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Unmasking Deceptive Advertising: AU Small Finance Banks' SwipeUp Program and Its Impact on Credit Reports
- Thread starter SmartSave
- Start date
Akashn
TF Legend
Please share what was the reason for suspension on X and what was the reason provided for the ban on Reddit.
SmartSave
TF Premier
Violation of Terms. Unclear what terms.
Reddit was spam (As if I was promoting a revenue generating link -- Only 2 links on a specific Sub-Reddit relevant to CC on different days, it had started to gain attention).
Both cases it was getting picked up with engagement happening. Twitter I had directly tagged bank and they tried to get my personal info via DM which I didn't share obviously (Not that they don't have it already but they wanted to associate it probably for any other actions)
In both cases there was no avenue for appeal?
SmartSave
TF Premier
Reddit I appealed, no response.
Twitter I didn't get any option to appeal for now, didn't bother to look into it anymore as I'm sure it'll be of no use.
SmartSave
TF Premier
Update: Sent yet another follow-up email to the MD/CEO & Business Head for CC who never responded before too.
Also, sent a new email to their MD email officially listed on their website which I think will be handled by staff.
I'm sharing the same details here for anyone else looking to send an email (this information is publicly available):
"Mr. Sanjay Agarwal
Managing Director and CEO
E-mail address: md@aubank.in
(You will receive a response within 3 business days from receiving your e-mail)" [This is copied as is from the website]
I'm also thinking to go traditional route and send them a written complaint via Post to the below address (info from their website):
AU Small Finance Bank Limited
MD Office-Complaint Section
4th Floor, Bank House, Mile 0,
Ajmer Road, Jaipur Rajasthan - 302001
Also, sent a new email to their MD email officially listed on their website which I think will be handled by staff.
I'm sharing the same details here for anyone else looking to send an email (this information is publicly available):
"Mr. Sanjay Agarwal
Managing Director and CEO
E-mail address: md@aubank.in
(You will receive a response within 3 business days from receiving your e-mail)" [This is copied as is from the website]
I'm also thinking to go traditional route and send them a written complaint via Post to the below address (info from their website):
AU Small Finance Bank Limited
MD Office-Complaint Section
4th Floor, Bank House, Mile 0,
Ajmer Road, Jaipur Rajasthan - 302001
Last edited:
AlgoTrader
TF Ace
you could have used power of RTI if it was a PSB
RAMESH BABU N
TF Legend
It is NOT.
AlgoTrader
TF Ace
yeah i know
SmartSave
TF Premier
AU is Small Finance Bank or Small Sector Bank. Not a public sector bank. RBI Banking Ombudsman complaint can be filed which is already done but B.O is yet to look into it or even respond, it's been over 1 month since it was filed. They've ghosted. So what other options do I have?
1 vs Multi-billion dollar bank. I'm exercising all my options and rights. Still persistent without giving up since August. Trying everything I can find (if you read the full thread, you'll know the things I've already tried and continue to try). Sadly, we live in a place where money wins over corruption or any wrongdoings.
Things would be different if this gets media attention upon which RBI will get to work into looking into what is happening and the violations that are taking place openly, the bank will then have to actually take things seriously. Right now the copy-paste crew as usual gets away with throwing in canned responses and ignorance. The fact that MD/CEO and all their management level folks continue to ignore despite reading emails should answer us how the support would be. This should be an eye opener to anyone looking into dealing with this bank for any of their products/services because you're at their mercy, if something goes wrong, you'll probably die but won't get a proper answer.
When I had any issues with HDFC, They did everything they could to understand, acknowledge, and even come up with resolution to settle not choose to completely ignore, in fact, they clearly suggest if the customer isn't satisfied, they themselves show you how to escalate further which is as per Fair Practices Code guidelines given by RBI which HDFC is following like other banks and should be (HDFC in their emails also give clear info on how the customer has rights to escalate to RBI B.O. if PNO's resolution is unsatisfactory) unlike AU SFB who adopts FPC but doesn't adhere to it in practical and never acknowledges the concerns and rather takes the ignorance path or copy-paste. No wonder they're a SFB.
SmartSave
TF Premier
BTW Anyone aware of the investor/shareholders rights? What are they and what would be the minimum investments required?
I'm thinking if we could take this route, buy shares, become a shareholder, demand answers as a shareholder exercising investor rights.
Not from a finance background, so no clue on how this works. I did learn how a shareholder does have certain limited rights like asking to give data on financials, etc. but IDK what else, please comment if anyone aware of this.
Edit: Here's what ChatGPT has to say! Interesting insights. Sharing so y'all can learn along with me. Know your rights!
When you buy shares of a private sector bank in India that are being traded on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), you acquire certain rights as a shareholder. These rights are governed by the Companies Act, 2013, and the Securities and Exchange Board of India (SEBI) regulations. Here are the key rights and the minimum number of shares required to exercise them:
1. Voting Rights: As a shareholder, you have the right to vote at the bank's general meetings. The minimum number of shares required to exercise your voting rights is determined by the bank's Articles of Association. Generally, each share carries one vote. The exact minimum number of shares needed to have a significant say in the bank's decisions may vary from bank to bank, depending on their specific rules.
2. Dividend Rights: You have the right to receive dividends declared by the bank. The dividend is typically paid on a per-share basis. There's no specific minimum share requirement to receive dividends; you'll receive dividends in proportion to the number of shares you hold.
3. Information Rights: Shareholders have the right to access information about the company's financial performance, annual reports, and other disclosures. There's no minimum share requirement for this right; all shareholders, regardless of the number of shares they hold, can access this information.
4. Right to Transfer Shares: You can sell or transfer your shares freely, subject to any restrictions imposed by the bank's Articles of Association or SEBI regulations. Generally, there's no minimum share requirement to exercise this right.
5. Pre-Emptive Rights: If the bank decides to issue additional shares, you may have the right of first refusal to purchase these shares in proportion to your existing shareholding. The minimum number of shares required to exercise this right is typically mentioned in the bank's Articles of Association.
6. Right to Sue: Shareholders can take legal action to protect their rights and interests in the company. There's no minimum share requirement for this right.
It's important to note that the specific rights and the minimum share requirements may vary from bank to bank and may also change over time. Therefore, it's essential to review the bank's Articles of Association and the latest SEBI regulations pertaining to the particular bank's shares you own for precise details.
Edit 2: We have an investor grievance too. https://www.aubank.in/investor-grievance
I'm thinking if we could take this route, buy shares, become a shareholder, demand answers as a shareholder exercising investor rights.
Not from a finance background, so no clue on how this works. I did learn how a shareholder does have certain limited rights like asking to give data on financials, etc. but IDK what else, please comment if anyone aware of this.
Edit: Here's what ChatGPT has to say! Interesting insights. Sharing so y'all can learn along with me. Know your rights!
When you buy shares of a private sector bank in India that are being traded on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), you acquire certain rights as a shareholder. These rights are governed by the Companies Act, 2013, and the Securities and Exchange Board of India (SEBI) regulations. Here are the key rights and the minimum number of shares required to exercise them:
1. Voting Rights: As a shareholder, you have the right to vote at the bank's general meetings. The minimum number of shares required to exercise your voting rights is determined by the bank's Articles of Association. Generally, each share carries one vote. The exact minimum number of shares needed to have a significant say in the bank's decisions may vary from bank to bank, depending on their specific rules.
2. Dividend Rights: You have the right to receive dividends declared by the bank. The dividend is typically paid on a per-share basis. There's no specific minimum share requirement to receive dividends; you'll receive dividends in proportion to the number of shares you hold.
3. Information Rights: Shareholders have the right to access information about the company's financial performance, annual reports, and other disclosures. There's no minimum share requirement for this right; all shareholders, regardless of the number of shares they hold, can access this information.
4. Right to Transfer Shares: You can sell or transfer your shares freely, subject to any restrictions imposed by the bank's Articles of Association or SEBI regulations. Generally, there's no minimum share requirement to exercise this right.
5. Pre-Emptive Rights: If the bank decides to issue additional shares, you may have the right of first refusal to purchase these shares in proportion to your existing shareholding. The minimum number of shares required to exercise this right is typically mentioned in the bank's Articles of Association.
6. Right to Sue: Shareholders can take legal action to protect their rights and interests in the company. There's no minimum share requirement for this right.
It's important to note that the specific rights and the minimum share requirements may vary from bank to bank and may also change over time. Therefore, it's essential to review the bank's Articles of Association and the latest SEBI regulations pertaining to the particular bank's shares you own for precise details.
Edit 2: We have an investor grievance too. https://www.aubank.in/investor-grievance
Last edited:
SmartSave
TF Premier
Sending email to this address lands in the hand of the same copy-paste crew who are so lazy that they continue to simply copy-paste a grammatically incorrect email.
So PNO/MD/CEO/Priority all emails are simply aliases pointed to one team. At this point I can list the team names 🤣
SmartSave
TF Premier
So this bank has been sending me a copy-paste response in which they state, I clicked on the "I agree to Terms and Conditions" and blah blah and that a pop-up is shown before that in which all these clauses of consent is written meanwhile I've told them I never seen any popup because it doesn't open automatically when the page loads. In fact, The bank's system is so pathetic that, you don't even need to click on the "I agree" to generate the OTP.
Fortunately, I tested this again. It's a hit or a miss but there's a glitch and I was able to record the screen demonstrating the glitch which does not require one to agree the terms to generate the OTP which is a serious issue making this very clear that there are glitches in their system, I did not agree to their terms, they do not do server side validation of whether the user has agreed to their terms or not and this leaves the door open for any malicious users to abuse the OTP system for other intentions (I won't disclose that as doing so will give an idea) but coming from a security research and tech background, I know the potential risks with the kinda system they have in place.
They could've used this feedback to improve and make their systems better but they choose to ignore. I wouldn't be surprised if this bank in future becomes a breaking news for customer data leaks or some sorta hacks/damages. Their ignorance would be the reason for that.
Here's the demo video showing one need not require to agree to their terms to generate OTP (OTP does come through too, I tested with my own number, the demo shows OTP trigger):
P.S. This was tested on fresh installation of Google Chrome with default settings and no prior history or data of this site.
Fortunately, I tested this again. It's a hit or a miss but there's a glitch and I was able to record the screen demonstrating the glitch which does not require one to agree the terms to generate the OTP which is a serious issue making this very clear that there are glitches in their system, I did not agree to their terms, they do not do server side validation of whether the user has agreed to their terms or not and this leaves the door open for any malicious users to abuse the OTP system for other intentions (I won't disclose that as doing so will give an idea) but coming from a security research and tech background, I know the potential risks with the kinda system they have in place.
They could've used this feedback to improve and make their systems better but they choose to ignore. I wouldn't be surprised if this bank in future becomes a breaking news for customer data leaks or some sorta hacks/damages. Their ignorance would be the reason for that.
Here's the demo video showing one need not require to agree to their terms to generate OTP (OTP does come through too, I tested with my own number, the demo shows OTP trigger):
P.S. This was tested on fresh installation of Google Chrome with default settings and no prior history or data of this site.
Akashn
TF Legend
For me get otp button is disabled until i agree tnc
SmartSave
TF Premier
Like I said, it's a hit or a miss. Sometimes enabled, sometimes not. But regardless, OTP is being generated without one requiring to agree by ticking their checkbox.
Please give up this useless and needless fight. It is well understood that going to a bank's website to check your eligibility will lead them to check your credit status. The fact this wasn't clearly mentioned makes little difference. No harm was caused to you and I fail to understand why you are going to such lengths. There are much more serious issues to fight and worry about. Life is too precious to waste time on such worries. All you are doing is causing stress to yourself.
SmartSave
TF Premier
Why are you so frustrated my friend? What is bothering you?
It has directly impacted my credit report and many others. My life's going well to not worry about other things and fight for this.
It's a learning experience more than stress. And most of these malpractices go on because we let go. I did not check for eligibility nor applied for a card because that was never intended. The unnecessary damage caused to my credit report is not something I appreciate.
I am not frustrated in any way, nor am I upset. How would an enquiry “cause damage” to your credit report? I am just amused at your needless fight with AU. It makes no difference to me. I just gave you what I believed was good advice. You are welcome to keep wasting your time and energy if you so desire. Absolutely nothing will come out of it. Let’s say, after a year, AU agrees to, or is forced by your campaign, to remove that enquiry. Would it matter? The impact of one single enquiry is negligible and fades after a few months in any case.