Chargeback Issue with Axis Bank and AeronPay - Compensation Query

[Basil Baby0729]

*Hello TF Community,*

I'm sharing my frustrating experience with raising a chargeback through Axis Bank (source bank) for a transaction with AeronPay. Despite multiple escalations to the Nodal Officer and Principal Nodal Officer, Axis Bank denied my chargeback request.

I eventually filed a complaint with the RBI Ombudsman, which led to Axis Bank raising the chargeback request with AeronPay. Thankfully, after that axis bank refunded the full amount to my card.

However, I'm seeking clarification on refund compensation. According to RBI guidelines, e-commerce purchases require refunds to be credited within T+5 days; otherwise, compensation of ₹100/day is applicable. Since my money was stuck with AeronPay for 3 months, I believe the merchant or my source bank ( axis bank) is liable to pay me compensation.

Axis Bank offered me ₹2000 as compensation, but I calculate that I'm eligible for ₹8000 based on the guidelines. Has anyone faced a similar issue? Can someone confirm if I'm correct in seeking the higher compensation amount?

*TL;DR:* Chargeback issue with Axis Bank and AeronPay. Refund received, but seeking clarification on compensation eligibility.

 

[CardTox]

Plz explain how did you raise complaint against Aeronpay? I am also facing the similar situation, i paid my cc bill using Kotak rupay cc and Axis rupay cc in August 2024 for a combined value of 10,000. But Aeron did not pay my cc bill while money was deducted from my credit card. Guide me whether am i still eligible to escalate the issue? Aeronpay is replying all the time in general language that they are working on it bla bla.

 

[Basil Baby0729]

Plz explain how did you raise complaint against Aeronpay? I am also facing the similar situation, i paid my cc bill using Kotak rupay cc and Axis rupay cc in August 2024 for a combined value of 10,000. But Aeron did not pay my cc bill while money was deducted from my credit card. Guide me whether am i still eligible to escalate the issue? Aeronpay is replying all the time in general language that they are working on it bla bla.

Actually i had received the same response from aeronpay so that i lost hope and raised a request to chargeback the amount from my source back.

Since the transaction is successful from their end they said that axis bank( My source bank) cannot raise a chargeback.

Hence I escalated my complaint to RBI Ombudsman. Yes in the CMS portal we cannot see aeronpay since they aren't regulated by RBI i think so. You should mail Rbi Ombudsman they will raise a complaint on our behalf.

But the first thing to do is raise a chargeback request from your source bank which is kotak and axis in your case.
Also if its a upi transaction you could raise it via npci portal.

Also i had mentioned in the mail that a lot of people are facing issues on that application and i had requested to blacklist that merchant dont know RBI is capable of doing that.

Also my question was is the refund compensation criteria (t+5 days for cards and after that 100/day ) applicable for chargebacks?