Kotak Mahindra Bank customers were in for a shock on Monday as transaction alerts triggered panic. Many customers of the private bank witnessed excess debits from their accounts and in some cases draining the bank accounts empty.
Kotak Mahindra Bank acknowledged the issue and said it was caused by a state-run bank's POS. Soon after realising the glitch, the bank said it reversed all of the excess debits.
"A PSU Bank has claimed wrong amounts in the settlement file for card transactions done at merchant establishments managed by the PSU Bank's POS. This has resulted in excess debit from customers' bank accounts on March 8. All such excess debits have already been reversed," Rohit Rao, Chief Communication Officer, Kotak Mahindra Group, said in a statement.
Netizens react to this glitch
Several users took to Twitter to complain about the excess debit. In some cases, the amount debited from customer's bank account was more than there was in the account itself.
Customers should be at ease now as the error is rectified and the excess debits have been reversed.