Banking Complaints
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
Complaints
Personal loan (Reliance Finance Group) Open
I have been sanctioned a personal loan of *lks through RELIANCE FINANCIAL GROUP Ltd, first they have asked me to pay only Rs.**** for legal , after I paid the said amt they again asked me to pat Es. ***** for insurance ,which I paid, again t...
Apr 21, 2024 by Cilamkoti naresh
CREDIT CARD FRAUD (One Mobikwik Systems Private Limited) Open
FRAUD PERSON DETAILS *********** ramchunmun***@gmail.com ...
Apr 21, 2024 by Nishikanta Patra
Fraud transaction (Mobi Kwik) Open
There were some random calls from mobikwik toll free number *) Initially call was to confirm a transaction which was done through mobikwik *) If the transaction was vialble wanted me to select * if it is false wanted me to select * *) It inf...
Apr 06, 2024 by Murali mudumby
Mental harassment deformation (icici bank) Open
Hi I would like to file a complaint against ICICI bank for mental harassment & deformation. Due to outstanding of **k in **** ..They have spooled my cbil record due to which I ma not able to get the loan from bank...I have already paid ** k in...
Apr 04, 2024 by Sanjay Singh
Purchased Gift Card not considered to redeem during sales offer (Bhima Gold Private Limited) Open
I purchased a gift card from the Paytm which was sold by 'Bhima Gold Private Limited'. While redeeming the gift card on the Bhima Gold website (https://www.bhimagold.com/) during a sale period, they didn't honour the usage of the purchased gif...
Mar 27, 2024 by Srikanth Nagumalli
I have a disputed transaction (Bharatpe) Open
I have disputeed transaction and unable to communicate with customer service, they keep telling the same things like IVR. Unable to get any help...
Mar 18, 2024 by SUNDARESA GUPTHA
Home Loan processing Distressed (South Indian Bank) Open
I am writing to bring to your attention a distressing incident I experienced while processing my home loan in the following branch on Jan **th ****. The South Indian Bank Ltd ***, Savithri swagath Building East Main Street Thanjavur Tami...
Mar 15, 2024 by Sathishraja Rajendran
Wrong bank account payment (Saraswat Bank Sinhagad Road Branch Pune) Open
I have paid maintenance amount to wrong account number of customer in Saraswat bank. Amount paid to account number: *************** instead of actual account number: ***************. Saraswat bank is not rejecting the UPI transaction done but ...
Mar 15, 2024 by Rajesh Kulkarni
Online investment Fraud (Coindcx) Open
I have been trying for a Part time Job and hence searched a source of daily income. In the contrary I have been trapped for a deposit in an online website for investment. Later I requested for withdrawal of my investment, which was showing as f...
Mar 06, 2024 by Prabhakar K
Fake Axis Bank credit card issued used over limit on my name (Axis Bank) Open
Today I am shocked when checked my cibil score on G pay that it dropped down due to fake credit card account of axis Bank that I have never opened and not used, still not knowing about this before. ...
Mar 06, 2024 by Vishal Sharma
Money is stuck with Mobikwik (Mobikwik) Open
On December *, ****, I attempted a transaction through the Mobikwik platform for an amount of ***** INR. Unfortunately, the transaction was declined, and subsequently, my SBI card was blocked by the SBI card team on suspicion of fraudulent acti...
Mar 04, 2024 by nazreen Khan
Levy of charges on EMI closure (Bank Of Baroda Credit Card) Open
Dear sir, I am writing to address a matter regarding their credit card account ending in ****. On December **, I submitted a request for the cancellation of an EMI, initially booked on December **, of INR *****.**. Regrettably, the cancellation...
Mar 04, 2024 by Mahendra Choudhary
Loan amount not disbursed but emi has been made active (Mobikwik) Open
Hi i applied for a loan from mobikwik. They haven't disbursed the amount even after * days. i reached them via calls and emails but no resolution has been provided. i have provided them all the bank statements. after every ** hrs i have to rais...
Mar 01, 2024 by gaurav shandilya
yahoo com (Housing.com) Open
In ** St Feb **.** am we have fraud unauthorised transaction happened in my hdfc credit card of ***** rs...after that we check this amount is transferred to housing com .Then we mail to housing com and tell about this transaction, they answer o...
Feb 29, 2024 by Mayuri bhandari
Refund not given (Coin dcx ) Open
CoinDCX Fake promises from contact person Tax leader Analyst Teacher Javed Hussain(Gold Mentor) And Sandeep Gupta (Teacher) Promised That You Have To Pay Rs. * Lakhs As Commission To Get Complete Refund. He Also Mentioned I Am The One Responsi...
Feb 26, 2024 by Mohanraj
Payment related fraud (Binomo com trading app ) Open
I deposited money in binomo account But it is not reflecting in my binomo account Customer service is not satisfactory ...
Feb 25, 2024 by Krishna Singh
Bitbns Unable to withdraw INR funds pending from 14 months (BITBNS INTERNET PRIVATE LIMITED) Open
Withdrawal of funds is been pending from ** months now and their team also have stopped responding. I have requested them again and again but yet have not received my money into the bank.My KYC is already done and legally have all rights to wit...
Feb 21, 2024 by Akansh Agrawal
SBI staff customer service point thefts (State Bank Of India ) Open
Hello ,SBI team I have complaint against to SBI customer service point CSP Name:- Javed Ahmed CSP code:-*A**f*** ,Link branch code:-***** Sir, my name is geeta my account number:- *********** IFSC code:-SBIN*******, Branch :- Arrah Thirty ...
Feb 20, 2024 by Geeta
Unable to withdraw the crypto (Bitbns) Open
I am Unable to withdraw the crypto and also they are not able to withdraw the INR i already made request I want to withdraw my BTC and ETH but they are not allowing ...
Feb 17, 2024 by Gauravsahni
Money not credited (Housing.com) Closed
I have transferred money through housing.com amount of ***** as per the rent payment but didn't received...
Mar 23, 2024 by Nilanjan Banerjee
Vgn chit fund cash (Vgn Jewellers Chit Fund) Closed
Have paid **** I have payslip books...
Mar 10, 2024 by Amardeep Singh Hayr
Amount debited from credit card but not added to wallet or refunded to creditcard (Mobi Kwik) Closed
On **st dec ****, Rs. *****/- (including mobikwik charges) was deducted from my American express credit card while adding cash to my wallet. But after entering verification, mobikwik showed a message that the transaction had failed and if t...
Jan 30, 2024 by Satish C
Technical Glitch in Grow App Leading to 9 Lakhs Loss (Groww App) Closed
I am writing to express my extreme dissatisfaction and demand immediate compensation for a significant financial loss I incurred today, January **, ****, due to a critical technical glitch in your Grow stock market app. Incident Details: ...
Jan 23, 2024 by Saurabh Goel
Harrasment by Mpokket (Mpokket App) Closed
I have borrowed ***** from mpokket but repayed **** but unable to pay rest of the amount due to high interest of rate.They are calling everyday and harassing my relatives.Currently ,am sort of money due to fraud in the month of July **** and lo...
Jan 10, 2024 by Monika Pal
Razor pay gateway complain (pune international school ) Closed
Razor pay blocked our businessa account and money our hard earned money is stuck in it from *.* months. no intitmation the company gave us and we are raising ticket no reply - we want our childresn school fees back and we knock all doors of the...
Dec 29, 2023 by Ashmeet singh
Wrong amount deducted in my account (State Bank Of India ) Closed
Sbi manager deducted **** Rs in my account without my permission at Main branch Kasganj **** I am holding a salary account in this branch ...
Dec 29, 2023 by Beena Yadav
Withdrawal of money not allowed (Zupee) Closed
I had deposited lot of money from various UPI ids and credit card to play, most of which I lost. But now I want to withdraw the remaining money which they are not allowing citing that my kyc verified name regd with zupee is different from my ba...
Dec 26, 2023 by Akshay Kumar Goel
REFUND ISSUE (Ajio) Closed
Its been ** days since i cancelled the product but not yet received refund of the product. Ajio customer care were saying to ask the bank...but the bank is saying that need to contact ajio...i dont know where and whom to contact. ...
Dec 25, 2023 by Harika Kancharla
Mpokket threatened for legal action (Mpokket) Closed
Dear Sir /Mam, I was a silver member of mpokket and due to some financial issues I couldn't pay the amount of ***** taken. They added extra charges and asking me to pay *****. I have mailed them so many times and also called them to ask for...
Dec 11, 2023 by M Gupta
Credit card bill payment failed amount Rsnot refunded Ticket I d (Mobikwik) Closed
Dear Sir, I had made HDFC credit card bill for card ending **** payment of Rs *,**,*** on **/**/**** using KVB netbanking Billdesk gateway but the payment got failed in the payment gateway. I had also made complaint to mobikwik customer supp...
Dec 10, 2023 by VIJAY DEENATHAYALAN
Money wrong transfer (Anuj Saini) Closed
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
Amount not refunded (Czcoindcx) Closed
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
Withdraw my money they are not refunding my money (Zebpay Trading Company ) Closed
They are not refunding my money if I'm requesting them also ...
Sep 22, 2023 by Shaik nazu
MobiKwik Wallet Fraud (Mobikwik App ) Closed
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
Amount not settled (Paytm business app) Closed
Payment received of INR **,*** on *th July. But still not settled in my account. Poor response from customer care....
Aug 18, 2023 by Ajay
Excess amount debited from account (cashe app online loan service) Closed
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
Undue charges penalty (Capital Float Financial Services) Closed
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
Loan na pass karna (state bank of india xpress way branch) Closed
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
Frod company (herorupee loan aap) Closed
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 was unable to get in touch with anyone in Byjus nor with my counselor regarding my problem for 3 months. But Voxya team helped me solve my issue very soon. Thank you!"
Mamta D
Complaint filed against: Byju's