Kotak credit card application rejected, need help to fight against the decision

[rajgopalsinghal]

Hi,

I applied for a Kotak Credit Card on October 31st, and after two days, the bank rejected my application without explaining why. When I emailed them, they said my application was rejected because I didn't complete the full KYC, but the bank didn't send any link or call me to complete it. The bank representative asked me to visit the branch for full KYC, but I requested them to arrange a visit to my home or send a link for video KYC. Unfortunately, I haven't received any response from them. Today, the bank rejected my application again, citing a different reason as below

"Your credit profile is not in line with our prevailing credit norms"

What action can I take against the bank for this.

 

[sxchzy]

nothing
_ 3

 

[Deleted member 21942]

The action which you can take is wait for 6 months to reapply.

 

[Shubham Yadav]

Hi,

I applied for a Kotak Credit Card on October 31st, and after two days, the bank rejected my application without explaining why. When I emailed them, they said my application was rejected because I didn't complete the full KYC, but the bank didn't send any link or call me to complete it. The bank representative asked me to visit the branch for full KYC, but I requested them to arrange a visit to my home or send a link for video KYC. Unfortunately, I haven't received any response from them. Today, the bank rejected my application again, citing a different reason as below

"Your credit profile is not in line with our prevailing credit norms"

What action can I take against the bank for this.

Nothing u can do

Most to most u can fight with bank to ask rejection reason (Very less chance)

And second shoot an email with heads of Kotak cc to reconsider your application
(Very less chance)

 

[D₹V]

Hi,

I applied for a Kotak Credit Card on October 31st, and after two days, the bank rejected my application without explaining why. When I emailed them, they said my application was rejected because I didn't complete the full KYC, but the bank didn't send any link or call me to complete it. The bank representative asked me to visit the branch for full KYC, but I requested them to arrange a visit to my home or send a link for video KYC. Unfortunately, I haven't received any response from them. Today, the bank rejected my application again, citing a different reason as below

"Your credit profile is not in line with our prevailing credit norms"

What action can I take against the bank for this.

Did you have 811 account earlier?

 

[rajgopalsinghal]

Did you have 811 account earlier?

No, I dont have 811 account

 

[rajgopalsinghal]

Nothing u can do

Most to most u can fight with bank to ask rejection reason (Very less chance)

And second shoot an email with heads of Kotak cc to reconsider your application
(Very less chance)

Through Banking Ombudsman?

 

[Shubham Yadav]

Through Banking Ombudsman?

Take a decision over any credit card application is up to entirely in the hands of bank

Banking ombudsman cant do anything here

 

[SSV]

What action can I take against the bank for this.

What action you could have taken earlier, probably is the right question to ask here???

Answer: you could have gone to the branch and done your full kyc…

We need to follow their rules , not our comfort..

If we like it we will take it, or leave it…

I know it is not comforting to you, but unfortunately that is the fact

 

[LJGIBBS]

No, I dont have 811 account

Open 811 account, maintain small amount in it. You will get pre approved offer within 3 months. If you don't get it, apply again, that time they would approve it.

 

[SSV]

Open 811 account, maintain small amount in it. You will get pre approved offer within 3 months. If you don't get it, apply again, that time they would approve it.

What happens , during the VKYC. If the link crashes and the customer been advised to go to the branch for full kyc while opening this digital account??
I am not saying it will happen.. what if it happens?

 

[aayusharyan]

What action you could have taken earlier, probably is the right question to ask here???

Answer: you could have gone to the branch and done your full kyc…

We need to follow their rules , not our comfort..

If we like it we will take it, or leave it…

I know it is not comforting to you, but unfortunately that is the fact

Yes, I was also about to say the same but I saw this comment. OP asked for the reason, bank gave the reason which seems very valid. Now OP should go to the bank and get KYC done. (Many times the IT systems of these Banks are so old, it needs manual intervention). Better to go to branch and they will be able to help out.

 

[aayusharyan]

Yes, I was also about to say the same but I saw this comment. OP asked for the reason, bank gave the reason which seems very valid. Now OP should go to the bank and get KYC done. (Many times the IT systems of these Banks are so old, it needs manual intervention). Better to go to branch and they will be able to help out.

Even RBI OB cannot help in this, I believe.

 

[SSV]

Yes, I was also about to say the same but I saw this comment. OP asked for the reason, bank gave the reason which seems very valid. Now OP should go to the bank and get KYC done. (Many times the IT systems of these Banks are so old, it needs manual intervention). Better to go to branch and they will be able to help out.

All these IT systems are put in place to ease the business but not to replace the compliance..
There is no way RBI can enforce vkyc / at home kyc .. It is up to the bank how this kyc facility is provided..
If they provide kyc facility at the branch only, then we have to go to the branch and get it done.
If we don’t like going to branch for kyc, then choose another bank.. then this bank will decide how best to implement their kyc procedure

 

[LJGIBBS]

What happens , during the VKYC. If the link crashes and the customer been advised to go to the branch for full kyc while opening this digital account??
I am not saying it will happen.. what if it happens?

Bank staff will say, sir kya rakha hai 0 balance me, 20K mab wala 0 balance kholo. IYKYK

On a serious note, I opened my sister's account recently. A mini kyc account was opened before vkyc.
So, one may just visit bank to do kyc and upgrade it to full kyc account

 

[SSV]

So, one may just visit bank to do kyc and upgrade it to full kyc account

Yes, here the issue stems from OP doesn’t want to go to the branch for KYC

 

[LJGIBBS]

Yes, here the issue stems from OP doesn’t want to go to the branch for KYC

Usko bhi galti nhi hai, branch wale bhi alag selfish hote hain. Apna Target pura karne ke liye sab existing application ki g-maar dete hain.
Mera toh same axis cc ke application mei branch ne kata tha. Online apply Kiya tha, kyc ke liye koi call nahi aaya. Branch gaya toh kutte ne mera app khol ke apna employee code dala aur Naya application bana diya. Result ye hua ki dono application reject ho gye aur do enquiry aayi

 

[D₹V]

What action you could have taken earlier, probably is the right question to ask here???

Answer: you could have gone to the branch and done your full kyc…

We need to follow their rules , not our comfort..

If we like it we will take it, or leave it…

I know it is not comforting to you, but unfortunately that is the fact

Even branch won't help him 🤣.

There is no way to do KYC of a CRN unless you open an account.

I believe even his CRN isn't generated.

 

[Deleted member 21942]

Usko bhi galti nhi hai, branch wale bhi alag selfish hote hain. Apna Target pura karne ke liye sab existing application ki g-maar dete hain.
Mera toh same axis cc ke application mei branch ne kata tha. Online apply Kiya tha, kyc ke liye koi call nahi aaya. Branch gaya toh kutte ne mera app khol ke apna employee code dala aur Naya application bana diya. Result ye hua ki dono application reject ho gye aur do enquiry aayi

Haddi kutte ke paas le jaoge toh kutta khayega hi 🦴 🦮

 

[Ehtasham_123]

Hi,

I applied for a Kotak Credit Card on October 31st, and after two days, the bank rejected my application without explaining why. When I emailed them, they said my application was rejected because I didn't complete the full KYC, but the bank didn't send any link or call me to complete it. The bank representative asked me to visit the branch for full KYC, but I requested them to arrange a visit to my home or send a link for video KYC. Unfortunately, I haven't received any response from them. Today, the bank rejected my application again, citing a different reason as below

"Your credit profile is not in line with our prevailing credit norms"

What action can I take against the bank for this.

I think you cannot do anything. Bank has sole discretion in approving or rejecting any credit facility. But let me tell you, I applied for Kotak League Platinum Rupay Credit Card for my wife. She has a good credit score but no relationship with Kotak. To my surprise, applied at 08:30 pm, vkyc at 09:11 pm, card approved at !0:10 pm. Virtual card generated within minutes. Physical card received within 6 days (working + non-working), without any intimation of physical card despatch. Card application to card generation Everything within 3 hours. wow.