a failed txn with SBI DC for Rs.1220 for which they rewarded 12 pts pr Rs.3 in past. I mailed SBI to take it back as I feared legal action from them. Instead they gave me 12 more. Now I will move to RBI, CBI against them so that I won't face legal action for Rs.6 in future. 🤣

Axis can send legal notices and people will tell court that Axis is itself an illegal entity and SC will quash its banking license.

On a serious note, I have known many loopholes till now but my morals are high and can't fit in that loops. Only when I see a DC reward on CC< my morals goes for a sleep for sometime and then when bank close that with 6012, they are back.

 

[imdjay]

How is it same as the person themselves put laptop in your bag? The Bank didn't ask to use the refund or replace loophole multiple times repeatedly. And the person doing it clearly knew what they were doing. So very very clearly the intent to scam the Bank was there.

Its like stealing laptop, putting it in your bag and then saying since it was kept in open, it was asking to be kept in your bag.

Also, you do it repeatedly month after month.

Placing and canceling an order is a standard practice—there’s nothing wrong with it.

Doing this multiple times shouldn’t be an issue either.

If the bank chooses to award reward points (RP) and fails to reverse them upon cancellation, that’s their system's flaw, not the customers' wrongdoing. There’s no bad faith here—Axis Bank created the policy, and customers followed it as designed. It’s not like customers forced the bank to grant RPs for ineligible transactions. The responsibility lies with the bank, not the users.

 

[Dobbiee]

Let me know if you guys conclude this - legally! If you think Axis has potential to recover, I can think of buying axis Bank shares tomorrow morning!

Wait for somwtime. If this becomes a news, then Axis would loose business due to the terror and share price may go down.

 

[Talkwithfino]

Doing this multiple times shouldn’t be an issue either.

might be an issue if it's with the intent of exploitation
BUTTTTTT

Then it will go back to below arguments ⬇️

I think this is the most IMPORTANT POINT that everyone is missing out.

A system, of a Bank, which comes among the Top 5 Pvt in India, does not have appropriate measures to cancel the Reward Points after a 'refund' is issued. Just Wowww

I mean, I am not considering money rotation and points transfer here and there that people do, BUT a SIMPLE REFUND~!!!! how is the system not able to deduct points for a simple refund now ???

It’s not like customers forced the bank to grant RPs for ineligible transactions. The responsibility lies with the bank, not the users.

 

[panchabhut]

They should take legal action against the IT company that developed their software.
Or may be, as I have always suspected, they never pay anyone for their IT and use amateurs who work for free.

 

[magnusfan]

Just to find support for Axis stock price:

In India, the Limitation Act, 1963, prescribes specific time frames within which legal actions must be initiated, known as limitation periods. For debt recovery, the general limitation period is three years from the date the debt becomes due. This means that a creditor should file a suit for recovery within three years from the date on which the cause of action arises.

Key Points:


1. Commencement of Limitation Period: The limitation period typically starts from the date the debt is due or when the cause of action arises. For instance, if a payment was due on a specific date, the three-year period begins from that date.

2. Acknowledgment of Debt: If the debtor acknowledges the debt in writing before the expiration of the original limitation period, a new three-year limitation period may commence from the date of acknowledgment

3. Time-Barred Debts: Once the limitation period expires, the debt becomes time-barred, and the creditor loses the legal right to initiate a suit for recovery through civil courts. However, the debt itself isnt extinguished; alternative recovery methods may still be available under specific statutes.



Thus, even if card is closed, if due to correction of wrong accounting the debt persists, the Bank may claim!

Guys, buy Axis

 

[thanix]

If you are more worried about 'instilling fear' among smart alecs rather than being worried about the IT Infrastructure of one of the top 5 Private Banks in India, then there is some problem with you.

Because if the points are not getting deducted upon a basic 'refund', than that hampers the very basis and functioning of how payment systems are made.

I think this is the most IMPORTANT POINT that everyone is missing out.

A system, of a Bank, which comes among the Top 5 Pvt in India, does not have appropriate measures to cancel the Reward Points after a 'refund' is issued. Just Wowww

I mean, I am not considering money rotation and points transfer here and there that people do, BUT a SIMPLE REFUND~!!!! how is the system not able to deduct points for a simple refund now ???

Indian banks creaky IT infrastructure and their lack of digital spend is well documented online. I don't worry too much about it as it will be dealt with regulator. And being a listed private bank, shareholders should worry.

And, I was genuinely worried when bank settlement mechanism is broken with refunds (another thread was there about BBPS abuse and failed transactions but credits not reversed to credit card world). I won't lose my sleep over reward points products as this is just a byproduct like Airline miles for Airlines. If people abused this system knowingly, they need to pay for it. I will enjoy the show.

 

[imdjay]

might be an issue if it's with the intent of exploitation
BUTTTTTT

Then it will go back to below arguments ⬇️

Arey...

See, I’m just saying—I can place and cancel hundreds of orders as long as the merchant has no issue.

The bank chose to reward us with RPs for those orders. It’s not like we demanded them. They designed the reward system, not us. Even if no rewards were involved, would placing and canceling orders have been a problem? No, right? So why is it suddenly an issue now?

 

[Dobbiee]

This Axis bank fiasco looks similar to ICICI giving private banking to Times Card holder.
Incase of ICICI, they patched it fast and recovered by quietly downgrading from private.
Under no circumstances, can a bank ask public to pay for their mistakes. If its handful of people then its different .

Like many others, I am also glad that i never bought a product of Axis. Better stay away from such banks. Would not want to use their ATM even, in future.

 

[aaa1]

Apne ko kya, will just wait and watch the saga unfold. But this thread and justification is epic. And comparing it to prosecution of Jews under Nazi. Hilarious.

Entertainment Entertainment Entertainment.

 

[Prem03]

I had a failed txn with SBI DC for Rs.1220 for which they rewarded 12 pts pr Rs.3 in past. I mailed SBI to take it back as I feared legal action from them. Instead they gave me 12 more. Now I will move to RBI, CBI against them so that I won't face legal action for Rs.6 in future. 🤣

Axis can send legal notices and people will tell court that Axis is itself an illegal entity and SC will quash its banking license.

On a serious note, I have known many loopholes till now but my morals are high and can't fit in that loops. Only when I see a DC reward on CC< my morals goes for a sleep for sometime and then when bank close that with 6012, they are back.

What a lovely moral story

 

[cardio_guycardio_guy is verified member.]

In this case it is not just RBI, affected people should file a case in consumer court. This is pure violation and exploitation of consumer rights. People can also use the PM grievance redressal portal. Axis is just playing the bad guy.