Hey Guys
I am writing to seek advice regarding an issue with my Standard Chartered Credit Card and a recent ruling by the RBI.
In 2018, I requested the closure of my credit card, which had an excess balance of approximately ₹90. While the bank acknowledged my closure request, the excess balance was never refunded, and the card continued to appear as active on my CIBIL report.
Upon filing a complaint with the bank, they stated that the card was indeed closed in 2018 but that they were unable to report the closure to CIBIL. My request for compensation for this discrepancy was rejected.
Subsequently, I escalated the matter to the RBI. The RBI, while directing the bank to refund the excess balance, sided with the bank and closed my complaint, stating "no deficiency was observed in the services provided by the Regulated Entity."
I have attached the RBI's detailed reply for your reference, which outlines their findings and the bank's claims. Despite their decision, I still possess a copy of my CIBIL report of 2024 that shows the card as active for an extended period.
Given these circumstances, I would like to know if there is any viable way to appeal the RBI's decision.
Im also attaching RBI's response
RBI reply was
"We have carefully examined the captioned complaint and our observations are given here under.a
2. 1. The complainant alleges non closure of his credit card account and wants a compensation of ₹25,000.00 and ₹11,14,000.00 towards "expenses incurred, harassment and mental anguish etc." and "consequential loss" respectively. The complainant further alleges that the said card was still visible in his credit report. It is also noted that the closure request was lodged with the bank on Jan 28, 2018 and the complainant approached the bank with the issue as mentioned in this complaint only on March 6, 2024. 2. On taking up the issue, the bank denied the allegation and claimed that the card was closed/cancelled within the applicable time-period after the complainant approached it in Jan 2018. The bank also claimed that: (a) Post closure, the card had an excess balance of ₹99.78/- (b) The complainant was yet to request it with his/her bank details for transfer of the credit balance. (c) The card was under Zero Balance and the amount was transferred to the bank account as shared by the complainant. 3. Due to variance in complainant's allegation and the counter claim of the RE, the response received from the RE was shared with the complainant with a request for comments and sharing of any evidence that he/she may have to substantiate his claim. However, the complainant reiterated his allegation that the card was not closed. It is noted that the claim of the bank related to having reported the card as ZERO Balance was not contested by the complainant and the balance in the card account was also transferred on getting the desired details from the complainant. 4. In view of the above, no deficiency was observed in the services provided by the Regulated Entity and the complaint is closed."
I am writing to seek advice regarding an issue with my Standard Chartered Credit Card and a recent ruling by the RBI.
In 2018, I requested the closure of my credit card, which had an excess balance of approximately ₹90. While the bank acknowledged my closure request, the excess balance was never refunded, and the card continued to appear as active on my CIBIL report.
Upon filing a complaint with the bank, they stated that the card was indeed closed in 2018 but that they were unable to report the closure to CIBIL. My request for compensation for this discrepancy was rejected.
Subsequently, I escalated the matter to the RBI. The RBI, while directing the bank to refund the excess balance, sided with the bank and closed my complaint, stating "no deficiency was observed in the services provided by the Regulated Entity."
I have attached the RBI's detailed reply for your reference, which outlines their findings and the bank's claims. Despite their decision, I still possess a copy of my CIBIL report of 2024 that shows the card as active for an extended period.
Given these circumstances, I would like to know if there is any viable way to appeal the RBI's decision.
Im also attaching RBI's response
RBI reply was
"We have carefully examined the captioned complaint and our observations are given here under.a
2. 1. The complainant alleges non closure of his credit card account and wants a compensation of ₹25,000.00 and ₹11,14,000.00 towards "expenses incurred, harassment and mental anguish etc." and "consequential loss" respectively. The complainant further alleges that the said card was still visible in his credit report. It is also noted that the closure request was lodged with the bank on Jan 28, 2018 and the complainant approached the bank with the issue as mentioned in this complaint only on March 6, 2024. 2. On taking up the issue, the bank denied the allegation and claimed that the card was closed/cancelled within the applicable time-period after the complainant approached it in Jan 2018. The bank also claimed that: (a) Post closure, the card had an excess balance of ₹99.78/- (b) The complainant was yet to request it with his/her bank details for transfer of the credit balance. (c) The card was under Zero Balance and the amount was transferred to the bank account as shared by the complainant. 3. Due to variance in complainant's allegation and the counter claim of the RE, the response received from the RE was shared with the complainant with a request for comments and sharing of any evidence that he/she may have to substantiate his claim. However, the complainant reiterated his allegation that the card was not closed. It is noted that the claim of the bank related to having reported the card as ZERO Balance was not contested by the complainant and the balance in the card account was also transferred on getting the desired details from the complainant. 4. In view of the above, no deficiency was observed in the services provided by the Regulated Entity and the complaint is closed."
