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Citi taps implied client consent for Axis switch
November 30, 2022
Citibank India has taken a novel route to securing customers’ consent to move their banking relationships to Axis Bank once the sale of its retail assets is completed, irking a section of customers.
In an email to customers on 18 November, Citibank mentioned several transactions, which if undertaken on or after 21 November, would be construed as consent to move to Axis Bank.
The bank has been seeking customer consent for the transfer in the last few months, and the communication on 18 November is for people who are yet to agree to move to the domestic lender. After months of telling customers that inaction would lead to “close of applicable products”, it has now taken to implied consent.
On 30 March, Axis Bank agreed to buy Citibank’s consumer business in India for ₹12,325 crore ($1.6 billion) in cash. A person aware of the deal said that about 60-65% of Citibank India’s retail customers by volume have so far agreed to move to Axis Bank.
“Further to such reminders, we wish to inform you that starting 21 November, we will consider any or more activities undertaken voluntary by you as your consent to transfer all your Citi relationships (which require consent) to Axis Bank,” the bank said in the email.
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