Jul 15, 2015 09:38 PM
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Sometimes a Big brand can throw such a weight on the system that a customer's voice can get lost somewhere. In such times a customer has to shout louder to be heard by the system. After a prolonged tussle of over one year I have ultimately succeeded in getting Reserve Bank of India(RBI) to acknowledge that a reputable bank like HDFC behaves in a highhanded, unethical and arrogant manner when it comes to the interest of a customer. More so when the customer is a credit card customer.
HDFC Bank offered a Regalia VISA Credit Card to me in May-June 2014. I signed up for the card on the basis of a host of benefits that was explained to me. Clearly this seemed to offer an advantage over the existing credit cards that I already had; hence the sign-up.
Within a month of using this credit card, I realised that the Credit Card offered no benefits/discounts/cashback, as was explained at the time of selling. The issue of mis-selling was immediately taken up with HDFC Bank. When HDFC Bank did not respond to the queries satisfactorily, I escalated the issue with Banking Ombudsman, RBI which registered a complaint in the matter.During the course of examination of this matter by RBI, it was revealed that the Bank’s DSAs had used my forged/fraudulently affixed signatures at 3 places on the credit card application form so as to complete and process my application and to deprive me of the so-called benefits. This was strongly objected by me before Banking Ombudsman, RBI. However, without giving due weightage to my repeated pleas and submissions they closed the complaint. An Appeal to Dy. Governor and two letters to Governor RBI did not help either.
When the proceedings of this case were asked for from the O/o Banking Ombudsman under RTI, it was revealed that while deciding closure of the Complaint, the Authorities had directed, in November 2014, issuance of an advise letter to HDFC “to sensitize their staff to be transparent in their dealings with the customers”. When a copy of such advice was asked from RBI under RTI, it was found that they had not issued the same and they did then issue such an advice to HDFC Bank only on 17.06.15. The advice is enclosed for all to see.
My experience during the entire episode was that the RBI was furiously siding with HDFC Bank and it severely resisted any action on the HDFC Bank despite clear, concrete evidence being put on record. But this arrogance, undue resistance and professional obstinacy and administrative hi-handedness needed to be tackled effectively. As a matter of principle, I was not prepared to take this lying low while someone engaged in unfair practices and fraud and then took the customer for a ride. Credit Card industry today thrives on unhealthy competition and my take is that while applying for a credit card, do not go by verbal promises of DSAs- Ask for documentary evidence, that supports their tall claims about features of the credit card. Also keep with you a copy of the entire completed application form, before handing over to DSAs. Beware and do not be fooled and nor be cowed down by arrogance and high-handedness of big names. Anyone indulging in such unfair practices has to pay by getting a bad name, it is that simple. For any further details on the matter I may be contacted. The Senior Management of HDFC Bank has been duly informed in advance of this adverse publicity on Social Media. They had no answers.
