Did your Axis Bank debit card not work today morning? This is reason why
What if suddenly your card stops working and that too in the middle of the night? Well, in case you are an Axis Bank debit card holder and tried to use it early this morning, chances are you may have already faced this problem.
It is difficult to imagine life without debit cards today! India's gradual movement towards a digital economy is driven by the growth in debit card transactions. But, what if suddenly your card stops working and that too in the middle of the night? Well, in case you are an Axis Bank debit card holder and tried to use it early this morning, chances are you may have already faced this problem. And, if you are wondering why it happened, there is absolutely no need to worry. There is no problem with your debit card and the only reason why it was not working is because Axis Bank was implementing a system upgrade.
On Monday, Axis Bank had informed its account holders via SMS about the unavailability of debit card transactions on August 6. Axis Bank informed that the debit card user will not be able to avail ATM, POS, Online services from 1:30 am-5:30 am IST on Aug 6, 2019 due to a system upgrade exercise.
''Axis Bank Debit card transactions(ATM/POS/Online) won't be available from 1:30am - 5:30am IST on Aug 6, 2019 due to system upgrade. Regret the inconvenience caused,'' Axis Bank informed.
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All the banks go through these system updates at regular intervals and during the process, certain services are stopped. However, the banks ensure that their users are updated about it beforehand so that they can complete their important transactions. As a card holder, it is your duty to follow these updates sent by the bank through e-mail or SMS.
Axis Bank provides number of debit card options to its subscribers with different ATM, shopping or withdrawal limits depending on customer to customer.
Axis Bank Q1 performance
The expectations were high from Axis Bank in the first quarter of FY20 but the private lender reported a net profit at Rs 1,370 crore which grew by 95 per cent in Q1 year-on-year and didn’t match the Street’s expectations (Rs 1,860 crore), largely because of elevated provisioning. Net interest income (NII) increased by 13 per cent.
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