Corona Lockdown – The INR Withdrawal Conundrum

World Health Organization declared COVID-19 a pandemic on March 11, 2020, causing huge impact on people’s lives, families, communities, and businesses. As governments make significant interventions in response to the coronavirus, businesses are adjusting to operational and financial obstructions this pandemic is germinating.CoinDCX has seen a dramatic surge in the customer sign-ups, active traders, and trading volume. Post lockdown, CoinDCX has doubled its efforts in every division of the company which has collectively resulted in speeding up our technical developments, growth, support queries, KYC and Bank verification, awareness campaigns, and education.CoinDCX shares a direct relationship with its banking partners where banks execute the withdrawals using their Bulk Transaction Service. Bulk Transactions, as the name suggests, are transactions completed to multiple recipients but in a single transaction. From our past analysis, we have investigated that for approximately 5% of transactions, CoinDCX doesn’t receive automated status from the banks.

As many of our customers have noticed and we thank them for bringing this into our consideration, the UTR No. of such transactions are prefixed with the alphabet ‘N’. CoinDCX manually approaches the customer support of our banking partners to get the latest status of these transactions.

It takes 24-48 hours for the banks to provide us the status if the UTR No. has a prefix “N”. During this time, CoinDCX’s customer support keeps these  ticket queries pending because the response from the banks are awaited.

Also, due to the Covid-19 situation and lockdown imposed across the country, the strength of banks’ customer support has reduced to 30-45% of their total capacities with few branch operations shut along with the change in the banking hours for customers. This results in the  banks taking 5-15 days to respond to our queries and in case of Bank Holidays and weekends, the delay just gets longer.

While we battle it out to maintain the service levels to manage your expectations, we have noticed many suspicious activities from the impostor accounts which are scamming our customers with fake support resolutions and communications. We wish to inform you that you will only receive response from our official support email which has the domain as ‘coindcx.com’ and not any 3rd party personal email services like gmail or yahoomail. CoinDCX has only 1 official handle with the username @coindcx. In case you are contacted with any other channels other than these, we request you to immediately inform our support team.

CoinDCX is rigorously dealing with this situation and the technical and support team is working closely with the integrated partners to find the best possible solution to this issue. Till the issues are solved, we request our customers to be patient and support us in eliminating these problems permanently. CoinDCX is firmly committed in producing innovative solutions for a product which is completely customer-driven. The support and feedback from our users have always helped us in bringing the product closer to their needs.