PSA : Stop using BharatNXT immediately

[ChurningNoob]

Many have received email from Axis asking justification for using Bharthnxt app.

 

[Sharjeelshaikh]

Just because they write things in T&C, doesn't mean it is legally enforceable or cannot be voided. There are several instances where certain clauses have been stricken off by the courts. This is why you would see the severability clause in most contracts:


Besides, I doubt this is mentioned in their MITC document ( Most Important Terms and Conditions) and if it isn't, it has no chance of standing up in court as being part of a boilerplate fine print. You could highlight all of these things in the email as well, though I doubt that would be required.

In practice Aisa kuch nhai hota banks have the last word...we don't have time and money and patience to take it up legally

 

[VISHESH_BANSAL]

For what it's worth, hypothetically, I might be buying sex toys or undergoing medical procedures or doing X number of personal things and do not feel comfortable sharing such invoices, and under the laws of our country, I don't need to share invoices or disclose my spending to the bank unless it is a regulatory ask (PMLA/FEMA).
If the bank has a problem with this merchant or MCC, what they can legally do after proper notice and disclosure is to not provide reward points or allow these transaction to go through.
But, they can't ask for your personal information and invade your privacy with a metaphorical gun to your head.
You can ask a lawyer, and he will concur that what axis bank is doing is illegal in this instance.

You are certainly right.

But since Axis sent a notice that means txns volume and frequency of that person at BharatNXT is certainly high

But nature of BharatNXT is a B2B merchant and MCC tagged is of Utility.

If bank classify it as Utility then I did not think anyone would pay Utility Bills in Lakhs every month for personal use

Since BharatNXT is B2B merchant, so it is obvious Axis has right to directly cancel the card.
Axis did it many times with Entry level Cards such as Axis Ace and Axis Flipkart without asking any justification or Invoices

Since magnus is a HNI Card, instead of Cancelling it directly, Axis is asking to justify the txns otherwise Bank will do what it deem suitable in such a case



If anyone using it for personal use then why txns are getting routed through a B2B merchant ?

if any one really did a personal txn, then I do not think he needs to route the txn via BharatNXT instead of directly Paying to the respective merchant.

In case of Personal txns, Either Actual Merchant Name Appears in Statement which Justif the Nature D2C or B2B merchant and MCC defines category of spend which will further justify whether it is for personal use or not.

One Can spend 1 Lakh for Medical Treatments but One is Spending 1 lakh on Utility , will definetly hit Axis systems and Bank is forced to either cancel the card directly or ask for justification.

 

[Sharjeelshaikh]

Axis banks to users who ask too many questions

 

[Sharjeelshaikh]

Axis banks to users who ask too many questions

Bahut maje lete ho bhai

 

[hvninhll]

In practice Aisa kuch nhai hota banks have the last word...we don't have time and money and patience to take it up legally

I also used to think like this, until recently, when an insurance provider canceled my parent's health insurance coverage on frivolous grounds, and I took the fight to them, got it overturned, and reinstated my policy by the insurance ombudsman without spending 1 rupee on legal fees as such, I had to spend around 10 hours in total to get all the papers in order and for replying to emails.

The only problem with the legal recourse system in India is the lack of strong fines to organizations to act as deterrents for their malpractices. However, 3 bodies in India are not frugal with their fines i.e. CCI, SEBI, and RBI. And, this definitely falls under the purview of RBI.

 

[hvninhll]

You are certainly right.

But since Axis sent a notice that means txns volume and frequency of that person at BharatNXT is certainly high

But nature of BharatNXT is a B2B merchant and MCC tagged is of Utility.

If bank classify it as Utility then I did not think anyone would pay Utility Bills in Lakhs every month for personal use

Since BharatNXT is B2B merchant, so it is obvious Axis has right to directly cancel the card.
Axis did it many times with Entry level Cards such as Axis Ace and Axis Flipkart without asking any justification or Invoices

Since magnus is a HNI Card, instead of Cancelling it directly, Axis is asking to justify the txns otherwise Bank will do what it deem suitable in such a case



If anyone using it for personal use then why txns are getting routed through a B2B merchant ?

if any one really did a personal txn, then I do not think he needs to route the txn via BharatNXT instead of directly Paying to the respective merchant.

In case of Personal txns, Either Actual Merchant Name Appears in Statement which Justif the Nature D2C or B2B merchant and MCC defines category of spend which will further justify whether it is for personal use or not.

One Can spend 1 Lakh for Medical Treatments but One is Spending 1 lakh on Utility , will definetly hit Axis systems and Bank is forced to either cancel the card directly or ask for justification.

Many merchants and in some instances, even private nursing homes don't accept credit card payments directly, necessitating the need to use apps like BharatNXT. Neither do housing societies.

Anyhow, I think this thread can keep on running, I hope I have been able to provide enough points to anyone who wants to explore this path.
If you have anyways rotated money using BharatNXT, you are already a marked man and your card might be canceled, but, this way, you have a very plausible and legally valid argument and case to stand your ground to try to not get it canceled.

Mic drop, hvninhll out.

 

[hvninhll]

Read this thread, posting here to demonstrate effect of RBI Ombudsman and change of tune of banks:

Kotak Bank was forced to give me the promised Credit card

This post is a continuation of https://www.technofino.in/community/threads/kotak-bank-misselling-credit-card.12450/ exactly a month ago on this date, kotak bank employee scammed me with promising to give Kotak mojo card with 60,000 limit and lifetime free card but when i accepted the card, it...

www.technofino.in

 

[garg.harsh.14]

Can anyone help with the next steps? As in post the Axis mail for Bharatnxt, what proofs worked and did not work?

I have genuine house rent payments from March onwards on it, but I am wondering will they say that rent payment was removed from rewards eligibility from March 23?

 

[shashidhar patil]

if i pay 40k barath NXT will i get rewards or not and will it counted to monthly milestone?