Hello All

Recently i found an issue with NetCard and Kotak Mahindra Bank and Users of Kotak Mahindra Net Banking might benefit out of this post.

I am not saying that this is a Scam or Cheating by Kotak Mahindra Bank , but yes this needs investigation & might turn out that Users of NetCard are getting robbed of Money & Kotak Mahindra Bank / Users are not even aware.

Kotak Mahindra provides NetCard Service for free to users, Yes it is a really great service but has serious flaws. The flaws make NetCard sort of unreliable and are just due to Kotak Mahindra Saving Some Money spent towards development of their software.

According to NetCard facility of Kotak Mahindra Net Bank, user can create a virtual credit card and use it to pay money online to websites. In case some NetCard is cancelled or not used, Kotak Mahindra Says that money would be refunded to user's account within 24 to 48 hours. In case user uses the NetCard (Virtual Credit Card) for some partial amount, then the rest of the amount goes back to user's bank account within 24 to 48 hours.

So far so good, but now comes the flaws / issues with NetCard of Kotak Mahindra Bank.

Refund in case of Cancelled / Expired Card or Refund of remaining money from NetCard Usage may come to user's bank account or it may not come. Yes it works most of the time but that's the reason i am writing this post.

I created a virtual credit card (NetCard of Kotak Mahindra), tried it on some website, some problem with the Website and thus Payment was not completed. The Website was asking for amount greater that the amount which i created and hence the payment could not be completed. I Cancelled the card & when after a couple of days i checked the Bank Details, the amount was not refunded to my bank account.

Tried Customer Care Center of Kotak Mahindra and they said that within 3 to 4 days the money would be refunded to my account.

In case you are still reading you might be wondering , what's the fuss all about in case Kotak Mahindra bank is handling the complaint / request ?

Kotak Mahindra Bank is looking into the issue on my request. In the past i have created several NetCards and i just assumed that Kotak Mahindra Bank is doing their bit appropriately & i out of 200 NetCards, i would have checked only 1 or 2 transactions & rest i assumed that Kotak Mahindra bank knows banking, calculations, handles any errors so that users can trust the bank & keep their money with the bank.

Should i be checking bank balance, mathematical calculations after every transaction ? Nops this is too much to ask for. In case i withdraw an amount of 1,000, i assume that Kotak Mahindra Bank has only deducted Rs 1,000 from my bank account & i do not do calculations every time. I am sure it is not too much to ask for.

Now if Kotak Mahindra's Calculations went wrong this time, Is it possible that they did some other calculations wrong ? Have they sent me or other users refund every time a NetCard was cancelled or partial payments appropriately ? If i found this mistake , is it possible that there are some other mistakes as well ?.

In case yes there are faults with Kotak Mahindra's NetCard, how much money users might have lost already to Kotak Mahindra bank ? Is the responsibility of every NetCard User to keep on checking their bank details every time they do transactions?. Should all existing NetCard Users check their transactions for any mistakes done by Kotak Mahindra Bank ?

Yes i want to check my account for all NetCard transactions. If Kotak Mahindra's NetBankin can do fault one time, they can do it multiple number of times, they might have done already & i may have lost lots of money to Kotak Mahindra already or this may be the first time fault of Kotak Mahindra Bank.

Yes i know how software applications work & i am sure the Kotak Mahindra NetCard needs improvements and bug fixes.

Currently Users of Kotak Mahindra receive Account Statement which combines all transactions and there is no way to find out whether all NetCard transactions were handled appropriately by Kotak Mahindra or there were some NetCard transactions that were not refunded to users.

I asked the call center representative of Kotak Mahindra bank to give me list of NetCards generated , refunds issues and faulty transactions to which i received a reply that he does not have any facility like that and local branch should be able to help. Yes i am going to the branch and i am 100% sure that they will not give me any data specifically about NetCards.

Now my question is can i go to consumer court and ask for help in case Kotak Mahindra does not provides me the related information ? I am just asking for a report for NetCards doubting that if Kotak Mahindra can make mistake one time, they can make mistakes multiple times & i (User of Kotak Mahindra netCard Service) will be the one who gets robbed of money.

Mistake of Kotak Mahindra and user of Netcard Service by Kotak Mahindra loose money...............

Yeh to Nahin hona chahiye......


Regards

Dear Sir / Madam,

At the outset please accept our sincere gratitude for the time taken and effort made by you in sharing your concerns with us.

With regards to your concerns highlighted, we request you to kindly write to us at solutions.bank@kotak.com with your account and contact details enabling us assist you further.

Assuring you of our best services at all times.

Regards,
Kotak Support Team

wrote to solutions.bank@kotak.com
got reply
received a call
tried to tell the issue

Result:

Kotak Mahindra Will provide whatever information they understand is correct

In case Kotak Mahindra has swallowed you money, they will not give it to you, untill you fight with them.

As a customer, you are responsilble for you money.

In case anything goes wrong, Kotak Mahindra will abide by Rules & as a customer, you will get only whatever Kotak Mahindra is ready to provide you, irrespective of whether you are asking information about your own account.

My Money, My Account, I am requesting Information

Kotak Mahindra Says we cannot provide you information.

Now let's see what can be done

I am sure there will be something & laws would not leave us at the mercy of Kotak Mahindra Bank.

Originally Posted by Monster001

wrote to solutions.bank@kotak.com
got reply
received a call
tried to tell the issue

Result:

Kotak Mahindra Will provide whatever information they understand is correct

In case Kotak Mahindra has swallowed you money, they will not give it to you, untill you fight with them.

As a customer, you are responsilble for you money.

In case anything goes wrong, Kotak Mahindra will abide by Rules & as a customer, you will get only whatever Kotak Mahindra is ready to provide you, irrespective of whether you are asking information about your own account.

My Money, My Account, I am requesting Information

Kotak Mahindra Says we cannot provide you information.

Now let's see what can be done

I am sure there will be something & laws would not leave us at the mercy of Kotak Mahindra Bank.

Dear Manish,

At the outset we apologize for the aberration in the standards of our services.

We assure you that we have received your email, our concerned department is working on the issues highlighted by you and shall reply to you shortly.


Regards, Kotak Group