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The Biggest Loophole of 2025 (So Far): When a Major Banks IT System Failed
- Thread starter TechnoFino
- Start date
- Replies 67
- Views 5K
I want to understand if there is a 'standard' for BBPS payments? When I make payment for my Axis credit card, the payment is settled, I receive email and text confirmation, Credit limit and App is updated all within less than five seconds, while any other Card's Payment takes 3-5 'working' days! to update, why this different process if they all are using the same platform!?
I have never received any payment confirmation over email. Can you share the screenshot?
You are right, I was referring to the transaction email as payment using an Axis Bank Account
My view
This Debit card seems to be a actual product feature to be exploited by some politicians or businessmen or internal PSU bank employees, temporarily funding GAP.
This debit card game unfortunately came in hands of TF user (normal tax payer citizens) and they rightly escalated it and they they had to close the temporarily funding arrangement.
I’m sure this or something similar bug will going on somewhere in less know PSU debit cards.
There are many of instances in small cooperative banks misuse of public money and eventually going bankrupt or being merged. Just this time its larger bank with deep pockets.
This Debit card seems to be a actual product feature to be exploited by some politicians or businessmen or internal PSU bank employees, temporarily funding GAP.
This debit card game unfortunately came in hands of TF user (normal tax payer citizens) and they rightly escalated it and they they had to close the temporarily funding arrangement.
I’m sure this or something similar bug will going on somewhere in less know PSU debit cards.
There are many of instances in small cooperative banks misuse of public money and eventually going bankrupt or being merged. Just this time its larger bank with deep pockets.
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This issue is the same thing happened with me on my HDFC CC for a transaction of Rs.2000 on smartbuy for Gift Card. I shared it last year here if anyone remembered it.
1. I did txn of Rs.2000 for purhcasing GC (Jiomart).
2. On third day, it was marked as unbilled txn. (As I regularly take screenshots, I had the txn ID/ref no.)
Everything normal till then. Now came the technical blunder.
3. Statement generated for Rs.0. It had no transaction mentioned. Everything cleared like txn never existed. No reversed entry. Nothing. Payout of Rs.2000 reversed just like when done if txn is failed and hold amount is released back.
4. 2 months later account again debited with same date of transaction marked and same amount of Rs.2000.
I paid it later. Atleast they didn't charged me anything extra.
With credit card they can charge you anytime and generate bill. But with savings it always went into negative.
Many people don't even check their balance regularly like us who almost visit their statement every other day and such kind of things have happened with my friend also having PNB account. His txn amt was Rs.46838. He paid online. 15 days later refund came which he didn't cared to check as no SMS or email of credit from bank. Unknowingly he used part of the balance which was Rs.10000. 3 months later bank turned his balance into negative with whatever was left. Later he settled when thouroughly checked statement.
It was not his mistake but people often don't keep track of their balance.
I also shared that in past I paid Airtel bill for a friend from my netbanking for Rs.1500. It was reversed after 45-50 days and till date no deduction ever happened again. Seems like Airtel itself written off things as bank would have debited if they had asked for it.
1. I did txn of Rs.2000 for purhcasing GC (Jiomart).
2. On third day, it was marked as unbilled txn. (As I regularly take screenshots, I had the txn ID/ref no.)
Everything normal till then. Now came the technical blunder.
3. Statement generated for Rs.0. It had no transaction mentioned. Everything cleared like txn never existed. No reversed entry. Nothing. Payout of Rs.2000 reversed just like when done if txn is failed and hold amount is released back.
4. 2 months later account again debited with same date of transaction marked and same amount of Rs.2000.
I paid it later. Atleast they didn't charged me anything extra.
With credit card they can charge you anytime and generate bill. But with savings it always went into negative.
Many people don't even check their balance regularly like us who almost visit their statement every other day and such kind of things have happened with my friend also having PNB account. His txn amt was Rs.46838. He paid online. 15 days later refund came which he didn't cared to check as no SMS or email of credit from bank. Unknowingly he used part of the balance which was Rs.10000. 3 months later bank turned his balance into negative with whatever was left. Later he settled when thouroughly checked statement.
It was not his mistake but people often don't keep track of their balance.
I also shared that in past I paid Airtel bill for a friend from my netbanking for Rs.1500. It was reversed after 45-50 days and till date no deduction ever happened again. Seems like Airtel itself written off things as bank would have debited if they had asked for it.
This reminds me of a time when I got a credit in my SBI salary account for an amount of 6.75 lakhs, for which i got a credit text message, with an entry in my bank statement as well. Interestingly enough, a couple of days later, it just vanished without a trace from the bank statement!! When I reported this to the bank, they just blocked my account temporarily, instead of accepting their mistake. 😅
The text msg received for context. 😅
The text msg received for context. 😅
Way back 2011 or 2012, HDFC had credited excess salary to everyone in my then company, Amounts ranged from 50k to few lacs additional for everyone, While some where quick to withdraw everything and act as if nothing happened 🤪, While others followed the instructions to wait for two days while HDFC rectified everyone's salary
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