Credit card application rejected even after pre-approved offer and RBI ombudsman closed request under 16(1)(a)10(1)(a)

[bansalp]

I got a call from my digital RM for Axis priority account indicating that I have a pre-approved Axis MyZone card and there will not be any credit inquiry on credit report as it is pre-approved offer.

Axis rejected application without providing reason stating "Internal guidelines". I raised it with nodal officer as well as PNO but to no avail.

I finally logged issue with RBI ombudsman but still Axis reverted by saying "Internal guidelines" and RBI has closed the request under 16(1)(a)10(1)(a) (https://rbidocs.rbi.org.in/rdocs/content/pdfs/RBIOS2021_121121.pdf)

But isn't RBI new guidelines dictates that bank must provide Specific reason (https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12300)

6. Issue of Credit Cards (a) Customer Acquisition: i. Card-issuers shall provide a one-page Key Fact Statement along with the credit card application containing the important aspects of the card such as rate of interest, quantum of charges, among others. In case of rejection of a credit card application, the card-issuer shall convey in writing the specific reason/s which led to the rejection of the application.


Can somebody guide on what can be done now?

Context: I have 750+ CIBIL, more than 5 years of credit history and no default on payments. I fulfil salary criteria for most of Axis credit card.

 

[sandz]

I had a similar experience with myzone credit card application. https://www.technofino.in/community...zone-recieved-sms-for-magnus.7718/post-125834

Does any one know how to escalate this to find out the actual reason?

 

[D₹V]

I got a call from my digital RM for Axis priority account indicating that I have a pre-approved Axis MyZone card and there will not be any credit inquiry on credit report as it is pre-approved offer.

Axis rejected application without providing reason stating "Internal guidelines". I raised it with nodal officer as well as PNO but to no avail.

I finally logged issue with RBI ombudsman but still Axis reverted by saying "Internal guidelines" and RBI has closed the request under 16(1)(a)10(1)(a) (https://rbidocs.rbi.org.in/rdocs/content/pdfs/RBIOS2021_121121.pdf)

But isn't RBI new guidelines dictates that bank must provide Specific reason (https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12300)

6. Issue of Credit Cards (a) Customer Acquisition: i. Card-issuers shall provide a one-page Key Fact Statement along with the credit card application containing the important aspects of the card such as rate of interest, quantum of charges, among others. In case of rejection of a credit card application, the card-issuer shall convey in writing the specific reason/s which led to the rejection of the application.


Can somebody guide on what can be done now?

Context: I have 750+ CIBIL, more than 5 years of credit history and no default on payments. I fulfil salary criteria for most of Axis credit card.

Even RBI is andha on Bank's statement. I mean they believe on banks blindly.

That is sad part & even @TechnoFino faced it 😔 - 16(a) clause.

 

[Batman]

I got a call from my digital RM for Axis priority account indicating that I have a pre-approved Axis MyZone card and there will not be any credit inquiry on credit report as it is pre-approved offer.

Axis rejected application without providing reason stating "Internal guidelines". I raised it with nodal officer as well as PNO but to no avail.

I finally logged issue with RBI ombudsman but still Axis reverted by saying "Internal guidelines" and RBI has closed the request under 16(1)(a)10(1)(a) (https://rbidocs.rbi.org.in/rdocs/content/pdfs/RBIOS2021_121121.pdf)

But isn't RBI new guidelines dictates that bank must provide Specific reason (https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12300)

6. Issue of Credit Cards (a) Customer Acquisition: i. Card-issuers shall provide a one-page Key Fact Statement along with the credit card application containing the important aspects of the card such as rate of interest, quantum of charges, among others. In case of rejection of a credit card application, the card-issuer shall convey in writing the specific reason/s which led to the rejection of the application.


Can somebody guide on what can be done now?

Context: I have 750+ CIBIL, more than 5 years of credit history and no default on payments. I fulfil salary criteria for most of Axis credit card.

What was the update on this request to RBI Ombudsmen?