Business Consultant Shakti Saran reports receiving an unauthorized Axis Bank email about signatory change despite not holding an account. Raises serious concerns of data privacy breach, RBI compliance, and negligence at Axis Bank.
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Complaint Summary : Axis Bank Security Breach Exposed by Shakti Saran (Business Consultant) – Unauthorized Signatory Change Complaint 2025
| Complainant Name | Shakti Saran |
|---|---|
| Profession | Business Consultant |
| Company Concerned | Axis Bank Limited |
| Issue Type | Alleged Security Breach |
| Complaint | Received email on signatory change despite not holding an Axis Bank account |
| Incident Date | 26 August 2025 |
| Past Connection | Former Director, Valpact Consulting Pvt. Ltd (resigned in 2024) |
| Complaint Platform | |
| Original Post URL | (LinkedIn Post URL) |
Full Complaint Write-Up
Shakti Saran, a seasoned Business Consultant with expertise across Health, Wellness, IT, HR, and Compliance, has raised a serious security breach complaint against Axis Bank Limited.
On 26 August 2025, Shakti received an email from Axis Bank confirming that his request for an authorized signatory change had been registered (Request No. 1128214459, linked to Account No. ending XX9473).
However, Shakti made it clear: he does not have any Axis Bank account.
While he had earlier served as a Director at Valpact Consulting Pvt. Ltd. in 2024, he resigned soon after and repeatedly requested Axis Bank to remove his details. Despite this, he continues to receive sensitive account-related emails.
Allegations by Shakti Saran:
- Unwarranted Notifications – Receiving messages for an account he does not hold.
- Negligence by Axis Bank Staff – No corrective action despite repeated instructions.
- Potential Data Misuse – His identity linked to accounts without authorization.
- Reputation Risks – Such incidents reduce customer confidence in Axis Bank’s security.
In his LinkedIn post, Shakti asked a tough question:
“Is this not a security breach at Axis Bank?”
He also pointed out that Axis Bank’s stock value is already declining, suggesting that poor internal governance could be one of the contributing factors.
Why This Incident Raises Alarms
Banking security is one of the most sensitive areas of consumer protection. If an individual who does not hold an account is receiving account modification alerts, it could indicate:
- Improperly updated KYC and account mapping.
- Flawed internal data handling systems.
- Failure to adhere to RBI’s Data Privacy & Cyber Security Framework.
- Possible misuse of personal identity without authorization.
Such incidents are not just inconveniences they are potential violations of RBI regulations and IT Act (2000) provisions on data security.
Axis Bank’s Responsibility Under RBI Guidelines
As per RBI directives, banks must:
- Notify only authorized account holders of any changes.
- Immediately investigate complaints of misdirected communication.
- Update records promptly upon resignation/removal of signatories from corporate accounts.
- Maintain strict confidentiality of customer data to avoid leaks or breaches.
If these obligations are not met, consumers can escalate complaints to the RBI Banking Ombudsman.
Choice4Voice.com’s Stand on Banking Complaints
At Choice4Voice.com, we actively highlight cases where customers face security risks, unauthorized banking activity, or negligence by financial institutions.
This case is a clear example where:
- A non-account holder continues to receive sensitive communications,
- Axis Bank has not taken action despite prior notices, and
- The situation could expose customers to identity fraud or data misuse.
👉 If you have faced similar issues, you can submit your complaint here: Submit Complaint to Choice4Voice.com
We ensure such matters reach the right authorities, attract public attention, and put pressure on banks to take corrective action.
Frequently Asked Questions (FAQs)
Q1. Who raised this Axis Bank complaint?
Business Consultant Shakti Saran.
Q2. What was the issue?
He received an Axis Bank email about an authorized signatory change despite not holding an account.
Q3. When did it occur?
26 August 2025.
Q4. Did Shakti have any past link with Axis Bank?
Yes, as a Director of Valpact Consulting Pvt. Ltd. in 2024, but he resigned soon after.
Q5. What request number was mentioned in the email?
1128214459.
Q6. What account number was mentioned?
Ending with XX9473.
Q7. Why is this considered a security breach?
Because sensitive account-related updates were sent to a non-account holder.
Q8. Did Shakti inform Axis Bank earlier?
Yes, multiple times, yet the notifications continued.
Q9. What risks does this pose?
Identity misuse, data privacy violations, and financial fraud risks.
Q10. What are RBI rules on such matters?
Banks must ensure communication reaches only rightful customers and act immediately on complaints.
Q11. What action can Shakti take?
File a complaint with Axis Bank in writing, escalate to RBI Ombudsman, and keep the email as evidence.
Q12. Can non-customers legally receive banking communication?
No, this indicates an internal lapse or mismanagement.
Q13. Can Axis Bank face penalties?
Yes, under RBI guidelines and IT Act provisions on data security.
Q14. What should other Axis Bank customers do?
Verify their contact details and monitor unauthorized communications.
Q15. Is this an isolated case?
No, multiple Axis Bank complaints have surfaced online, including account freezes and delayed responses.
Q16. How does this affect Axis Bank’s credibility?
It undermines customer trust and may affect investor confidence.
Q17. Why did Shakti mention Axis Bank’s stock performance?
To highlight the link between poor governance and declining market confidence.
Q18. Can Choice4Voice.com help in such matters?
Yes, by publishing complaints, creating awareness, and pushing companies for resolution.
Q19. What legal protections do customers have?
They can approach RBI Ombudsman, CERT-In, and consumer courts.
Q20. What is the larger lesson from this case?
Banks must prioritize data protection and accountability, as negligence can cause financial and reputational damage.
