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Submit your complaint →Shravan Rangnath Sonawane reports Axis Bank withholding Customer Pool Balance refund of ₹26,795.74 for over a year despite full payment of commodity loan. Full complaint, legal options, authorities involved, and Choice4Voice.com support explained.
Complaint Summary : Axis Bank Customer Complaint: Pending Refund of Commodity Loan Payment by Shravan Rangnath Sonawane
| Details | Information |
|---|---|
| Complainant Name | Shravan Rangnath Sonawane |
| Not disclosed | |
| Complaint Type | Pending Refund / Bank Negligence |
| Company/Brand | Axis Bank |
| Product/Service | Commodity Loan |
| Amount Pending | ₹26,795.74 |
| Date of Incident | 14-08-2024 (refund still pending) |
| Branch | Aurangabad, Chhatrapati Sambhaji Nagar Branch |
| Issue Description | Despite full repayment of the commodity loan and release of stock from ERGOS warehouse, the Customer’s Pool Balance remains with Axis Bank for over a year. Attempts to resolve with branch staff, including Mr. Swapnil Muley, have been unsuccessful. |
| Company’s Response | No resolution provided; staff changes at branch with no follow-up. |
| Location | Aurangabad, Maharashtra, India |
Full Complaint Write-up
Shravan Rangnath Sonawane, Chairman and Director at Radharang Agro Producer Company, faced significant financial distress due to Axis Bank withholding his Customer Pool Balance after full repayment of a commodity loan.
- The loan was taken for stock stored at ERGOS Warehouse.
- The stock was released and all dues were cleared by Shravan.
- Customer Pool Balance of ₹26,795.74 has not been refunded despite over a year passing.
- Branch staff changes and lack of accountability, including failure to respond by Mr. Swapnil Muley, have prevented resolution.
For a farmer, this amount represents hard-earned income, and the delay severely affects financial planning and trust in banking systems. The complainant appeals for guidance and intervention from senior Axis Bank officials or the Reserve Bank of India (RBI).
How Choice4Voice.com Can Help
Choice4Voice.com assists consumers like Shravan in multiple ways:
- Public Awareness: Publishing verified complaints pressures the bank to act promptly.
- Legal Guidance: Explains rights under banking laws, RBI regulations, and consumer protection laws.
- Complaint Drafting: Prepares formal letters to Axis Bank and RBI for faster resolution.
- Step-by-Step Support: Guides filing complaints with the banking ombudsman and escalation to higher authorities.
- Amplifying Voice: Uses LinkedIn and other platforms to highlight unresolved financial issues and compel action.
Legal Cases That Can Be Filed
- Banking Ombudsman Complaint (RBI)
- For non-refund of dues and delayed customer fund release.
- Consumer Protection Case (Consumer Protection Act, 2019)
- For financial loss and negligence in service.
- Civil Suit for Recovery
- Filing in civil court for recovery of withheld amount with interest.
Departments Where Complaints Can Be Filed
- Banking Ombudsman, RBI – For unresolved refund issues.
- District Consumer Forum – For negligence causing financial hardship.
- Axis Bank Senior Management / Grievance Cell – For direct resolution and escalation.
Step-by-Step Complaint Filing Guide
- Contact Axis Bank Grievance Cell
- Submit a written request for refund, including loan details, payment proof, and Customer Pool Balance statements.
- Escalate to RBI Banking Ombudsman
- Use RBI Ombudsman Portal for formal grievance registration.
- File Consumer Forum Complaint
- Cite non-payment of legitimate dues and bank negligence.
- Civil Court Filing
- For recovery with interest if bank fails to comply after Ombudsman/Consumer Forum intervention.
Pre-Drafted Complaint Template (Bank / RBI)
To,
The Branch Manager / RBI Banking Ombudsman,
Axis Bank
Subject: Urgent Refund of Customer Pool Balance for Commodity Loan
Respected Sir/Madam,
I, Shravan Rangnath Sonawane, have fully repaid my commodity loan with Axis Bank, Chhatrapati Sambhaji Nagar Branch, Aurangabad. My stock at ERGOS Warehouse has been released, yet my Customer Pool Balance of ₹26,795.74 has not been refunded for over a year.
Despite repeated follow-ups with branch staff, including Mr. Swapnil Muley, no resolution has been provided. I request immediate refund and guidance on accountability under RBI regulations.
Sincerely,
Shravan Rangnath Sonawane
Author Section
About the Author:
Shravan Rangnath Sonawane is a farmer and Chairman & Director at Radharang Agro Producer Company, actively engaged in commodity trading and agricultural business. Through this complaint, he highlights delays in bank refunds, lack of transparency, and negligence in handling farmers’ hard-earned funds, advocating for swift resolution and accountability.
Q&A Section
1. What is Customer Pool Balance?
Funds remaining after loan repayment or deposit adjustments that are due to the customer.
2. Is Axis Bank obligated to refund the Customer Pool Balance?
Yes, banks are required to return all funds due to customers after loan settlement.
3. Can RBI intervene in delayed refund cases?
Yes, the Banking Ombudsman scheme allows RBI intervention for unresolved disputes exceeding 30 days.
4. Can farmers claim compensation for delay?
Yes, under Consumer Protection Act, 2019, financial loss due to bank negligence can be compensated.
5. How long should refund take after loan repayment?
Typically within 30–45 days unless exceptional circumstances exist.
6. What documents are needed to file a complaint?
- Loan repayment receipts
- Customer Pool Balance statements
- Communication records with branch staff
7. Can Choice4Voice.com help in filing a complaint?
Yes, we guide drafting, submission, and escalation to bank officials, RBI, and consumer forums.
8. Can a civil suit be filed if the bank delays refund?
Yes, a civil recovery case can be filed for principal + interest.
9. Is there a specific RBI guideline for such cases?
Yes, RBI circulars mandate timely settlement of dues and accountability of branch officials.
10. Can multiple complaints be filed simultaneously?
Yes, one can file with Axis Bank, RBI, and Consumer Forum concurrently for faster resolution.
11. What is the role of Banking Ombudsman?
A quasi-judicial authority to investigate complaints and order banks to refund or compensate customers.
12. How can farmers prevent delays in future?
- Maintain proper records of repayments
- Confirm fund release with the bank in writing
- Escalate immediately if delays exceed 30 days
13. Can Choice4Voice.com follow up on unresolved complaints?
Yes, we actively monitor complaint status and assist with escalations to ensure accountability.
14. Is there any time limit for filing a consumer forum case?
Yes, typically 2 years from cause of action, depending on state-specific rules.
15. Can delayed refunds affect a farmer’s business operations?
Yes, withheld funds can impact liquidity, procurement, and operational planning.
16. What is the typical resolution time through RBI Ombudsman?
Usually 30–60 days, depending on complexity.
17. What happens if Axis Bank ignores Ombudsman directions?
RBI can impose penalties and mandate compliance.
18. Can Choice4Voice.com assist in publicizing unresolved cases?
Yes, we raise awareness to increase pressure on the bank for quick action.
19. Can multiple departments handle this complaint?
Yes, Axis Bank grievance cell, RBI Ombudsman, and Consumer Forum can handle simultaneously.
20. What is the benefit of using Choice4Voice.com?
- Guidance through legal & regulatory channels
- Ensures public accountability
- Simplifies complex complaint process
