India, March 2 -- A loophole in the Axis Bank's reward points allotment system led to a situation where multiple customers were able to get reward points they did not earn, Livemint reported.

Banks usually credit reward points to their customers' accounts based on the transaction size - the bigger the transaction, the more the reward points. However, if a customer cancels a transaction, the reward points of the corresponding transaction are also reversed.

In 2023, Axis Bank failed to do so for an undisclosed number of transactions.

Several Axis Bank customers exploited this loophole by placing high-value orders on e-commerce platforms. This helped them earn corresponding rewards before they cancelled the orders. Axis Bank ended up refu...