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 booked * flight tickets through Paytm and for some reason my tickets got cancelled by the airline side and they have confirmed me that they will refund the full amount but these Paytm refunded me with the lesser amount. I have paid for a...
Feb 28, 2021 by Naavneeth
I did a transaction using my SBI credit card on **/**/**** of *,***, which got debited from my account but was not reflected on the merchant site. so i thought of raising a dispute with the SBI Team. The transaction and dispute got resolved pr...
Feb 27, 2021 by Sandeep Patel
Payment debit my account RS *** but pack not delivered...
Feb 26, 2021 by Swapnil Khopade
A foreclosure letter was issued on *th Jan** with a waiver for foreclosure charges of Rs *****/- based on the same I opted for BT facility from another bank where I got a less rate of interest & on **th Jan** visited their office to make paym...
Feb 25, 2021 by Siva Rama Krishna
credit card & flexi loan details : *) **** **** **** **** ( manhattan platinum card ) *) **** **** **** **** ( super value titanium card ) *) **** **** **** **** ( flexi loan ) Respected sir/madam, i am NARESH L.DURGAM, having ...
Feb 25, 2021 by NARESH DURGAM
Message to Google pay : Our transaction amount is Rs.**** to M/s.Lucky Plastics.This amount was Debited in our sbi Account.Please see this attachments.But This amount is not yet credited to Our Customers Account. From : Athish Engineering ...
Feb 23, 2021 by Raajasundharam
We paid MGVCL bill on **-**-**** transaction & Refund back transaction on *-*-****by SBI.Normally it takes T+* days but due to delay transaction we are not able to track bill in time.Pls.check RBI circular & do needful action.We already inform ...
Feb 19, 2021 by Hemalkumar
SBI ***** BILASPUR, DIST:YAMUNA NAGAR - ****** wrongly merged a personal loan account with my profile, after many requests it was delinked but still, they are continuing reporting me as defaulter to Cibil and Experian, this is not rectified ev...
Feb 19, 2021 by Lokesh
I ordered dell new inspiron **** and order date: ** October **** and paid online . After ** days I received the package but I got it empty parcel so firstly i immediately contacted to delivered courier but they informed me to contact paytm so ...
Feb 18, 2021 by Daniel
This Is Related To My Earlier Complaint Id ****** & ****** Posted On *st Jan **** & **th Feb **** respectively. OLA Is Overcharging Me For Rs*** Through Their Postpaid Subscription Which has never been used to pay for any trips. I have sent...
Feb 17, 2021 by Sonali Chavan
I have the settlement issue for * months salary for which I have the salary slips as well but it is not actually credit to my account. Also company is charging full amount for the laptop which was damaged in my services and company not giving ...
Feb 16, 2021 by DHANISH BHATT
I transferred ***** Rs to zebpay via imps and in other zebpay app it shows the settlement are instant, but it's more than ** hours still my money is not deposited and my ticket is still open and no one replied. ...
Feb 15, 2021 by Kathiresan
On **th January ****, I have received a call from dhani executive to foreclose my personal loan. She told me to pay ***** to preclose the loan, and I will get an NOC in * days to my mail. So after discussion I paid ***** rupees as per the discu...
Feb 15, 2021 by Muralidhar Chelluboina
I HAVE A DMAT ACCOUNT IN KARVY TRADING PLATFORM WITH CLIENT ID A********, number of times i wrote them to refund my amount available to my bank account,but they have not done...
Feb 15, 2021 by satya suryanarayana pothukuchi
I had invested * Lac rupees in Fixed Deposit in Adarsh credit co-operative society. FD already matured since * years, but due co-op society fraud I am not able to get my money. ...
Feb 14, 2021 by Pikesh Jain
No broker had convinced to buy the owners money back policy to pay a sum of Rs**** + GST as commission for their advertising and service. They will find a tenant for your house at the declared rent and deposit within a specific time period or i...
Feb 13, 2021 by Tanay
Solar loan diya ***** sabsidi ki baat kahi aur sab sidi company se nahi balki hamse le rahi hai .vill.kasimpur post.tarighat dist.ghazipur ****** rakesh Kumar bind mo.**********...
Feb 11, 2021 by RAKESH KUMAR BIND
I had taken a loan with Dhani credit line in August, ****, with following particulars: Mobile number ********** Aadhar number ************ Pan. BTYPM****D Loan amount *****.** Monthly interest emi ***.** payable every *th of next mon...
Feb 10, 2021 by Ritesh Motwani
I paid my tata sky tv recharge on *th February ****. Money has been deducted but not received to tata sky yet. Tata sky balance of my tv is not showing the amount i have paid * days ago. ...
Feb 10, 2021 by Meena Anant Patil
I took a Personal Loan with Loan Number # S*********. I have requested for the foreclosure letter and as per my request they have sent it. I have made the payment with the Online mode using the link provided by the Support Team. I am requesting...
Feb 16, 2021 by Sundru Harish
On ** Jan **** I paid Y-axis Rs. **** for a detailed evaluation of my candidacy for Australia and Canada. They send me a report saying that I should apply to Canada (my *st preference was Australia) as my chances of securing a PR in Canada was ...
Feb 05, 2021 by Royston Pinto
hi , I have made a transaction on **th January **** of **,*** but the amount has not been received by the sender , I have complained both to Google pay and sbi ,bank of baroda and they are not replying at all , they are telling issues is solved...
Jan 28, 2021 by zenith jenni
Respected sir, On date **.**.*****:** PMI was trying to make online payment of *****Rs For the purpose of admission in mmmut gorakhpur but the transaction could not be completed due to the technical error. The mode of the payment used by the ...
Jan 13, 2021 by Aditya Maurya
date-**/**/****,from my account debit ****rs without my permission, It's showing that Ecs mandate which I purchase, that's I didn't, so I want to refund this amount ****rs,and request to you please stop this nonsense type of service,and if that...
Jan 13, 2021 by Chiranjit Barman
On Dec * - **** I made an UPI Transaction to pay my loan EMI of **** to Finnovation TechnoSolution PVT Ltd. Amount Rs.****.** was debited from MY SBI bank account including Finnovation Charges. But that amount was not sent to them and transacti...
Dec 31, 2020 by Anguraj T A
Sir...I am college students..due to sudden demises of my father on April **** my family faces many financial problem..I always repay loan on time..but my family pension has not yet been made * month..I am not able to repay my loan..I already se...
Dec 28, 2020 by Aastha Verma
Money deducted but receiver not confirmed payment I used sbi mops to pay fee for IB ACIO exam. Initially it had shown successful but later it showed unsuccessful. Now they are asking to pay again. Even google pay said that to make an enquiry w...
Dec 27, 2020 by DEBRUP SARKAR
Axis bank is not following any directive of RBI.Axis bank has made my life difficult,as i have been applied for loan moratorium for postponement of my loan EMI,as you would know oil and gas survey job in ONGC field and in abroad is still not be...
Dec 22, 2020 by deepak bhadauria
Had taken loan on mpokket and due to lockdown was not able to repay it. They didn't have any moratorium rules according to rbi and kept on adding daily penalty which is usually wrong. Now they are calling and harassing me to pay or they will c...
Dec 20, 2020 by Shreetam Patro
Over Limit Charges levied despite credit limit available - Card No. **************** Available Credit Limit as on **.**.**** = Rs ***** /- Date of levying over limit charges- **.**.**** Total Net Purchases / Debits till date of levying over ...
Dec 09, 2020 by Vishal Desai
I have paid rent through ****** credit card and my transaction details like Refno: **************, payment orderno: *************, Date of txn: ****-**-** **:**:**, Amt of Txn: *****. this amount is credited to some other person. Name: Aamir g...
Dec 08, 2020 by Suresh akula
I have taken the rental property through NoBroker and in agreement its mentioned that the time of vacating the house, I(tenant) will take care of cleaning and painting then NoBroker would not deduct any sort of amount from deposit amount of * l...
Dec 03, 2020 by Suresh Kumar
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
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 was booked ticket in December from MakeMyTrip and I was paid emi due to corona pandemic situation airline cancelled the ticket and they provided refund to zestmoney and zest money processed my refund before * month but still I didn't received...
Nov 19, 2020 by Rupesh Pasi
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
On **.**.**** I takened loan from DMI Finance through Zest Money i cleared all outstanding amount till today they are not providing NOC And Not Report TO CIBIL .Still my CIBIL Report showing outstanding amount.other lenders are not approving my...
Oct 20, 2020 by RAJESH SHETTY