Issue Resolved Received 10k compensation from IndusInd bank

[creditguru]

- I applied for IndusInd credit card
- It was declined by the bank, no reason was provided
- I asked for the reason via email, they cited internal policies as the reason
- I sent them email with RBI circular advising to cite specific reason but they declined again
- Immediately raised complaint to RBIO
- 10k compensation was awarded
- Bank asked for account details and transferred the amount

Total time for the entire process - Around 2 months

Thank you @sjmajumder gurudev for being the guiding light.

I am in process of taking action against other banks too who provide no reason or vague reasons such as high number of active credit cards or pincode not serviceable (when they themselves didn't mentioned about it in eligibility or stopped at the application page itself or have actually provided credit cards in that area but declining those who do not have banking relationship with them).

Compensation does not hold importance for me but one thing that I have understood is to take strict action against these banks who are either mis-selling or hiding their specific eligibility criterias or using credit card applications as just data collection form.

 

[pinki]

Congratulations , u got more benefits without getting the card compared from the one who actually holds.

 

[ccdc]

wow...i think i should file rbi complaint now for putting my call on hold for more than 10 mins....mental harrassment...

 

[Half Human]

I had the same issue.
Registered complaint with RBIO on Jan 30.
Indusind bank replied with details in Feb.
RBIO closed the complaint without option for re opening.

No shit delivered to me 🥺

Made a post on that... No help recieved from anyone ✌️🥳

 

[hender]

themselves didn't mentioned about it in eligibility or but declining those who do not have banking relationship with them).

take strict action against these banks who are either mis-selling or hiding their specific eligibility criterias or

Very true !!
Almost similar kind of situation felt by many, who applied and got rejected are clueless.

 

[creditguru]

Very true !!
Almost similar kind of situation felt by many, who applied and got rejected are clueless.

One of the issue is many people do not file complaint as they find back and forth communication with bank and RBI as hassle. And banks take advantage of this and slows the process as much as possible so that the complainant is frustrated and just gives up. However, if people do not give up and keep complaining, I am sure RBI will take strict actions and banks will also become more accountable and transparent to applicants and customers.

 

[Ratkiller]

- I applied for IndusInd credit card
- It was declined by the bank, no reason was provided
- I asked for the reason via email, they cited internal policies as the reason
- I sent them email with RBI circular advising to cite specific reason but they declined again
- Immediately raised complaint to RBIO
- 10k compensation was awarded
- Bank asked for account details and transferred the amount

Total time for the entire process - Around 2 months

Thank you @sjmajumder gurudev for being the guiding light.

I am in process of taking action against other banks too who provide no reason or vague reasons such as high number of active credit cards or pincode not serviceable (when they themselves didn't mentioned about it in eligibility or stopped at the application page itself or have actually provided credit cards in that area but declining those who do not have banking relationship with them).

Compensation does not hold importance for me but one thing that I have understood is to take strict action against these banks who are either mis-selling or hiding their specific eligibility criterias or using credit card applications as just data collection form.

Can you share the complaint made with RBI. i sent email to nodal officer but received reply that this has been done due to internal reasons, then I filled a complaint but RBI Closed it by stating "The complaint has been examined and it is observed that relief sought is related to commercial judgment/ decision of the Regulated Entity (RE) as per their Board approved policy. As reported by the bank the credit card application of the complainant was rejected due to non-fulfillment of the bank’s credit norm. The matter has been reviewed and it has been observed that issuance/ non-issuance of credit card being a commercial decision of the bank, RBI has no mandate to intervene in their commercial matters/ Board approved policies. Accordingly, the complaint is treated as dealt with. The customer may, in her/his own interest, like to approach any other appropriate authorities for further action, if any." can you share the complaint so that I can study what went wrong on my part.