loophole - Business Outrank

For a long time, Axis Bank has been affected by a loophole in its reward points system that allowed many customers to get rewards that they did not really earn, which was a big loss for the bank. In general, banks offer reward points as a function of the size of the transaction and when a transaction is cancelled, the points associated with that transaction are cancelled as well. However, Axis Bank did not revoke reward points made through certain transactions between April 2023 and January 2024. This loophole was used by customers to order high value products from e-commerce websites, get the reward points and then cancel the order. The bank provided the refund of the amount and also did not deduct the points that had been earned, which meant that some people were able to get more benefits than they should have. This defect was not found out until January 2024, which was almost two years. Axis Bank has started to claim the extra points from the customers’ Edge Rewards account now. In the event that a customer has no enough points to cover the debit, the points will be negative and the customer will be expected to pay the balance in cash. Even former customers who took advantage of the loophole are receiving demands for repayment. The bank is using Clause G of its Most Important Terms and Conditions (MITC) to justify the recovery. But critics say the rule was adopted after many of the customers affected had closed their accounts, and they question the legality of the banks’ efforts. Nevertheless, Axis Bank has indicated that failure to comply with the order may have legal implications.

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