RBI Ombudsman Complaint: Seeking Maximum Compensation for Yes Bank's Failure to Refund Joining Fee"

[rojajimmy]

Hello All
I had a Yes MC Reserv card which I got converted to ruPay variant and they charged me joining fees of 2k+ 18% GST. The statement date was 15th of every month and the card was issued on 4th July so I was ok with the joining fees charged on 15th July as I could easily get it reversed spending 40k in 1st 30 days and I was like they will refund me the joining fees in August statement, but they did not even if I had spent almost 60k in 1st 30 days

I raised a complaint with yes banka dn they gave me an idiotic response that 40k was not spent in 1st 30 days. I escalated that to PNO and they took forever to reply and didnt budge even after multiple follow ups so I finally raised it to RBI ombudsman and they reversed the fees on 3rd septemeber (I had to pay the bill with joining fees for my Aug statement because I didnt want to take a risk of CIBIL score being damaged)

Now the compensation part. I know the RBI has max compensation of 1 lakhs ONLY for both 1. deficiency in services & 2. mental harrasment so I put in 90k each in both of them
Yes bank RBI complaint handling team called me and offered me 2.5k Amazon voucher so I outright denied it and said "Let RBI handle the compensation part"
Now the problem is in almost 100 complaints so far to RBI (More or less) I have never received any compnesation in any complaint so I HAVE HUGE DOUBTS if RBI will even bother with it.

So anyone who has got compnesation from banks
1. Can you help me how did RBI help and what should I do if RBI disposes/closes the complaint without any compensation at all?
2. What is the maximum compensation that I should accept from Yes bank to be on safer side?

 

[Premium]

Max I got 1k. You should have taken 2.5k in this case to be honest. Rest learned members of this forum can advice further.

 

[HumorSimpson]

@VISHESH_BANSAL @sjmajumder ..

 

[akshayhs]

If they have refunded the fees, then I doubt RBI will entertain your request. My guess is in the best scenario, RBI may ask the bank to award 10k compensation. 90k is something only imaginative, but cannot be turned to reality.

 

[6ix9ine]

@vaibhav111 bhai, can you please fix the title tag. It's misleading. I clicked on the thread to read the experience, but it's complete opposite here. TIA

 

[sjmajumder]

Hello All
I had a Yes MC Reserv card which I got converted to ruPay variant and they charged me joining fees of 2k+ 18% GST. The statement date was 15th of every month and the card was issued on 4th July so I was ok with the joining fees charged on 15th July as I could easily get it reversed spending 40k in 1st 30 days and I was like they will refund me the joining fees in August statement, but they did not even if I had spent almost 60k in 1st 30 days

I raised a complaint with yes banka dn they gave me an idiotic response that 40k was not spent in 1st 30 days. I escalated that to PNO and they took forever to reply and didnt budge even after multiple follow ups so I finally raised it to RBI ombudsman and they reversed the fees on 3rd septemeber (I had to pay the bill with joining fees for my Aug statement because I didnt want to take a risk of CIBIL score being damaged)

Now the compensation part. I know the RBI has max compensation of 1 lakhs ONLY for both 1. deficiency in services & 2. mental harrasment so I put in 90k each in both of them

Yes bank RBI complaint handling team called me and offered me 2.5k Amazon voucher so I outright denied it and said "Let RBI handle the compensation part"

Now the problem is in almost 100 complaints so far to RBI (More or less) I have never received any compnesation in any complaint so I HAVE HUGE DOUBTS if RBI will even bother with it.

You have to pick and choose. If you ask for compensation of 1.8L for this kind of minor issues RBI will not consider your case seriously.
What was your financial loss? Was it even Rs. 100? RBI may or may not give any compensation in this case unless you highlighted financial loss.

So anyone who has got compnesation from banks
1. Can you help me how did RBI help and what should I do if RBI disposes/closes the complaint without any compensation at all?

Thread 'I am on a SPREE!'

May 10, 2024

I am on a spree...

Registered 5 complaints with RBI Ombudsman demanding compensation in each. Let's see how it goes 🙂



1. HSBC - Did not convert Amazon EMI purchase to EMI in a timely manner and sent full amount statement. After paying full amount they converted to EMI and charged interest. Also created lot of hassles in refunding credit balance after converting to EMI.

2. IndusInd - Doorstep Banking delayed cash pickup. Took 3 follow ups and one complaint to finally get the cash picked up after a five days delay.

3. Federal Bank - Issued Visa Signet when I applied for...

• sjmajumder
• Replies: 221
• Forum: Banking Complaint

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2. What is the maximum compensation that I should accept from Yes bank to be on safer side?

Take whatever you get.

 

[vaibhav111vaibhav111 is verified member.]

i agreed yes bank screw you up, and charged you JF, but asking got 90k is ridiculous, cause yes bank did reversed the fees and OP should have asked for more gv if 2.5k GV seem less, cause now bank has resolved the issue, not sure if OP would get anything in return now.

 

[rojajimmy]

You cannot pinpoint a value for mental harassment and waste of time and effort put in for follow ups via email and calls.
If I earn 2 lakhs/month I can calculate value of 1 hour of my time and as such loss of productive hours is a simple option to evaluate financial loss.
Similarly deficiency in services by bank is clear in this case.

I had to pay money that I should not have to just because they did not refund it themselves (August statement)
But yes mental harassment/agony cannot be assigned a INR value and as our country DOES NOT REGARD MENTAL HEALTH an issue, I guess you guys do not understand that at all so I cant blame you guys. 🙂

I am not expecting 1.80 lakhs as well but whatever max RBI can do. At least they should take a stand and award 10-20k or something

 

[ChurningNoob]

Now the problem is in almost 100 complaints so far to RBI (More or less) I have never received any compnesation in any complaint

You have raised 100 complaints with RBI? No wonder you have not received compensation

 

[rojajimmy]

You have raised 100 complaints with RBI? No wonder you have not received compensation

15 bank accounts and 28 credit cards. I guess I am almost there. But yeah definitely 50. Never kept a count. And didnt ask for compensation every time. So yeah good work jumping on conclusions with almost NIL INFO.

 

[R!TTER]

You cannot pinpoint a value for mental harassment and waste of time and effort put in for follow ups via email and calls.

So why waste this much time over them?

If I earn 2 lakhs/month I can calculate value of 1 hour of my time and as such loss of productive hours is a simple option to evaluate financial loss.
Similarly deficiency in services by bank is clear in this case.

So you're saying your life/time has more value than someone earning 2k/day or month because you earn more?

I agree with the general sentiment of this thread, but to me at last, it's not worth it to pursue this matter for too long.

 

[rojajimmy]

So why waste this much time over them?

So you're saying your life/time has more value than someone earning 2k/day or month because you earn more?

I agree with the general sentiment of this thread, but to me at last, it's not worth it to pursue this matter for too long.

Thats the reason I do not base the compensation on financial loss. I already said If its mental agony, you cant put a price on that shit. But yes in pure financial the more a person earns, the more compensation they can ask for because their time is more important financially. Even in accidents, they have this clause. Loss of income and you can be compensated for the same.

 

[R!TTER]

And as some have opined, it's unlikely you will get that amount of compensation; even if you do, as far as I'm concerned, it's not worth the time. If you think that it can act as a deterrent for any future dealings with Yes Bank or any other bank, then go ahead. These banks also need to be taught a lesson on how to conduct business properly!

 

[ChurningNoob]

15 bank accounts and 28 credit cards. I guess I am almost there. But yeah definitely 50. Never kept a count. And didnt ask for compensation every time. So yeah good work jumping on conclusions with almost NIL INFO.

I have similar count of cards and bank accounts, I have had fare share of fights with all banks but so far I have raised like 4-5 complaints and received only one compensation and rest all issues were resolved with the complaint.

Can you tell me what sort of complaints have you given to RBI? From this instance itself I guess these are not so bad issues that RBI need to intervene

 

[vine]

Thats the reason I do not base the compensation on financial loss. I already said If its mental agony, you cant put a price on that shit. But yes in pure financial the more a person earns, the more compensation they can ask for because their time is more important financially. Even in accidents, they have this clause. Loss of income and you can be compensated for the same.

I commend your effort and time in going through all these processes.
If you think it's not important if and how much compensation you get, then you should go ahead with rbi complaint.
..
When ombudsman will ask you same question, thats when you need to highlight
1) the time and effort wasted in following up for something that was clearly not your responsibility, even after multiple follow-ups and
2) the consequences you would have to face if you didn't, financial and otherwise.
3) tell RBI OM clearly that you are not looking for compensation but the negative consequences associated with a bad cibil score on your future are immense and not easily erasable. Many more people would have suffered same situation. Mistakes don't happen in isolation, it's a symptom of lackadiasical approach towards customers' time, money & effort.

 

[SK5]

Hello All
I had a Yes MC Reserv card which I got converted to ruPay variant and they charged me joining fees of 2k+ 18% GST. The statement date was 15th of every month and the card was issued on 4th July so I was ok with the joining fees charged on 15th July as I could easily get it reversed spending 40k in 1st 30 days and I was like they will refund me the joining fees in August statement, but they did not even if I had spent almost 60k in 1st 30 days

I raised a complaint with yes banka dn they gave me an idiotic response that 40k was not spent in 1st 30 days. I escalated that to PNO and they took forever to reply and didnt budge even after multiple follow ups so I finally raised it to RBI ombudsman and they reversed the fees on 3rd septemeber (I had to pay the bill with joining fees for my Aug statement because I didnt want to take a risk of CIBIL score being damaged)

Now the compensation part. I know the RBI has max compensation of 1 lakhs ONLY for both 1. deficiency in services & 2. mental harrasment so I put in 90k each in both of them
Yes bank RBI complaint handling team called me and offered me 2.5k Amazon voucher so I outright denied it and said "Let RBI handle the compensation part"
Now the problem is in almost 100 complaints so far to RBI (More or less) I have never received any compnesation in any complaint so I HAVE HUGE DOUBTS if RBI will even bother with it.

So anyone who has got compnesation from banks
1. Can you help me how did RBI help and what should I do if RBI disposes/closes the complaint without any compensation at all?
2. What is the maximum compensation that I should accept from Yes bank to be on safer side?

100 RBI complaints???
No wonder your mental health is screwed. Take some time off from these things. There are far more important things in life.

 

[sjmajumder]

100 RBI complaints???
No wonder your mental health is screwed. Take some time off from these things. There are far more important things in life.

In all probability his number/mail id has already been flagged by RBI and they don't even read his complaints and simply close it after sometime the RBI way - under clause bla bla bla 😀😀😀

And not getting any compensation for 100 complaints says it all 😆😆😆

 

[rojajimmy]

So I thought since people are fixated on the number let me count & give you the exact number. (17)
Yezs not even 20. I remember earlier it was not even something I wanted to do, it was almost a waste of time so yes its 17 only so far nad that too from 2022
Instead of giving helpful suggestions, you are all concerned more about mocking the number. What a sadistic side of the community.

 

[SonyTom]

So I thought since people are fixated on the number let me count & give you the exact number. (17)
Yezs not even 20. I remember earlier it was not even something I wanted to do, it was almost a waste of time so yes its 17 only so far nad that too from 2022
Instead of giving helpful suggestions, you are all concerned more about mocking the number. What a sadistic side of the community.

Dont take it seriously bro. Some members have given you right opinions. So take it and ignore the rest. Its like this in all communities, real as well as virtual.

I appreciate the effort you have taken to pursue so many matters with the RBIO. The society needs people like you who are willing to fight for a genuine cause

 

[rojajimmy]

Update :- 1st October, 2024
A happy start. Yes bank PNO did contact me again via email a few days ago and offered 5k Amazon voucher instead of initial 2.5k and I received it today and added to Apay balance.

Such a confidence boost when the RBI Ombudsman ciomplaints actually work. 🙂