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Submit your complaint →Sumit Kumar accuses Axis Bank of deducting money from his savings account in the name of PF without disbursing his loan. Read the full complaint, possible legal actions, and how Choice4Voice.com helps victims of unauthorized deductions.
Complaint Summary
| Details | Information |
|---|---|
| Complainant Name | Sumit Kumar |
| Company/Bank | Axis Bank |
| Complaint Type | Unauthorized Deduction / Banking Fraud |
| Issue Description | Money deducted in the name of PF without loan disbursement |
| Status | Unresolved |
| Source | Public complaint via LinkedIn post |
| Date of Incident | October 2025 |
Full Case Summary
In a recent post that has gained attention on LinkedIn, Sumit Kumar, a marketing professional with degrees from Asian Business School Noida and Oxford Business School UK, shared a troubling experience involving Axis Bank.
According to Sumit, Axis Bank allegedly deducted a charge from his savings account under the pretext of a PF (processing fee) when he applied for a loan, but the loan was never disbursed.
When he contacted the bank for a refund, Axis Bank representatives reportedly told him to file a complaint with the Reserve Bank of India (RBI) instead of resolving the issue internally.
Sumit warned other consumers by stating that keeping money in Axis Bank has become risky, and he described the bank’s conduct as an unethical and fraudulent practice.
This complaint highlights a growing concern among customers about unauthorized deductions, poor grievance handling, and lack of accountability in private banking institutions.
How Choice4Voice.com Can Help
At Choice4Voice.com, we help consumers like Sumit Kumar who face banking frauds, unauthorized deductions, or loan-related misrepresentations. Our team ensures that your issue reaches the right authorities and that your complaint gains public visibility for faster redressal.
Here’s how Choice4Voice.com supports banking fraud victims:
- Complaint Verification & Case Publishing
Every complaint is verified through user documentation or social proof (such as LinkedIn posts or emails) before being published on Choice4Voice.com and LinkedIn to amplify consumer awareness. - Legal Documentation Assistance
Victims receive help in drafting legal notices, RBI Ombudsman complaints, and emails addressed to senior banking officials. - Regulatory Escalation Support
We guide consumers on how to escalate their issue to RBI, Banking Ombudsman, Consumer Forum, and Cyber Crime Cells if digital fraud is suspected. - Public Accountability Pressure
By publishing genuine cases, we help consumers get faster resolutions as banks respond quickly when their reputation is questioned publicly.
Possible Legal Cases That Can Be Filed
| Type of Legal Case | Applicable Law/Section | Purpose |
|---|---|---|
| Banking Fraud Complaint | Section 420 of IPC | For cheating and dishonesty in financial transactions |
| Consumer Protection Case | Consumer Protection Act, 2019 | To claim compensation for mental harassment and financial loss |
| Unauthorized Deduction Complaint | RBI’s Banking Ombudsman Scheme | To recover deducted amounts and seek compensation |
| Breach of Trust | Section 406, Indian Penal Code | For misuse of account holder’s trust and wrongful deductions |
| Cyber Financial Complaint (if online transaction involved) | Information Technology Act, 2000 | To report digital or online fund manipulation |
Departments Where Complaints Can Be Filed
| Department/Authority | Platform/Website | Purpose |
|---|---|---|
| RBI Banking Ombudsman | https://cms.rbi.org.in | For disputes regarding loans, deductions, or refund delays |
| Axis Bank Grievance Redressal Cell | https://www.axisbank.com/grievance-redressal | For internal complaint escalation within Axis Bank |
| Consumer Helpline (Ministry of Consumer Affairs) | https://consumerhelpline.gov.in | For compensation and negligence cases |
| Cyber Crime Portal (if digital fraud involved) | https://cybercrime.gov.in | To report unauthorized deductions via UPI or net banking |
| National Financial Consumer Redressal Authority (NFCRA) | https://nfcra.in | For national-level consumer finance disputes |
Pre-Drafted Legal Templates for Victims
1. Legal Notice to Axis Bank
To,
The Grievance Redressal Officer,
Axis Bank Ltd.
Subject: Unauthorized Deduction of Charges Without Loan Disbursement
Dear Sir/Madam,
I am writing to formally raise a complaint regarding the unauthorized deduction of processing fees from my savings account during a loan application process. Despite no loan disbursement, the amount was deducted without prior consent or valid reason.
I request an immediate refund of the deducted amount within seven (7) working days, failing which I shall be constrained to escalate this matter to the RBI Banking Ombudsman and the Consumer Forum under the Consumer Protection Act, 2019.
Sincerely,
[Your Name]
[Account Number]
[Date]
2. RBI Ombudsman Complaint Format
To,
The Banking Ombudsman,
Reserve Bank of India
Subject: Complaint Against Axis Bank for Unauthorized Deduction and Loan Fraud
Dear Sir/Madam,
I wish to bring to your attention a serious issue involving Axis Bank, which deducted money from my account in the name of PF (processing fees) without disbursing any loan. The bank has refused to refund the amount and redirected me to RBI for resolution.
I request your urgent intervention to initiate an inquiry and instruct Axis Bank to refund the deducted amount and compensate for the financial and mental distress caused.
Sincerely,
[Your Full Name]
[Registered Email]
[Mobile Number]
[Account Details]
About Axis Bank
Axis Bank, established in 1993, is one of India’s leading private sector banks offering retail, corporate, and digital banking services. The bank is regulated by the Reserve Bank of India (RBI) and has millions of active customers across the country.
However, in recent years, several complaints have surfaced regarding technical errors, unauthorized deductions, and delayed loan refunds, raising concerns about customer trust and grievance redressal mechanisms.
How Victims Can Protect Themselves
- Always confirm all loan-related charges in writing before applying.
- Never share your OTP or account credentials with bank representatives.
- Regularly monitor your bank statements for unauthorized transactions.
- If deductions occur, immediately email the bank’s grievance officer and file an RBI Ombudsman complaint within 30 days.
- Use Choice4Voice.com to publish your verified complaint and create public accountability.
Author
Complainant: Sumit Kumar
Profession: Marketing Professional
Platform Used: LinkedIn
Institution Background: Asian Business School, Noida & Oxford Business School, London
Frequently Asked Questions (Q&A)
1. What should I do if my bank deducts charges without loan approval?
You should first email the bank’s grievance redressal officer and then file a complaint on the RBI’s Consumer Complaint Management System (CCMS) at cms.rbi.org.in.
2. How long does it take for RBI to resolve such cases?
Generally, the RBI Ombudsman process takes 30 to 60 days from the date of filing, depending on the evidence provided.
3. Can I get compensation for unauthorized deductions?
Yes. Under the Consumer Protection Act, 2019, you can claim refund, interest, and compensation for harassment or financial loss.
4. What evidence is required to file an Ombudsman complaint?
Bank statement showing deduction, loan application proof, email communication, and rejection or delay messages.
5. Is Axis Bank legally responsible for deductions made without disbursement?
Yes. The bank can be held accountable under Section 420 (Cheating) and RBI Consumer Guidelines.
6. How can Choice4Voice.com help in Axis Bank fraud cases?
We publish your verified complaint publicly, assist with drafting legal documents, and guide you through RBI and Consumer Forum escalations.
7. Can such cases be filed online?
Yes. The RBI CMS portal and consumerhelpline.gov.in both allow online submission of banking complaints.
8. What is the RBI Ombudsman’s jurisdiction?
It covers all scheduled commercial banks, including Axis Bank, for customer-related disputes.
9. What if the deducted amount is small?
Even small unauthorized deductions can be reported, as they indicate systemic malpractice.
10. How to check if your Axis Bank complaint is under process?
You can track it using the complaint reference number received from RBI CMS.
11. Can I approach Consumer Forum if RBI doesn’t respond?
Yes, if no action is taken within 60 days, you can escalate the case to the District Consumer Forum.
12. How much does it cost to file a complaint with RBI Ombudsman?
The process is completely free of cost.
13. Can a bank refuse to refund PF charges after loan cancellation?
No. If the loan was not disbursed, banks cannot legally retain any processing charges without consumer consent.
14. Is this a criminal offense?
Yes. Deducting money under false pretexts can attract criminal liability under IPC 420 and 406.
15. Can I also contact SEBI or IRDAI?
Only if the case involves investment or insurance mis-selling. For banking issues, RBI is the authority.
16. How to ensure faster resolution?
Attach all evidence (bank statements, emails, reference numbers) and file simultaneously on RBI CMS and Choice4Voice.com.
17. How can public complaints create pressure?
When genuine cases are made public, banks respond faster to avoid reputational damage.
18. What if my account is frozen after raising a complaint?
Immediately inform RBI Ombudsman and provide a written record of all correspondence.
19. How does Axis Bank handle fraud complaints officially?
Axis Bank’s grievance redressal policy mandates resolution within 30 working days of complaint receipt.
20. Why should consumers raise their voice publicly?
Public accountability ensures transparency, prevents future frauds, and helps others identify systemic issues in the banking sector.
