Mohammad
TF Buzz
I recently fought and won a compensation claim against Axis Bank for delayed refunds on two failed transactions. If you’ve faced a similar issue, this post will help you understand your rights and how to escalate the matter effectively.
Issue:
I made two transactions on 12 June 2024, which failed but were not auto-refunded within the RBI-mandated T+5 calendar days:
1. 19 Rupee transaction
2. 1999 Rupee transaction
As per RBI guidelines, if a bank fails to process refunds within T+5 days, they are liable to compensate the customer 100 per day per transaction.
What Went Wrong?
Despite multiple follow-ups via email and calls, Axis Bank delayed the refund. My refund was processed only on 24 June 2024, resulting in a delay of 7 days. As per RBI rules, I was entitled to 100 Rupee per day per transaction, totaling:
✅ 700 Rupee for the 19 Rupee failed transaction
✅ 700 Rupee for the 1999.82 Rupee failed transaction
Total Compensation: 1400 🤑💸
Steps I Took to Win the Case:
1️⃣ Contacted Axis Bank Support: Sent multiple emails & raised complaints.
2️⃣Escalated to the Nodal Officer: Shared proof of transaction failure & RBI guidelines.
3️⃣Approached the Banking Ombudsman (RBI): When Axis Bank failed to compensate me, I filed a complaint with the Office of the Banking Ombudsman (Complaint Ref: N202425023453603).
4️⃣ Victory! After RBI intervention, Axis Bank credited 1,400 as compensation on 24 January 2025.
Key Takeaways for Everyone:
✅ Know Your Rights! Banks must refund failed transactions within T+5 calendar days, else they owe 100 Rupee day compensation.
✅ Follow the Escalation Path: First, approach customer support, then the Nodal Officer, and finally the Banking Ombudsman (if required).
✅ Keep Proofs: Always keep emails, transaction details, and complaint reference numbers.
This was a small 19 rupee transaction, but the principle matters! If I had ignored it, I wouldn’t have received my rightful 1400 compensation. Always fight for your consumer rights!
Have you faced a similar issue? Let me know in the comments!
#TechnoFino #ConsumerRights #FailedTransaction #RBI #AxisBank #CompensationWin
Issue:
I made two transactions on 12 June 2024, which failed but were not auto-refunded within the RBI-mandated T+5 calendar days:
1. 19 Rupee transaction
2. 1999 Rupee transaction
As per RBI guidelines, if a bank fails to process refunds within T+5 days, they are liable to compensate the customer 100 per day per transaction.
What Went Wrong?
Despite multiple follow-ups via email and calls, Axis Bank delayed the refund. My refund was processed only on 24 June 2024, resulting in a delay of 7 days. As per RBI rules, I was entitled to 100 Rupee per day per transaction, totaling:
✅ 700 Rupee for the 19 Rupee failed transaction
✅ 700 Rupee for the 1999.82 Rupee failed transaction
Total Compensation: 1400 🤑💸
Steps I Took to Win the Case:
1️⃣ Contacted Axis Bank Support: Sent multiple emails & raised complaints.
2️⃣Escalated to the Nodal Officer: Shared proof of transaction failure & RBI guidelines.
3️⃣Approached the Banking Ombudsman (RBI): When Axis Bank failed to compensate me, I filed a complaint with the Office of the Banking Ombudsman (Complaint Ref: N202425023453603).
4️⃣ Victory! After RBI intervention, Axis Bank credited 1,400 as compensation on 24 January 2025.
Key Takeaways for Everyone:
✅ Know Your Rights! Banks must refund failed transactions within T+5 calendar days, else they owe 100 Rupee day compensation.
✅ Follow the Escalation Path: First, approach customer support, then the Nodal Officer, and finally the Banking Ombudsman (if required).
✅ Keep Proofs: Always keep emails, transaction details, and complaint reference numbers.
This was a small 19 rupee transaction, but the principle matters! If I had ignored it, I wouldn’t have received my rightful 1400 compensation. Always fight for your consumer rights!
Have you faced a similar issue? Let me know in the comments!
#TechnoFino #ConsumerRights #FailedTransaction #RBI #AxisBank #CompensationWin
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