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. Unexpected charges by bank remains a major issues for consumers from Bangalore, Pune, Mumbai to Patna. 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 in all the major cities in India like Mumbai, Bangalore, Pune, New Delhi and Kolkata. 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
सर मी Indus bank कडून कार loan ghetlo hoto v purn clear kelo pan परत हप्ता घेतला आहे...
Nov 25, 2023 by Ladalemashak Abdulgani Mujawar
TRANSFER To *************-INB IMPS/P*A/************/XXXXXXX***ICIC- IMPS***********MOAGDROMQ Data:-*/MAY/**** Total amount **** Name ANUJ Saini Mobile number:-********** account holder:-Rani Aggarwal Bank name SBI Bank no response...
Nov 25, 2023 by Ankit Aggarwal
I applied online loan from cashe app and i completed all online documents process and ECS mandate and approved the loan amount from my end but loan amount not disbursed yet which is supposed to be done in **hrs to **hrs. So kindly make it disbu...
Nov 21, 2023 by SANDEEPKUMAR SORNAPUDI
My parents invested with Adarsh Credit Cooperative Society Ltd and expected maturity amount in due time but before payment of matured amount, ACCSL facing Legal issues. Below are brief details as Name with maturity date & amount. purshotam da...
Nov 17, 2023 by Ashwani Dave
I have been making payment every month on the ac i had my bank ac closed and I had inform the same to CAR** I had call and send email they told me to make payment through UPI which I have been doing even after email them the concern they are ...
Nov 17, 2023 by Monica Perugu
I had two Debit card EMI loan with HDFC bank. On **nd September **** i got a call from Mohit from HDFC bank(ph no- +** ***** *****, Whatsapp no:- +** ***** *****) and offering me to close my loans. As per him if i pay Rs-***** and Rs-**** on th...
Nov 13, 2023 by Debasish Biswas
I took bike finance in chola for my bike with on road price of ****** rupees and made on line down payment of ****** and remaining ****** as loan in chola finance with intrest of *.*% financed did not disclosed other deduction charges as docume...
Nov 09, 2023 by Valluri krishna Lokesh
Hello sir Good evening, Recently I have purchased from Flipkart shoping Air Cooler, after * to months, but quality issue I was cancelled the product, so the EMI Generated from Zest Money app and EMI due started from my account. Recently I h...
Nov 08, 2023 by TANUKU BALACHANDER
dear sir, i have made an withdrawal amount of ****.** from my Astropay wallet to my bank account on **/**/****...but they have not get money.. after * Days of withdrawal i have contract then ask me for bank state ment , after given the all proo...
Nov 06, 2023 by UTTAM KUMAR BANIA
I got a text message on Sri Sai Finance with mobile number ...I will text on WhatsApp for the details about Sri Sai finance....they said we providing loan and tell the details....and I send my details they check and update to eligible for loan....
Nov 05, 2023 by Santhana lakshmi
I was browsing through complaints in the portal and learnt we have a similar complaint filed by Mr. Santosh Kumar Yenaduva on CzCoindcx. I too got ping on WhatsApp and asking for do part time job and given the telegram link, I followed that p...
Nov 01, 2023 by Sri Ramakiran Kumar
Me Sana Shakir have a saving account in Kotak Mahindra Bank (Account No. **********) from last * or * years. Bank deducted Rs **,***/- from my account as a non maintenance charges with any notice or information. When I went to the branch Mr. A...
Oct 31, 2023 by Sana Shakir
Last month in the Septmeber statement they levied interest charges on my card for ****.** plus GST even though I made the full payment and remaining amount converted to EMI. They reversed the charges after I escalated to RBI. Now for this mo...
Oct 31, 2023 by Rameshwar Sridharan
I'm writting to complaint about a fraudulent transaction. On **.**.****, I made an UPI payment of Rs. ***** as advance for dubai trip to JS international who is an account holder of your bank and after they received money they switched off al...
Oct 27, 2023 by Kalpana Chandel
I became a share holder on SFH markets pvt ltd. by investing *L on Feb ****.Then I have deposited another *L on March **** as an investment plan to get yearly returns and last year **** received returns for the same. So, Last year I deposited a...
Oct 26, 2023 by Dhilipkumar O
Adarsh credit cooperative society ltd my deposit account no **************** amount ******/= premature closure and credit my account no *********** Tamilnadu Grama bank IFSC code IDIBOPLB*** Name Mony R...
Oct 22, 2023 by Mony R
I was pressured by a sales representative into purchasing a swipe machine for * days. Even though I didn't have a current account at that time, he assured me that gst, pan & bank accounts are easily configurable so there won't be any issue. ...
Oct 20, 2023 by Navneet Singh Sahota
PayPal Scammed our GiftCard Selling Business by Permanently Applying Limitation on Account as well as keeping our $*** Funds of Balance blocking it without any reason as well as making our business face loss. Reference ID: PP-L-************ Bei...
Oct 19, 2023 by Dhruv Batra
Sir, I added ***** rs on *st October to play game on parimatch aap and after playing the game it became *****, when I sent a request to withdraw it, it said it was successful but that money has not yet come in my account, today they Gave a rep...
Oct 18, 2023 by Madanmohan singh
I hold a Burgundy account at Axis Bank, M.G. Road, Bangalore branch. Burgundy is a premium service provided by Axis Bank. This is my salary account and I have used this account for foreign currency inward remittances few times in the past. The ...
Oct 16, 2023 by Pradeep
They are not refunding my money if I'm requesting them also ...
Sep 22, 2023 by Shaik nazu
A fraudulent call on behalf of Mobikwik received on **** hrs of **.**.** asked me to decline a transaction through OTP and deducted ***** from Mobikwik wallet. I immediately installed the app and informed Mobikwik for the fraudulent transaction...
Aug 25, 2023 by Jyotirmay Mohanta
Payment received of INR **,*** on *th July. But still not settled in my account. Poor response from customer care....
Aug 18, 2023 by Ajay
hi i have received some amount and repayed in * emi's and the last emi paid on *nd august but in the next day * rd august from e mandate **** rupees debited from my account. i reached the company several times but they saying amount amount will...
Aug 14, 2023 by gurrala neeraj kumar
i have taken loan of **** while purchasing from amazon , this company is a lending partner for amazon pay. now they demanding ****. please help me....
Aug 12, 2023 by Ravikumar masimukkula
sir mera pm sunidhi yojna vendor loen pass nhi kiya ja rha hai karib ** din ho gye h koi sunvai nhi h...
Aug 10, 2023 by sagar
mere bina permission ke mujhe loan diya ja raha hai aur sirf * din me mujhe double repayment karne ke liye bola ja raha hai ...
Jul 29, 2023 by Harish Singh Baghel
I got home loan (HL) from SBI of Rs******* Disbusred on **st Oct **** (ACC : *****************) I request **th of every month as a date of EMI. So as per Standing Instructions given, account to deduct EMI of Rs *****/-- on **th of every month...
Jun 15, 2023 by Sushilkumar Wagh
sir loan amount ***** not credited to my account as it is closed on ** APR **** and the same I informed to customer care they asked closed letter from bank same provided and statement also provided but amount not diverted to my new account when...
Jun 15, 2023 by G RAJENDRA PRASAD
sar ye +M*I! *H (> > +M*@ *K(> >*? ** (G .G*G ...
Jun 09, 2023 by Khushnasib Ali
** .G*G *>% +M*I! *A *H /* *(@ +M*I! *H *H*G (G ,?(G* ,(> *> *H (M*K(G *M*@ ** > +M*@ *K(> >*? (L*@ &G(G G (>. ** -K*G ->*G *KK K +*>$G *H /* *K...
Jun 09, 2023 by Khushnasib Ali
Within ** minutes on **th April, we have complained by calling and emailing icici bank customer care number and have also complained online in cybercrime, yet after a month, the bank is asking us to deposit the money by mail. That I am repeated...
Jun 03, 2023 by manoj kunwar
*M*@ .>( @ *G (?*G&( *H ? .H @$> **# *>* M*>. *>/$ **@ > .B* (?*>*@ *B *.>*G >$G *G .(.>(@ $*@G *G *H*> &B**G G >$G .G -AM$>( * &?/> /> /BK ,H + !?/> *>> *?*L*@ >$> M*.> **************...
May 19, 2023 by R.n. Shah
My name is Rafique I am from Maharashtra. firstname.lastname@example.org I had taken a loan of ₹***** from Zest Money. I have called zestmoney many times but every time I am dropped by giving a date. Without any reason, my credit limit has also bee...
May 18, 2023 by Rafique Ramjan Saayd
my bank account (**************) is Bank of baroda branch Trans yamuna colony Agra.somone debited my account RS *****/-dated **/**/****.i never not done this transaction.bank not inform me this unauthorised transaction not any confirmation mass...
May 18, 2023 by Kafil Usmani
I am writing to address an ongoing issue regarding the cashback on my EMI payments. On March **, ****, I made an advance payment for the EMI due on April *, ****. However, I did not receive the expected cashback of ***. Similarly, on May ...
May 17, 2023 by jaydip parmar
sub: issues in getting NOC for my personal car loan To, Respected Sir /Mam IKF finance limited Indore (M.P) I Piyush Panodiya is a car loan customer of IKF finance having the car loan no. LXIND*****-********* , I took a loan of *,**,***...
May 17, 2023 by piyush panodiya
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Apr 27, 2023 by Rambali Yadav
Feb **th I took course related to embedded system in electrical vehicle. Skill Lync agent Gopinath keep on calling me and give a false hope to you should pay course amount only on monthly basis... I enrolled amount ****... I am unemployed so t...
Apr 18, 2023 by Kavitha