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Kotak Mahindra Bank — Forex Remittance Goo[censored]ps

Kotak mahindra Bank, with whom I have been banking since past few years have in routine done goofups.

The latest one which I wish to highlight is as foll :

Our outward forex remittance dt. 18th Jan 2017 which was not executed inspite of our confirmation at agreed price by their forex department Mr. Vijay Iyyer.

On 17th, even after continuosly calling Ms. Suveera, she didnt even answered the call and to top it no call back was done. My only reason to call her was to book my trade, documents were submitted on 16th Jan 2017, which later I called up Mr. Vijay to coordinate internally with Ms. Suveera and go ahead.

I was confirmed a price by Mr. Vijay and was also assured that the trade will be executed. ( Confirmed by Ms. Suveera & Mr. Vijay )

As my account was not debited till 19th morning, I called up the bank to know the status and was shocked to hear that the trade was not executed due to technical error but the same will be done today at my agreed rates of yesterday ( As per telecon with Ms. Suveera ).

To know more I called up Mr. Vijay who was unavailable over phone, When he called up again, my interaction with Mr. Vijay Iyyer left a very bitter taste, unprofessional approach, . I was informed by Mr. Vijay that the forex backoffice of Kotak got confused and so rejected the trade, simply because THEY THOUGHT it was a duplicate trade.

This is height of incompetence and sheer negligence... The staffs checked the amount only and not the rest of important documents which were submitted to understand that this was a different invoice against which payment was to be done.

Today I was / am being forced to execute same transaction at 20 paise more than my agreed price, which is literally a threat when I am asked if I want to execute or not. ITS SO BLANK OPTION and SOLUTION your people have for your customer.

It seems that the change of old staffs have also changed the attitude of bank towards their customers.

Because of negligence of the bank I am suffering loss, monetary as well as my reputation has been dented.

Hope that the bank takes some corrective measures to instill confidence and some customer care ethics and values in their employees.

Complaint Status

[Jan 20, 2017] Kotak Mahindra Bank customer support has been notified about the posted complaint.
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    Kotak Mahindra Bank Address
    27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra, India - 400051