Absolutely dreadful behavior from kotak mahindra bank. This bank not only fails to answer the loss of a large amount of funds from a long-term customer like us, but also refuses to pay back the sum even after a court - ruled judgement! For the past three years we are struggling to get our money back from kotak. Kotak has proven time and again that it is an unethical banking institution - someone that does not have a grasp on its day-to-day operations and is not even capable of reimbursing the money that we have lost - even after a court order.
We at novel office (Registered as precision infra) have had a long term account with kotak bank since december 31, 2012. On october 10, 2016, we noticed that our online password was changed without our knowledge. We immediately called our kotak representative and informed him. He said there is no problem. We also emailed him to which he replied through email stating that there is no problem and the bank shall take care of it. Shortly after that we noticed rs. 5 lakhs had been debited from our account without us initiating any transaction for it. While following up with this issue, another 5 lakhs got debited from the same account in another 24 hours. When we notified the bank about this, the only measure taken by them was to let the relationship manager assigned to our account go (Read as sort of sack him) – essentially to wash their hands off of the whole issue. Kotak chose not to realize that there was deficiency of service from their end and refused to take care of our interest by claiming responsibility as a proper banking institution is expected to.
We then took the dispute to court on february 14 2017, where it was ruled that kotak was at fault and has to reimburse the 10 lakh + interest + compensation fees to us. This order is dated sep 26, 2018.
Post that we tried to connect with the bank to figure out what we should do to get our redressal. So far the only response we have received from this organization is straight and clear:we dont know what is happening, what recourse do you have?. No answers, no refunds, no claim of responsibility of any kind? If kotak cannot do what a bank is supposed to do, why are they claiming to be the country’s choice for banking services? Kotak bank clearly has a lot of basic aspects to set up before going around advertising such claims.
The first rule of banking is simple: trust and safeguard the client’s assets – and kotak has miserably failed to do so. Requesting everyone reading this to research the bank before investing with them!
We at novel office (Registered as precision infra) have had a long term account with kotak bank since december 31, 2012. On october 10, 2016, we noticed that our online password was changed without our knowledge. We immediately called our kotak representative and informed him. He said there is no problem. We also emailed him to which he replied through email stating that there is no problem and the bank shall take care of it. Shortly after that we noticed rs. 5 lakhs had been debited from our account without us initiating any transaction for it. While following up with this issue, another 5 lakhs got debited from the same account in another 24 hours. When we notified the bank about this, the only measure taken by them was to let the relationship manager assigned to our account go (Read as sort of sack him) – essentially to wash their hands off of the whole issue. Kotak chose not to realize that there was deficiency of service from their end and refused to take care of our interest by claiming responsibility as a proper banking institution is expected to.
We then took the dispute to court on february 14 2017, where it was ruled that kotak was at fault and has to reimburse the 10 lakh + interest + compensation fees to us. This order is dated sep 26, 2018.
Post that we tried to connect with the bank to figure out what we should do to get our redressal. So far the only response we have received from this organization is straight and clear:we dont know what is happening, what recourse do you have?. No answers, no refunds, no claim of responsibility of any kind? If kotak cannot do what a bank is supposed to do, why are they claiming to be the country’s choice for banking services? Kotak bank clearly has a lot of basic aspects to set up before going around advertising such claims.
The first rule of banking is simple: trust and safeguard the client’s assets – and kotak has miserably failed to do so. Requesting everyone reading this to research the bank before investing with them!