A bank refers to a financial institution that accepts deposits and creates credit. Banks are of utmost importance to the economy and are a safe place to deposit excess cash.
The Indian Banking sector is ranked 6th across the globe. With many private sector and public sector banks thriving in India, the banking industry is congruously capitalised and well-regulated by the Reserve Bank of India. The stats on market, credit and liquidity bespeak the handy preparedness to sustain any global crisis.
India is presently home to 34 banks out of which 22 are private sector banks, and 12 are public-owned banks. Multiple other Foreign Private Sector Banks are operating as part of the Indian banking sector as well. Let us take a look at the Top 5 Famous Banks in India.
Famous Banks in India
1. State Bank of India: SBI is the oldest and also the largest bank functioning in India and has been a Fortune 500 company for 14 long years. Post-Independence, the State Bank of India got enacted on 1st July 1955. It has its headquarters located in Mumbai, the financial capital of the country.
The bank has 57 Zonal centres and 14 Local centres with 85,356 branches and 59,291 ATMs pan India. SBI has a market cap of INR 2,93,218.11 crores with a market share of 23% with its presence in 36+ countries. It has been recognised as the Best Transaction Bank & Best Payment Bank in India.
Total Assets – INR 30 lakh crores
Revenue – INR 3.68 lakh crores
Number of employees – 2,64,041
2. HDFC Bank: The bank is well known for receiving first 'in principle' consent from the Reserve Bank of India (RBI) which authorised it to set up a bank in the private sector. It was founded in August 1994 given the liberalisation that took place in the Indian Banking Industry.
The bank started its operations as a Commercial Bank from January 1995. With its headquarters in Mumbai, The Housing Development Finance Corporation Limited (HDFC) functions across 2,768 towns and cities with 5,314 branches and 13,610 ATMs in India. It has a market cap of Rs.6,25,666 crores as of 2019.
Total Assets – INR 11.89 lakh crores
Revenue – INR 1.17 lakh crores
Number of employees – 98,061
3. ICICI (Industrial Credit and Investment Corporation of India) Bank Private Limited: It occupies the second place when it comes to volume of assets operated by the bank. The bank is the second largest in terms of market cap and total assets, making it the leading private sector bank in India.
ICICI was formed in 1994 with the principal aim to offer medium-term and long-term project funding to Indian businesses. The bank has its headquarters in Mumbai with its registered office in Vadodara, Gujarat. It currently has its footprint across India with 5,275 branches and 15,589 ATMs along with its presence in 16 countries outside India.
Total Assets – Rs. 13.77 trillion
Revenue – INR 1.49 lakh crores
Total employees – 82,724
4. Punjab National Bank: The Punjab National Bank, PNB is the third-largest bank functioning in India. The bank serves more than 80 million customers with 7000 branches and 10,681 ATMs, expanding its footprint to 764 cities. It currently operates from its head office located in New Delhi.
Founded in 1894 from Lahore, the bank has served eminent freedom fighters of India. It later got nationalised in July 1969. As one of the oldest banks in the country, it has a market cap of Rs. 37,411 crores as in 2019. PNB recently bagged the prestigious IBA Banking Technology Awards.
Total Assets – INR 6 lakh crores
Revenue – INR 80,512 crores
Total employees – 70,801
5. Bank of Baroda: Bank of Baroda has now become the third-largest lender of the country after it merged with Vijaya Bank and Dena Bank into a single entity. It carries a pride of 127 million customers across 21 countries and growing bigger and better day by day.
The bank operates from its main office in Vadodara and has 9,500 branches and 13,400 ATMs across India. Founded in July 1908, it has a market cap of more than 35,000 crores currently.
Total Assets – INR 11.5 trillion
Revenue – INR 91,000 crores
Total employees – 48,807
Top Banking Complaints in India
According to a recent survey by Times of India, every hour 11 people complain against their bank. The most commonly reported banking complaints in India by consumers include bad customer service, checks/funds bouncing, extra charges levied, debit/credit card blocked etc.
Almost 30% to 37% of bank complaints occur due to the bank's failure to fulfill commitments and lack of fair practices. Banks reporting fraud or complaints have been on the rise more than ever before. What's more disturbing is the account holders face never-ending issues even after being connected with the banks for a long time.
Around half a million people have reported filing complaints in the last five years. From high interests to willful delay in processing payments (leading to penalties), and lack of fair practices to denial of closing accounts, banking customers are having a tough time continuing with the financial hassle.
The numbers of banking complaints see a double-digit rise in the past few years. The financial period of 2018-19 witnessed a surge of 20% in the complaints against banks. Non-adherence to fair practices saw the most number of complaints followed by issues related to pension, levy of charges, and debit and credit card issues.
1. Hidden fees
Customers feel cheated about the excessive fees and hidden charges by the banks. Most often, customers are not aware how they can choose to stay out of overdraft protection. Reaching out to their bank is always a good idea to have a clear picture of fees and extra charges.
2. Bad customer support
This is something which every customer is concerned about. Even if the customers manage to reach out to the customer service, they don't see any credible solution. It gets quite worse when the bank employees are unable to resolve your issue. Being heckled from person to person, and being asked to wait at every desk test the best of temper.
The only solution you have is to stay calm and wait for the response from the bank to get the issue resolved.
3.Beneficiary does not get the money
This is one of the most common issues faced by banking customers. The amount gets deducted from their account, and it is shown that the transaction is successful, but it doesn’t get credited into the beneficiary’s account. EMI payers mainly lodged such complaints that the EMI would get deducted from their account but would not be credited to the beneficiary.
4. Fraudulent transaction
According to the Economic Times, there is a rise of 74% in banking frauds. Digital transactions via net banking and UPI are preferred over cash for a contactless mode of payment. But with an increase in online payments, there has been a rise in fraud cases.
Many customers complain that the money from their account has been deducted for things they have not purchased. Banks take a lot of time in addressing such complaints, and usually, customers get frustrated with the process.
5. Transaction failure
Transaction failures are very frustrating and embarrassing. When consumers are out, and they haven’t carried the cash, they will pay via net banking or UPI or ATM, but sometimes bank servers would go down suddenly, and the transaction would fail, or in some cases, the amount would get deducted, and the transaction would fail which can be misleading for both payer and recipient.
How to resolve Banking complaints?
1. First and foremost step should be contacting the bank’s customer care itself as they genuinely care about the customer satisfaction and would be willing to resolve the consumer complaints. Here are customer care number of some of top banks in India :
State bank of India (SBI) Customer Care - 1800 425 3800
Union Bank of India (UBI) Customer Care - 1800 22 2244
Allahabad Bank Customer Care - 1800 57 22 000
Bank of Baroda Customer Care - 1800 102 4455
UCO Bank Customer Care - 1800 274 0123
Bank of Maharashtra Customer Care - 18002334526
Bank of India (BOI) Customer Care - 1800 22 0229
Central Bank of India (CBI) Customer Care - 1800 22 1911
HDFC Bank Card Customer Care - 1800 266 4332
ICICI Bank Customer Care - 1800 200 3344
Punjab National Bank (PNB) Customer Care - 1800 180 2222
Axis Bank Customer Care - 1860 419 5555
2. Apart from calling customer care numbers, a customer can visit the bank and meet the officials or complain at the grievance cell to sort out the issue. However, you should try submitting your complaint to the bank in writing, to keep a record of your complaint. Also, some banks have an option of filing a complaint at their website also.
3. However if the bank is unwilling to address the issue then you can approach the Banking Ombudsman. A banking ombudsman is a senior official appointed by the Reserve Bank of India (RBI) to resolve consumer complaints against deficiency in the banking services. So far there are a total number of 15 Bank Ombudsman whose number can be found on the official RBI website.
The consumer has to file a complaint at the ombudsman under whose jurisdiction the bank branch is located. All the consumer has to do is write it down on paper, or send a complaint via email. There are no charges for filing a complaint. However if you are not satisfied with the settlement offered by the ombudsman, you can file an appeal before the appellate authority within 30 days.
4. Send Legal Notice:
A Consumer can send legal notices to the Bank in case it is unable to resolve his complaint. It is one of the efficient ways to handle consumer complaints legally. Check below to know how to send a legal notice to a Bank?
Step 1: Firstly, get a legal notice drafted by a lawyer.
Step 2: Check it properly and make sure it is signed by a lawyer.
Step 3: Keep a copy of it for future purposes.
Step 4: Send the legal notice to the Bank by registered post.
Step 5: Keep the slip or delivery report for evidence.
5. File consumer forum case:
Consumer forum deals with consumer complaints and you should approach the consumer forum if you feel that your rights as a consumer have been violated.
If your Bank is not responding to your complaint even after sending legal notice by a lawyer then you should file a case against it in a consumer court.
Here is how you can file a case against the Bank in the consumer court?
Step 1: Intimate the aggrieved party via legal notice.
Step 2: Draft the consumer complaint
Step 3: Attach all the relevant documents and proofs to support your complaint.
Step 4: Select the appropriate court for filing the complaint.
Step 5: Pay the prescribed court fee that is required to be paid along with the complaint.
Step 6: Submit the case along with the affidavit & fees in the court.
There are strong chances of nothing being done against your complaint if you're not serious about it. So, if you are still left stranded with nowhere else to go then you can always file a consumer complaint at Voxya. We at Voxya, generally receive around thousands of Banking complaints in a month.
So how do we actually resolve these Banking complaints? We start a social media campaign and then send an email to the Banks to resolve the complaint amicably. Moreover if strict actions need to be taken then we draft a legal notice and send it to the concerned Bank.
Most Common Issue Reported for Banking Complaints
I have placed the order on dated ** nov **** .to redeemed a full amount of axis small cap fund- direct plan rs *,**,***& axis blue chip mutual fund amount **,***. I have already complain many times that if order were not successful so why my h...
Nov 28, 2020 by Deepshikha kashyap
Dear Sir/Madam, *. I am Hardeep Singh, R/O House No. ****, Sector **, Mohali, Punjab, and wish to register a complaint against Paytm. *. On ** Oct ** at **** hours, I had done a transaction through Paytm, transferring Rs. ****/- to Nutr...
Nov 24, 2020 by Hardeep Singh
I took a small consumer loan from ZEST of ****** and paid all the EMI's on time with NACH mandate. However zest team reported me default in the CIBIL and not even giving me NOC so that I can proceed with the home loan. I am going to take them t...
Nov 23, 2020 by Mayank Pandey
********** se msg aaya or kaha ki hm apko loss recover krwayenge or profit bhi hmari fees hai ****/- mene is no pr paod ki ********** then wo provide call or * nd day *-* shareki call di or kuch profit krware or bole ki sir hm apko diwali seaso...
Nov 20, 2020 by Pradeep kumar gangwal
I have due amount of rupees *****, unfortunetely i was late paying the amount, for this course sbi charged me penalties and interests, i got call from sbi credit card department and they told me to clear all dues, and if i do so they will remov...
Nov 20, 2020 by Lav Jain
ALERT: You've spent Rs.*****.** on CREDIT Card xx**** at APBLUTIL on ****-**-**:**:**:**.Avl bal - Rs.*****.**, curr o/s - Rs.*****.**.Not you? Call ***********....
Nov 20, 2020 by Mukesh kumar moyal
I have commercial space which had Indicash ATM machine installed since last * years. Agreement was expiring so thought to put down down the request to install another banks ATM machine and got this name called INDIAONEATM. I don't know exactly ...
Nov 19, 2020 by Pradeep Soni
I had taken the super money back plan to avail rental service from Noborker on *th of September after paying Rs. **,***.**. But did not get a single tenant from nobroker in ** days. When I spoke to the executives I was working with (Syed Ros...
Nov 18, 2020 by Dharani Dhara Mishra
I applied for loan on friday **.**.**** and approval given by bajaj finserv. One of the executive start doing procedure and in completing the same he asked firstly for **** then for GST file he asked for ***** rupees but then again he asked for...
Nov 17, 2020 by Shamli
Im Apply for correction my pan On ** Oct **** and im download form and I fill the form process and I speed post done on **/**/**** and post is is delivered to the address and im check the panind status thats showing your application form yet no...
Nov 15, 2020 by SHAIK ABDUL RAFEEQ
I applied for a loan and I received a call from Bajaj Capital Finance. in and asked to Give documents for a loan. they asked me to pay processing fee, then asked for Verification charges like that , Every time They conveys to me that this is ...
Nov 14, 2020 by Mallasamuduram V Sitharaman
Refund after maturity on Golden scheme is yet not processed after * months. I have already reached out to local Sahara office multiple times and they are not providing any satisfactory reply and always giving false hopes....
Nov 11, 2020 by Rajeev Rastogi
Dear Sir / Mam We have classic banking accounts with HDFC Bank. On insistence of our personal banker, we have applied for HDFC Business Regalia credit card. We have *** % payment history record over ** years and our payment are not delayed ...
Nov 10, 2020 by Kushagra Singhal
Sir, i had taken a loan and loan amount is **** only and due to this lockdown i haven't any Pocket money and now they asked me to pay **** and this is so high amount for me. and now they daily harassing me and threatening my family and really...
Nov 09, 2020 by Mohd khubeb
I talk to the customer service center to take the NOC.They asked me to pay *** rupees.And say I will be given NOC after payment.I pay *** rupees as promised. Upi reference no ************.( Transaction make by Paytm).But I was not given NOC. I ...
Nov 08, 2020 by Chandan mandal
ON OCTOBER **th CREDIT CARD TRANSACTION FOR Rs.****/- IN THE CLOTH STORE,BUT I HAVE NOT RECIEVED ANY ITEM....
Nov 08, 2020 by K.YESEPU
In this pendamic situation i dont have money to pay there heavy penalty which they are asking I'm ready to pay the base amount with intrest but they are asking for heavy penalty....
Nov 07, 2020 by Avinash Kumar
sir my third emi double time paid once deducted my registered account auto debit and *nd time i paid by clicking the pay now button in money view app which redirected me to internet banking, please return my amount. not responding customer care...
Nov 06, 2020 by Bikash Deori Citiga
I have a credit balance of Inr ****/- in Gokruze transportation mobile app on my mobile ********** since March ****. Due to Lockdown, there was no bus service operated by Gokruze. Further, without intimation, the app was suspended and the suppo...
Nov 06, 2020 by Renu H Suvarna
I Have done the transaction by paying my electricity Bill to BESCOM using Google Pay but the transaction got failed but were from my account money got deducted and still did not get my refund back Dated :** sep **** Amount ***...
Nov 05, 2020 by Rudolf Abraham
Hello I am Carolin Merces I have taken a consumer Loan from capital first and now they are charging me **** for bounce Charges when I have checked my CIBIL Score they didn't closed my account and I have paid my all emi but still they are chargi...
Oct 27, 2020 by Carolin Merces
I used the credit card for online purchase at amazon but without informing me the amount is change into loan emi and I already paid the amount into credot card before due date. I already charge of EMI processing fees of Rs.** and my credit limi...
Oct 26, 2020 by Pradhant garg
THIS IS SHVA KUMAR PAWAR I HOLD CREDIT CRD WITH SBI BANK I DID NOT USE CREDIT CARD FROM WHEN I TAKEN YOU CAN CHECK TRANSACTION OF CREDIT CARD FROM LAST YEAR FROM PAST * MONTHS THEY ARE SAYING THAT YOU PAY BILL LOOK INTO MATTER WHAT IS THIS PLZ...
Oct 15, 2020 by Shiva kumar pawar
I had made a transaction of Rs *,*** on my SBI credit card on Sep **'****. I partially cancelled it and got a refund of Rs **** on Sep **th. My bill generation date was Sep **th. I paid the total outstanding amount - Rs ****. In my October mont...
Oct 14, 2020 by Janitta James
I had a Digital product loan with Bajaj Finance ltd. ECS deduction from SBI, The loan date was on *nd day of every month. for the month of Oct **** the same were not deducted from by ECS showing insufficient fund on account. But the account has...
Oct 13, 2020 by Vishnu V
Meri usha janome ki sewing machine khrab ho gyi thi uski warranty khatam ho chuki thiaine company main baat ki thi to unhone *** ki khi thi aur unhone *** rs. Liye...
Oct 05, 2020 by Rajat Mittal
I had payed my credit card bill online of **** INR on *st Oct . I got a conformational SMS the same day , but after * days I got a message from bank of baroda saying that I should pay the amount again . ...
Oct 04, 2020 by Abhishek
Hi team, I visited your atm in baran Rajasthan on *st oct between **.**-**.**. When I was in middle of transaction, A cleaner come and started to come near me and even was behind me and started to clean atm area. When I asked him to ...
Oct 03, 2020 by Amit Kumar Gupta
We have invested in year **** in Sahara credit cooperative society in Sahara e shine product..bond is matured in June and July ****..we did not received any single rupee..how we can get back our amount.....
Oct 03, 2020 by Jadavji naranji bhanushali
Dear Sir, I would like to inform you that I have done a * nos. Fixed Deposits (SAHARA SPECIAL FIX) in SAHARA CREDIT COOPERATIVE SOCIETY LIMITED (REGD NO. - MSCS/CR/***/****), for the period of ** months. Therefore the same FDR has been matured...
Oct 03, 2020 by Varun
i am a merchant using paytm's pos card swipe machine, there were transactions in total of **** done on the pos machine which usually gets credited to the bank account the next day. After not getting credited to my bank account I raised a compla...
Oct 01, 2020 by gaurav sethi
After doing payment of *****, rupeeredee charged **** via auto debit and now no reply on mails and customer care number not reachable Thank you for making payment of Rs. *****.** towards your Loan No. ********* on **/**/****. ...
Oct 01, 2020 by Manish
My account ID is JANAK***** in the parveen jain, you have charged the penalty of Rs *****.** on **/*/** without any intimation, i had called on **/*/** in customer care and they told me that there is positive ledger balance of rs ****/- and tol...
Oct 01, 2020 by PARVEEN JAIN
मेरा नाम सुनीता सोनी मेरे द्वारा सहारा इंडिया क्रेडिट कोऑपरेटिव सोसाइटी ki Sahara E-Shine योजना के अंत...
Sep 25, 2020 by SUNITA SONI
This mail was sent SBI dated**March **** Dear Sir or Madam: This letter is my official notice requesting you to close my account **************** and Add On card in SBI Bank with immediate effect. All my fiscal responsibilities with this c...
Sep 24, 2020 by Al. Kasi
Sir, Vineet Sharma maine Big bazar kidwai nagar me Future Enterprises limited Ahmedabad ki company me last year ** oct **** ko *,*****/- ki fd ki thi mujhe paiso ki Jaroorat thi maine future Enterprises limited Ahmedabad ke customer care...
Sep 24, 2020 by Vineet Sharma
Debited twice from my axis bank credit card and debit card in payzapp wallet of rs **** * times. The transaction date was *th july and *th july **** of rs **** each but i got only one refund. The transaction was made on grofers via payzapp. My ...
Sep 23, 2020 by DEBRUP SARKAR
Hi, My Father Mr. Dau Dayal Khandelwal did an investment in Alchemist Township India Limited of Rs. *****/- for SIX month. As per allotted letter, after maturity we will get *****/- MATURITY DATE : **/**/**** Now I can see that company is no...
Sep 23, 2020 by Abhishek Khandelwal
I tried to add Rs.*** in my Airtel Payment Wallet through Debit Card from my Bank A/c but failed so I tried for the *nd for the same amount and that was also failed but debited from my Bank A/c for both the transactions.Still now no amount is r...
Sep 23, 2020 by Monolakhan Barman
Respected officer, I'm complaining on behalf of my mother. My mother has an account in CANARA BANK NAVSARI I am a second holder of an account. My maternal uncle send a SBI cheque of **,***rs amount to deposit in CANARA BANK, NAVSARI my mothe...
Sep 22, 2020 by Ankur h panchal