Jupiter Fraud

[Ashish Jha]

Guys beware of Jupiter Fraud. In the app, they mention that if you have salary account with salary > 2 lakh, they will issue metal debit card.

Many of my friends switched to Jupiter for this and now Jupiter is saying that they are not offering it as of now.

Why advertise it in the app then?

Thinking to approach RBI Ombudsman, but not sure of Neo Bank like Jupiter is controlled by them.

Aby suggestions?

 

[gurbina]

I'm more concerned about how much people cares about having a metal card to flaunt. For pure vanity they'd be willing to risk their salaries and deal with Jupiter service.

 

[TheMentalist]

Guys beware of Jupiter Fraud. In the app, they mention that if you have salary account with salary > 2 lakh, they will issue metal debit card.

Many of my friends switched to Jupiter for this and now Jupiter is saying that they are not offering it as of now.

Why advertise it in the app then?

Thinking to approach RBI Ombudsman, but not sure of Neo Bank like Jupiter is controlled by them.

Aby suggestions?

Not possible to approach RBI Ombudsman directly : https://economictimes.indiatimes.co...o-a-digital-neo-bank/articleshow/90077457.cms

 

[Piyush_Jaiswal]

I'm more concerned about how much people cares about having a metal card to flaunt. For pure vanity they'd be willing to risk their salaries and deal with Jupiter service.

Never trust Neo Banks with large amounts. My Fi (Full KYC, 1 Year Old) account was Credit Freezed when my cumulative monthly credit to the account crossed 3 Lakhs. It is still freezed even after mailing them many times.

Someone paid me 25k and the payment was successful by his side but was not credited to my account nor refunded to his account for more than 20 days.

I have heard many cases of Account Freezing with small amount too.

 

[ltf4ever]

Not possible to approach RBI Ombudsman directly : https://economictimes.indiatimes.co...o-a-digital-neo-bank/articleshow/90077457.cms

aren't the parent banks (federal, smb, etc) responsible for the Neo banks they are supporting?

 

[COSMOCRAT]

aren't the parent banks (federal, smb, etc) responsible for the Neo banks they are supporting?

They are only letting neo-banks borrow their already established payments infra. Rest of the operations, features, and customer service are neo bank's responsibility.

 

[Piyush_Jaiswal]

aren't the parent banks (federal, smb, etc) responsible for the Neo banks they are supporting?

No, they only manage the money. The services are offered by Fi, Jupiter, etc only. They are responsible for any service related query.

 

[Strange]

No, they only manage the money. The services are offered by Fi, Jupiter, etc only. They are responsible for any service related query.

Except Neo Banks powered by SBM bank.

 

[TheMentalist]

aren't the parent banks (federal, smb, etc) responsible for the Neo banks they are supporting?

That feature/benefit is being offered by Neo Bank itself, and not on behalf of Parent Bank. So I don't think Parent Bank can be held responsible for such things

 

[krishc]

I feel this kind issue can be brought under the notice of condumer court for misleading advertisement

 

[RewardsAlert]

I feel this kind issue can be brought under the notice of condumer court for misleading advertisement

But why no one is approaching RBI ombudsman in their pending cases/disputes against Neobanks?
Doesn't RBI has the jurisdiction to govern Neobanks or what?
There needs to be put forth some clarity by experts here in this narrow field of Neobanks.

 

[John Since]

Never trust Neo Banks with large amounts. My Fi (Full KYC, 1 Year Old) account was Credit Freezed when my cumulative monthly credit to the account crossed 3 Lakhs. It is still freezed even after mailing them many times.

Someone paid me 25k and the payment was successful by his side but was not credited to my account nor refunded to his account for more than 20 days.

I have heard many cases of Account Freezing with small amount too.

What was the income you disclosed at the time of account opening?
And have you made any P2P crypto transactions using Jupiter or did you receive any money from people connected with P2P trading?

 

[Piyush_Jaiswal]

What was the income you disclosed at the time of account opening?
And have you made any P2P crypto transactions using Jupiter or did you receive any money from people connected with P2P trading?

I disclosed my actual income at the time of opening and it justifies my monthly transaction.

I am not involved in crypto or any kind of trading.

All the payments received in my account were genuine.

I have account in both Jupiter and Fi. Only the Fi Account has been Credit Freezed. The Jupiter Account is functioning as it should be.

 

[krishc]

But why no one is approaching RBI ombudsman in their pending cases/disputes against Neobanks?
Doesn't RBI has the jurisdiction to govern Neobanks or what?
There needs to be put forth some clarity by experts here in this narrow field of Neobanks.

RBI does have jurisdiction
but nobody is sure whom to file the complaint against - Federal or Jupiter/ Fi

 

[John Since]

I disclosed my actual income at the time of opening and it justifies my monthly transaction.

I am not involved in crypto or any kind of trading.

All the payments received in my account were genuine.

I have account in both Jupiter and Fi. Only the Fi Account has been Credit Freezed. The Jupiter Account is functioning as it should be.

Someone you might have received from should have been involved in some fraud activities. In such cases, they are freezing the recepients account too.
I did some research on this and got to know.

 

[Tejo]

Except Neo Banks powered by SBM bank.

Sbm bank partner fintechs issues can be solved only at rbi ombudsman.