Indusind Credit Card Rejection: Received reason and compensation

[ThriftyPlasticPundit]

I'm happy to share my recent success story in dealing with a IndusInd credit card rejection issue, where the power of customer advocacy, supported by the RBI, led to a positive outcome!

Here's a quick timeline of events:

1st December: Applied for a credit card.
4th December: Received a disappointing SMS notifying me of the rejection.
14th December: Reached out to the bank via Twitter & headcreditcards@indusind.com, requesting the reason for rejection.
28th December: Despite citing RBI circulars, the bank refused to provide a satisfactory explanation.
6th January: Escalated the issue to the RBI's ombudsman complaint platform, providing detailed documentation.
30th January: Received a comprehensive response from the bank, finally disclosing the exact reason for rejection.
1st February: RBI reached out to confirm receipt and gather feedback on the resolution process.
2nd February: Responded to the RBI, highlighting the inconvenience faced and advocating for appropriate action against the bank.
2nd April: A pleasant surprise! The bank initiated contact, requesting my bank details to compensate me with ₹5000 for the inconvenience caused.



This underscores the importance of regulatory bodies like the RBI, ensuring that banks uphold customer centric practices. It's a testament to the power of advocacy and perseverance in seeking fair treatment as consumers.

Important Links:

Reserve Bank of India

2.5 In terms of the instructions contained in the circular DBOD.No.Leg.BC.65/09.07.005/2006-07 dated March 6, 2007, banks have been advised that in case of all categories of loans irrespective of any threshold limits, including credit card applications, banks should convey in writing the main reason/reasons which in the opinion of the bank have led to the rejection of the loan applications. It is reiterated that banks should convey in writing the main reason/reasons which have led to the rejection of the credit card applications.

RBI Complaint forum

https://cms.rbi.org.in/

 

[the_collector]

I'm happy to share my recent success story in dealing with a IndusInd credit card rejection issue, where the power of customer advocacy, supported by the RBI, led to a positive outcome!

Here's a quick timeline of events:

1st December: Applied for a credit card.
4th December: Received a disappointing SMS notifying me of the rejection.
14th December: Reached out to the bank via Twitter & headcreditcards@indusind.com, requesting the reason for rejection.
28th December: Despite citing RBI circulars, the bank refused to provide a satisfactory explanation.
6th January: Escalated the issue to the RBI's ombudsman complaint platform, providing detailed documentation.
30th January: Received a comprehensive response from the bank, finally disclosing the exact reason for rejection.
1st February: RBI reached out to confirm receipt and gather feedback on the resolution process.
2nd February: Responded to the RBI, highlighting the inconvenience faced and advocating for appropriate action against the bank.
2nd April: A pleasant surprise! The bank initiated contact, requesting my bank details to compensate me with ₹5000 for the inconvenience caused.

View attachment 48867

This underscores the importance of regulatory bodies like the RBI, ensuring that banks uphold customer centric practices. It's a testament to the power of advocacy and perseverance in seeking fair treatment as consumers.

Important Links:

Reserve Bank of India

2.5 In terms of the instructions contained in the circular DBOD.No.Leg.BC.65/09.07.005/2006-07 dated March 6, 2007, banks have been advised that in case of all categories of loans irrespective of any threshold limits, including credit card applications, banks should convey in writing the main reason/reasons which in the opinion of the bank have led to the rejection of the loan applications. It is reiterated that banks should convey in writing the main reason/reasons which have led to the rejection of the credit card applications.

RBI Complaint forum

https://cms.rbi.org.in/

Wow! Indusind cards aren't even that great so you didn't miss out on much plus free 5k🥳

 

[Zacobite]

Wow! Indusind cards aren't even that great so you didn't miss out on much plus free 5k🥳

and lots of effort taken.. it's compensation for time and effort.. well. done

 

[the_collector]

and lots of effort taken.. it's compensation for time and effort.. well. done

It's always worth the effort , I'm waiting for a bank to make a mistake/fault with me so that I can go at them and make them pay😂

 

[raj007]

I'm happy to share my recent success story in dealing with a IndusInd credit card rejection issue, where the power of customer advocacy, supported by the RBI, led to a positive outcome!

Here's a quick timeline of events:

1st December: Applied for a credit card.
4th December: Received a disappointing SMS notifying me of the rejection.
14th December: Reached out to the bank via Twitter & headcreditcards@indusind.com, requesting the reason for rejection.
28th December: Despite citing RBI circulars, the bank refused to provide a satisfactory explanation.
6th January: Escalated the issue to the RBI's ombudsman complaint platform, providing detailed documentation.
30th January: Received a comprehensive response from the bank, finally disclosing the exact reason for rejection.
1st February: RBI reached out to confirm receipt and gather feedback on the resolution process.
2nd February: Responded to the RBI, highlighting the inconvenience faced and advocating for appropriate action against the bank.
2nd April: A pleasant surprise! The bank initiated contact, requesting my bank details to compensate me with ₹5000 for the inconvenience caused.

View attachment 48867

This underscores the importance of regulatory bodies like the RBI, ensuring that banks uphold customer centric practices. It's a testament to the power of advocacy and perseverance in seeking fair treatment as consumers.

Important Links:

Reserve Bank of India

2.5 In terms of the instructions contained in the circular DBOD.No.Leg.BC.65/09.07.005/2006-07 dated March 6, 2007, banks have been advised that in case of all categories of loans irrespective of any threshold limits, including credit card applications, banks should convey in writing the main reason/reasons which in the opinion of the bank have led to the rejection of the loan applications. It is reiterated that banks should convey in writing the main reason/reasons which have led to the rejection of the credit card applications.

RBI Complaint forum

https://cms.rbi.org.in/

Congrats man. So, what was the reason for rejection?

 

[s1t2y3a3m6]

BTW I am interested in the reason of decline. Can you share here ?

 

[ThriftyPlasticPundit]

Congrats man. So, what was the reason for rejection?

BTW I am interested in the reason of decline. Can you share here ?

hunter profile, 4th card application in span of 32-34 days

 

[Zacobite]

hunter profile, 4th card application in span of 32-34 days

so.. they will deny.. not fair.. bit. guess it may be seen negatively.. by credit bureaus also

 

[ThriftyPlasticPundit]

so.. they will deny.. not fair.. bit. guess it may be seen negatively.. by credit bureaus also

yes, may be they had policy but then they reached out to me after 90 days and re processed the card without any request.

 

[gabu]

That's cashback without even applying for card. Lol!
Guess how much we need to spend to reach that 5k cashback with indusind.
Glad you're efforts bore the fruits.

 

[Sourabh_13]

I am on the same path. I asked customer care the rejection reason and they sent the internal bank policy template. I have asked for the exact reason again. Next step will be to reach out to the headcards.

What documentation one has to do when going to Ombudsman?

 

[ThriftyPlasticPundit]

I am on the same path. I asked customer care the rejection reason and they sent the internal bank policy template. I have asked for the exact reason again. Next step will be to reach out to the headcards.

What documentation one has to do when going to Ombudsman?

I would go twice with request to nodal or above ( quote rbi circular in both emails and be polite )then save those emails as attachment with your initial request then submit it. one rejection is enough for non compliant. make sure you add compensation amount for the inconvenience even though, it's not the main purpose.

 

[Sourabh_13]

Thank you! I will do it.

 

[Aniket]

I would go twice with request to nodal or above ( quote rbi circular in both emails and be polite )then save those emails as attachment with your initial request then submit it. one rejection is enough for non compliant. make sure you add compensation amount for the inconvenience even though, it's not the main purpose.

So, have you quoted ₹5000 while making a complaint to RBI BO?

 

[ThriftyPlasticPundit]

So, have you quoted ₹5000 while making a complaint to RBI BO?

1000 just for sake but wasn't expecting anything other than exact reason

 

[vijay.vj]

I'm happy to share my recent success story in dealing with a IndusInd credit card rejection issue, where the power of customer advocacy, supported by the RBI, led to a positive outcome!

Here's a quick timeline of events:

1st December: Applied for a credit card.
4th December: Received a disappointing SMS notifying me of the rejection.
14th December: Reached out to the bank via Twitter & headcreditcards@indusind.com, requesting the reason for rejection.
28th December: Despite citing RBI circulars, the bank refused to provide a satisfactory explanation.
6th January: Escalated the issue to the RBI's ombudsman complaint platform, providing detailed documentation.
30th January: Received a comprehensive response from the bank, finally disclosing the exact reason for rejection.
1st February: RBI reached out to confirm receipt and gather feedback on the resolution process.
2nd February: Responded to the RBI, highlighting the inconvenience faced and advocating for appropriate action against the bank.
2nd April: A pleasant surprise! The bank initiated contact, requesting my bank details to compensate me with ₹5000 for the inconvenience caused.

View attachment 48867

This underscores the importance of regulatory bodies like the RBI, ensuring that banks uphold customer centric practices. It's a testament to the power of advocacy and perseverance in seeking fair treatment as consumers.

Important Links:

Reserve Bank of India

2.5 In terms of the instructions contained in the circular DBOD.No.Leg.BC.65/09.07.005/2006-07 dated March 6, 2007, banks have been advised that in case of all categories of loans irrespective of any threshold limits, including credit card applications, banks should convey in writing the main reason/reasons which in the opinion of the bank have led to the rejection of the loan applications. It is reiterated that banks should convey in writing the main reason/reasons which have led to the rejection of the credit card applications.

RBI Complaint forum

https://cms.rbi.org.in/

Well done... what reason did bank provide for rejection initially before you went to RBI. Is it bank internal policy?

I'm facing something similar with SBI... Even PNO mentioned its bank internal policy/business decision. I do plan to pursue it with RBI.

On side note, contacted a friend in bank & he said reason to be U2 - approval over leveraged...

 

[krish11]

hunter profile, 4th card application in span of 32-34 days

Even i received a similar response from Jupiter team on CSB Edge Rupay Card application around March 1st week. They mentioned that my application could not meet the threshold during hunter check by Experian 🤷‍♂️

For last 4-5 months, i had not applied for any credit card.

 

[its_karan]

I'm happy to share my recent success story in dealing with a IndusInd credit card rejection issue, where the power of customer advocacy, supported by the RBI, led to a positive outcome!

Here's a quick timeline of events:

1st December: Applied for a credit card.
4th December: Received a disappointing SMS notifying me of the rejection.
14th December: Reached out to the bank via Twitter & headcreditcards@indusind.com, requesting the reason for rejection.
28th December: Despite citing RBI circulars, the bank refused to provide a satisfactory explanation.
6th January: Escalated the issue to the RBI's ombudsman complaint platform, providing detailed documentation.
30th January: Received a comprehensive response from the bank, finally disclosing the exact reason for rejection.
1st February: RBI reached out to confirm receipt and gather feedback on the resolution process.
2nd February: Responded to the RBI, highlighting the inconvenience faced and advocating for appropriate action against the bank.
2nd April: A pleasant surprise! The bank initiated contact, requesting my bank details to compensate me with ₹5000 for the inconvenience caused.

View attachment 48867

This underscores the importance of regulatory bodies like the RBI, ensuring that banks uphold customer centric practices. It's a testament to the power of advocacy and perseverance in seeking fair treatment as consumers.

Important Links:

Reserve Bank of India

2.5 In terms of the instructions contained in the circular DBOD.No.Leg.BC.65/09.07.005/2006-07 dated March 6, 2007, banks have been advised that in case of all categories of loans irrespective of any threshold limits, including credit card applications, banks should convey in writing the main reason/reasons which in the opinion of the bank have led to the rejection of the loan applications. It is reiterated that banks should convey in writing the main reason/reasons which have led to the rejection of the credit card applications.

RBI Complaint forum

https://cms.rbi.org.in/

Thanks for this post

 

[diptarkaroy]

I'm happy to share my recent success story in dealing with a IndusInd credit card rejection issue, where the power of customer advocacy, supported by the RBI, led to a positive outcome!

Here's a quick timeline of events:

1st December: Applied for a credit card.
4th December: Received a disappointing SMS notifying me of the rejection.
14th December: Reached out to the bank via Twitter & headcreditcards@indusind.com, requesting the reason for rejection.
28th December: Despite citing RBI circulars, the bank refused to provide a satisfactory explanation.
6th January: Escalated the issue to the RBI's ombudsman complaint platform, providing detailed documentation.
30th January: Received a comprehensive response from the bank, finally disclosing the exact reason for rejection.
1st February: RBI reached out to confirm receipt and gather feedback on the resolution process.
2nd February: Responded to the RBI, highlighting the inconvenience faced and advocating for appropriate action against the bank.
2nd April: A pleasant surprise! The bank initiated contact, requesting my bank details to compensate me with ₹5000 for the inconvenience caused.

View attachment 48867

This underscores the importance of regulatory bodies like the RBI, ensuring that banks uphold customer centric practices. It's a testament to the power of advocacy and perseverance in seeking fair treatment as consumers.

Important Links:

Reserve Bank of India

2.5 In terms of the instructions contained in the circular DBOD.No.Leg.BC.65/09.07.005/2006-07 dated March 6, 2007, banks have been advised that in case of all categories of loans irrespective of any threshold limits, including credit card applications, banks should convey in writing the main reason/reasons which in the opinion of the bank have led to the rejection of the loan applications. It is reiterated that banks should convey in writing the main reason/reasons which have led to the rejection of the credit card applications.

RBI Complaint forum

https://cms.rbi.org.in/

I just raised the similar complaint to RBIO against federal bank
Only reason they are quoting is internal policy!!!

Btw, what value did you select in sub category level 2 while raising the complaint? I don’t think it would matter much but I were not getting a suitable value over there. Chose to select “others”

 

[Boy 07]

I'm happy to share my recent success story in dealing with a IndusInd credit card rejection issue, where the power of customer advocacy, supported by the RBI, led to a positive outcome!

Here's a quick timeline of events:

1st December: Applied for a credit card.
4th December: Received a disappointing SMS notifying me of the rejection.
14th December: Reached out to the bank via Twitter & headcreditcards@indusind.com, requesting the reason for rejection.
28th December: Despite citing RBI circulars, the bank refused to provide a satisfactory explanation.
6th January: Escalated the issue to the RBI's ombudsman complaint platform, providing detailed documentation.
30th January: Received a comprehensive response from the bank, finally disclosing the exact reason for rejection.
1st February: RBI reached out to confirm receipt and gather feedback on the resolution process.
2nd February: Responded to the RBI, highlighting the inconvenience faced and advocating for appropriate action against the bank.
2nd April: A pleasant surprise! The bank initiated contact, requesting my bank details to compensate me with ₹5000 for the inconvenience caused.

View attachment 48867

This underscores the importance of regulatory bodies like the RBI, ensuring that banks uphold customer centric practices. It's a testament to the power of advocacy and perseverance in seeking fair treatment as consumers.

Important Links:

Reserve Bank of India

2.5 In terms of the instructions contained in the circular DBOD.No.Leg.BC.65/09.07.005/2006-07 dated March 6, 2007, banks have been advised that in case of all categories of loans irrespective of any threshold limits, including credit card applications, banks should convey in writing the main reason/reasons which in the opinion of the bank have led to the rejection of the loan applications. It is reiterated that banks should convey in writing the main reason/reasons which have led to the rejection of the credit card applications.

RBI Complaint forum

https://cms.rbi.org.in/

I have some Quiries regrading the whole procees.1 Can we send this RBI circular to the bank as a proof who rejected card application and not telling reason?
2-How much time should we wait for starting this process and how much time we should try to take reason from bank ?
3-what is the first sept of statrting this process ?
4- when we start this process against bank can we attached the emails we have recieved from bank there is only written internal policy.?
5-please tell about what proofs and evidence required to attached to RBIO ( lLIKE- Application number-any other things by which RBIO Contact to bank regarding us ?
6-Is there any charges we have to pay in the whole process any advocate fees?
Any other advice please write here