The RBI, or the Reserve Bank of India, is at the centre of the monetary policies of the world’s fifth-largest economy, that is, India.
The RBI is not only the banker to the country and its central government but also has the keen role of regulating and scrutinising elements in the Indian economy. Banks are one of the key elements that is in focus, as they are the backbone of any economy.
Recently, senior business journalist, Sucheta Dalal claimed that the central bank’s approach when it comes to reigning in on certain banks is limited and truncated.
What Happened?
In a post, Dalal enquired of the central bank and said, “A question for @RBI- @KotakBankLtd acquired #INGVysyaBank in 2015. Now discovering that they did not bother to report loan data to @CIBIL_Official or the other credit bureaus. Did RBI know? what did it do? So neither positive or negative is reflected in credit scores. But is anyone facing recovery notices from that time?? Do respond!”
ING Vyasa bank here, was itself a Benagaluru-based venture of Dutch banking group ING. This was later acquired by Mumbai-based Kotak Mahindra Bank.
False Notice For Credit Card Dues
While responding to Dalal’s remarks, an X user shared his experience with Axis Bank. The user, using the X handle @sanjeev_goyal said, “mam acquisition thing is headache see case: from sept,24 @AxisBank is sending recovery mails to my brother @VGhae4087 he never had such card & now Axis says its their acquired city bank’s card,issued in 2009 while he didnt hv any card of city bank either.”
In the notice issued in 2024, Axis Bank issued a notice for an immediate payment of credit card dues amounting to over Rs 77,000.
RBI Too Soft On Axis Bank?
The affected X user claimed that someone had fraudently used his brother’s name to use a credit card, for which the notice had been issued.
Responding to this post, Dalal, who is known for exposing the Harshad Mehta stock market scam in the 1990s said, “this is outrageous @RBI seems especially soft on Axis. (Axis Bank).
Dalal further added, ” But it needs to go back and check #INGVysya too. As @TVMohandasPai says – RBI is a law unto itself – but not doing the job it is supposed to do!! @FinMinIndia”
Replying to this post, the complainant further added, mam @RBI is really too soft on @AxisBank, when we filled appeal with RBI ombudsman, he closed appeal saying : “credit card number not mentioned” how will we know a number of a card that we never owned. And PJ is that Axis isn’t even telling credit card number or expenses statement of the card that they want us to pay.”
Axis Bank itself started in 1993 as UTI Bank. It was in 2007 that the bank changed its name to Axis Bank. Today, it is one of the largest private banks in India.
