Debasish Rout accuses Axis Bank of NEFT transaction delay beyond RBI’s 2-hour settlement timeline. Learn complaint details, RBI rules, legal remedies, and complaint filing steps here.
Complaint Summary : Axis Bank NEFT Delay Complaint: Infosys Engineer Debasish Rout Raises Concern
| Details | Information |
|---|---|
| Complainant Name | Debasish Rout |
| Company/Brand | Axis Bank |
| Complaint Type | NEFT Transaction Delay |
| Product/Service | Banking / NEFT Transfer |
| Issue Description | NEFT transaction delayed for more than 6 hours despite RBI-mandated 2-hour settlement timeline. |
| Date of Incident | September 2025 |
| Company’s Response | No immediate response from Axis Bank at the time of complaint. |
| Original Post Source | View LinkedIn Post |
Full Write-Up
Debasish Rout, a Site Reliability Engineer at Infosys, recently raised a public complaint against Axis Bank, highlighting a serious breach of RBI guidelines regarding NEFT settlement timelines.
According to Debasish, he initiated a NEFT transaction through Axis Bank, which failed to settle even after 6 hours. This is in direct violation of the Reserve Bank of India’s (RBI) rules, which mandate that NEFT transactions must be settled within 2 hours of initiation.
Debasish tagged RBI, Union Bank of India, and Axis Bank in his LinkedIn post, questioning how such delays could be justified and demanding that RBI impose penalties on remitter banks for causing inconvenience to customers.
Such delays not only cause financial uncertainty but also lead to loss of trust in digital banking, especially when consumers rely on time-sensitive transfers for personal or professional obligations.
How Choice4Voice.com Can Help
At Choice4Voice.com, we support customers like Debasish Rout by:
- Highlighting banking violations such as delayed NEFT settlements.
- Helping customers file formal complaints with RBI’s Ombudsman.
- Providing pre-drafted templates for filing complaints.
- Ensuring banks are held accountable for not adhering to RBI’s 2-hour NEFT rule.
Applicable Legal Cases & Authorities
- RBI Regulations:
- RBI mandates that NEFT transactions should be settled on a half-hourly basis and completed within 2 hours.
- Banking Ombudsman Scheme (RBI, 2021):
- Covers delay in payment/settlement of electronic banking transactions.
- Consumer Protection Act, 2019:
- Delay in NEFT settlement amounts to deficiency in service.
- Compensation Guidelines:
- RBI allows customers to claim compensation from the bank for failed or delayed digital transactions.
Step-by-Step Complaint Filing Guides
1. RBI Ombudsman Portal (CMS)
- Visit https://cms.rbi.org.in.
- Select complaint type: Delay in Electronic Fund Transfer (NEFT/RTGS/IMPS).
- Upload transaction details, timestamps, and screenshots.
2. Consumer Forum Complaint
- File via E-Daakhil Portal.
- Mention loss of service and financial inconvenience.
3. Axis Bank Grievance Redressal
- Email: grievance.officer@axisbank.com
- Escalate unresolved complaints to the Principal Nodal Officer before approaching RBI Ombudsman.
Pre-Drafted Complaint Templates
1. Complaint to RBI Ombudsman
Subject: Complaint Against Axis Bank for NEFT Transaction Delay Beyond RBI Timeline
Respected Sir/Madam,
I initiated a NEFT transaction through Axis Bank which failed to settle even after 6 hours. As per RBI guidelines, NEFT transactions must be completed within 2 hours.
This delay caused significant inconvenience and financial uncertainty. I request strict action against Axis Bank and compensation as per RBI rules.
Sincerely,
[Your Full Name]
2. Consumer Forum Draft Petition
Case Title: [Your Name] vs. Axis Bank
Complaint: Delay in NEFT transaction settlement beyond RBI’s mandated 2-hour timeline.
Relief Sought: Immediate compensation, assurance of compliance, and penalty against Axis Bank for deficiency in service.
Brand History: Axis Bank
- Founded: 1993
- Headquarters: Mumbai, Maharashtra, India
- Services: Retail banking, corporate banking, digital payments, fund transfers.
- Regulator: Reserve Bank of India (RBI)
Axis Bank Contact Details
- Customer Care Email: customer.services@axisbank.com
- Grievance Redressal Officer: grievance.officer@axisbank.com
- RBI Complaint Portal: cms.rbi.org.in
Q&A
Q1: What is the complaint against Axis Bank by Debasish Rout?
A1: He alleged that Axis Bank delayed his NEFT transaction by over 6 hours, violating RBI rules.
Q2: What is the RBI timeline for NEFT settlement?
A2: RBI mandates NEFT transactions must settle within 2 hours.
Q3: Can a bank delay NEFT beyond RBI’s timeline?
A3: No, delays are considered a violation of RBI’s guidelines.
Q4: What happens if NEFT is delayed?
A4: Customers can claim compensation and file complaints with RBI.
Q5: How can I complain about NEFT delays?
A5: Use RBI’s CMS portal (cms.rbi.org.in) or file with the bank’s grievance officer.
Q6: What is the penalty for delayed NEFT transactions?
A6: RBI may impose penalties on banks and customers can claim compensation.
Q7: Can I get interest compensation for delayed NEFT?
A7: Yes, RBI guidelines allow compensation for financial losses.
Q8: How long does an NEFT take in India?
A8: Usually between 30 minutes to 2 hours as per RBI’s half-hourly batches.
Q9: What is the difference between NEFT and RTGS?
A9: NEFT is processed in half-hourly batches, RTGS is real-time gross settlement.
Q10: How to escalate an unresolved NEFT complaint?
A10: Escalate to Axis Bank’s nodal officer, then RBI Ombudsman.
Q11: Can I file a consumer complaint for NEFT delay?
A11: Yes, under Consumer Protection Act for deficiency in service.
Q12: Does RBI monitor NEFT delays?
A12: Yes, RBI has issued strict monitoring and compliance guidelines.
Q13: What are common issues with Axis Bank NEFT?
A13: Delays, transaction failures, and poor customer support.
Q14: Is NEFT available 24×7?
A14: Yes, since December 2019, but settlement delays must not exceed 2 hours.
Q15: What are RBI’s rules for failed digital transactions?
A15: Banks must reverse or settle failed transactions within set timelines and pay compensation.
Q16: Who regulates NEFT transactions in India?
A16: The Reserve Bank of India (RBI).
Q17: Can I track a delayed NEFT transaction?
A17: Yes, through the bank’s reference number and RBI settlement logs.
Q18: Is Union Bank involved in this complaint?
A18: Debasish tagged Union Bank, but the issue was with Axis Bank’s NEFT service.
Q19: How to avoid NEFT transaction issues?
A19: Always initiate transfers during working hours and keep transaction references.
Q20: What is Choice4Voice.com’s role in NEFT complaints?
A20: Choice4Voice.com publishes verified complaints and provides guidance on RBI Ombudsman and legal escalation.
