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Submit your complaint →Advocate and CSR professional Venod Nayak has alleged that Axis Bank wrongfully processed a reversal of ₹42,431 and listed his loan as “write-off” without proper communication. Choice4Voice.com highlights his case, potential legal actions, and how customers can seek justice through the RBI Ombudsman and Consumer Forum.
Complaint Summary
| Complainant Name | Venod Nayak |
|---|---|
| Profession | Advocate, Managing Director at Bharathaksha Foundation, CSR and Sustainability Expert |
| Location | India |
| Bank Involved | Axis Bank |
| Issue Type | Unauthorized reversal, wrongful write-off, and misuse of SARFAESI Act |
| Amount Involved | ₹42,431 |
| Alleged Misconduct | Account marked “write-off” without communication, defamation, and lack of transparency |
| LinkedIn Post URL | Original Post by Venod Nayak |
Full Complaint Write-up
In a detailed LinkedIn post, Venod Nayak, an advocate and Managing Director at Bharathaksha Foundation, accused Axis Bank and its leadership of unethical and autocratic behaviour.
According to Nayak, Axis Bank processed a reversal transaction of ₹42,431 without consulting or obtaining any approval from him. He termed this as a clear admission of fault on the bank’s part and another instance of systemic wrongdoing.
Adding to his concern, Nayak discovered that the bank had classified his property loan account as “write-off” under the SARFAESI Act without any prior notice, consent, or communication. Even Axis Bank’s own loan managers, he claims, were unaware of this action.
He further stated that while the bank failed to mention any “write-off” in official communication, the CIBIL report reflects the loan as ‘write-off – suit filed,’ which has damaged his financial reputation and caused significant mental stress.
Nayak also raised serious ethical questions about Axis Bank’s internal practices, accusing the institution of “unethical and spineless behaviour” and holding MD Amitabh Chaudhry responsible for the actions. He questioned the Reserve Bank of India’s (RBI) silence in such cases, asking whether it lacks the power to intervene in consumer injustice.
His post ends by calling for public support, legal accountability, and stricter oversight of private banks’ use of the SARFAESI Act against genuine borrowers.
Legal Case Can Be Filed
Based on the details of this complaint, several legal actions are potentially applicable:
| Applicable Law/Regulation | Description |
|---|---|
| Banking Ombudsman (RBI Integrated Ombudsman Scheme, 2021) | For unauthorized transactions, miscommunication, and unethical conduct by Axis Bank. |
| Consumer Protection Act, 2019 | For “deficiency in service,” mental harassment, and reputational harm caused by the wrongful write-off. |
| Defamation under Section 499 of IPC | For wrongful reporting to CIBIL affecting the complainant’s professional image and creditworthiness. |
| Right to Information (RTI) with RBI | To obtain official clarification on RBI’s oversight in such cases. |
| SARFAESI Act – Misuse Clause | To challenge the improper application of SARFAESI when the borrower was not informed or served a due notice. |
How Choice4Voice.com Can Help
At Choice4Voice.com, we help consumers like Venod Nayak by:
- Publishing verified complaints to bring public and media attention.
- Helping victims draft professional complaints for RBI, Consumer Court, and CIBIL.
- Offering templates for FIRs, grievance emails, and legal notices.
- Ensuring companies face public accountability until fair resolution is achieved.
If you are facing similar issues with Axis Bank or any financial institution, you can submit your case via the complaint form on Choice4Voice.com. Our team verifies and publishes genuine complaints to push for faster action.
How to File a Complaint Against Axis Bank
Step-by-Step Guide
- Contact Axis Bank Customer Care (Level 1):
Email your detailed complaint to customer.service@axisbank.com with all evidence attached. - Escalate to the Nodal Officer (Level 2):
If unresolved within 7 days, forward the case to nodal.officer@axisbank.com. - Approach the Principal Nodal Officer (Level 3):
Contact principalnodalofficer@axisbank.com and demand a written resolution within 30 days. - If still unresolved:
File a complaint with the RBI Ombudsman at https://cms.rbi.org.in. - For CIBIL correction:
File a written request to Axis Bank’s Credit Bureau team and CIBIL at https://www.cibil.com.
Pre-Drafted Legal Complaint Templates
1. Consumer Forum Complaint
To,
The President,
District Consumer Disputes Redressal Commission,
[City Name]
Subject: Complaint Against Axis Bank for Unauthorized Reversal and Wrongful Loan Write-Off
Respected Sir/Madam,
I, [Your Name], wish to lodge a complaint against Axis Bank for unethical conduct and deficiency in service. The bank reversed an amount of ₹42,431 without consent and wrongly marked my loan as ‘write-off – suit filed’ in CIBIL, without prior notification.
This has caused financial damage, mental distress, and defamation of my credit profile. I request immediate investigation and suitable compensation.
Sincerely,
[Your Name]
[Address]
[Email ID]
[Date]
2. RBI Ombudsman Complaint
Steps:
- Visit https://cms.rbi.org.in
- Select “Complaint Against Bank” → “Axis Bank Ltd.”
- Provide details of the unauthorized reversal and attach CIBIL screenshot if available.
- Describe your grievance clearly within 500 words.
About Axis Bank
Axis Bank Limited, headquartered in Mumbai, is India’s third-largest private sector bank. Founded in 1993, it offers retail and corporate financial services to millions. However, in recent years, numerous customers have raised concerns over unauthorized deductions, delayed complaint handling, and misuse of SARFAESI proceedings, calling for improved transparency and customer sensitivity.
Author
Venod Nayak is a lawyer, CSR professional, and Managing Director of Bharathaksha Foundation, with expertise in sustainability, social innovation, and skill development. His strong post highlights a serious lapse in Axis Bank’s accountability mechanisms and calls for greater ethical responsibility from banking institutions.
Q&A on Banking Disputes and SARFAESI Act in India
Q1. What is the SARFAESI Act?
It allows banks to recover loans without court intervention by seizing or auctioning secured assets.
Q2. Can banks use SARFAESI without informing the borrower?
No. The borrower must receive a 60-day notice under Section 13(2) before any action.
Q3. What happens if SARFAESI is misused?
The borrower can file an appeal with DRT (Debt Recovery Tribunal) or file a Consumer Forum case.
Q4. Can Axis Bank mark an account “write-off” without informing the customer?
No. RBI requires written intimation before any reporting to CIBIL.
Q5. What is considered “deficiency in service” by a bank?
Any negligence, delay, or unauthorized transaction harming the customer.
Q6. Can defamation charges be filed against a bank?
Yes, if the bank’s reporting damages your credit score or professional reputation without cause.
Q7. What is the role of RBI Ombudsman?
To handle complaints against banks for unfair practices, free of cost.
Q8. How long does RBI take to resolve a complaint?
Usually 30–45 days, depending on complexity.
Q9. What if Axis Bank ignores my complaint?
You can directly approach the RBI Ombudsman after 30 days of inaction.
Q10. What is CIBIL’s role in loan write-offs?
CIBIL reflects data shared by banks; customers can demand correction with supporting documents.
Q11. Can I get compensation for mental harassment by a bank?
Yes, under the Consumer Protection Act, 2019.
Q12. What evidence should I keep?
Emails, account statements, reversal entries, and CIBIL screenshots.
Q13. What is the penalty for wrong CIBIL reporting?
The RBI can impose penalties, and you can claim compensation through court.
Q14. Can banks reverse funds without consent?
No, unless it’s a duplicate or disputed transaction proven by documentation.
Q15. Is Axis Bank’s reversal without approval legal?
No. Such action violates fair banking practice guidelines.
Q16. How can I check if a SARFAESI notice is real?
Verify it on the CERSAI (Central Registry of Securitisation) portal.
Q17. Can I challenge SARFAESI in High Court?
Yes, after exhausting the DRT appeal process.
Q18. Does RBI oversee SARFAESI misuse?
Yes, RBI monitors complaints through its Department of Supervision.
Q19. Can Choice4Voice.com publish SARFAESI-related complaints?
Yes. The platform helps amplify verified banking dispute cases.
Q20. How can customers protect themselves from unethical bank actions?
Always demand written communication, monitor CIBIL, and escalate issues via RBI CMS.
