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
Abusing Call for recovery (Kotak Mahindra Bank Ltd) Open
I have skip one EMI of credit card, I am agreed for return it. Recovery team has called me and using abusing very dirty words for payment recovery. ...
Apr 21, 2023 by Kedar Latke
Consignment completely damaged (trackon courier company) Open
I am writing to report a complaint against Trackon Services regarding a consignment that I had booked through their franchisee, Mr. Deepak of Masoodpur, Vasant Kunj, Delhi. Unfortunately, all four items in the shipment were severely damaged dur...
Apr 20, 2023 by Amrita Srivastava
ZestMoney damaged my credit report (ZestMoney) Open
I took an loan of INR ****** from ZestMoney and repaid all the EMIs on time and the loan was closed. But after sometime I came to know that my CIBIL and other credit report is still showing loan as active and they are also showing overdue EMIs....
Apr 19, 2023 by Shubham Pandey
PMS Refund not received (Proficient Global Research) Open
The PMS company is refusing to refund the money in spite of SEBI order...
Apr 18, 2023 by Jinu Jose
Data Theft Failure on Due Deligence (IDFC first bank) Open
In **** IDFC first bank submitted a report to CIBIL , that this person had taken out some loan and default and still the report is coming in CIBIL (doc attached) and drastically lowered my score. Luckily, i thought of buying a car (every com...
Apr 18, 2023 by Gaurav Singh
Fraudulent trading in crypto (Omnicom Group) Open
We were made to like videos and some small amount was given then we were made to do dummy trading on telegram ... Then I group of * is formed and tradi.g is done bidding and selection is done by the recruiter itself and we have to add money to...
Apr 16, 2023 by Amandeep singh
Charged for Unsuccessful Transection (Instamojo) Open
I made a payment on Instamojo ** days ago of Rs. *****/- After * days of payment they sent me a mail for clarification about my business. They send me a link to submit the Invoice, Business Description, and other business documents. But, that l...
Apr 16, 2023 by Pralay Bhowmik
Debit Card Blocked (Equitas Small Finance Bank ) Open
I Have a Savings Account with Equitas Small Finance Bank and Account Number is ************ and IFSC Code is ESFB******* and Customer ID:-********. My Debit Card last ending with **** has been Blocked by Equitas Small Finance Bank without any r...
Apr 15, 2023 by AKHILESH SHARMA
Lost more than 10 Lakhs in mostbet and also not credited to my mostbet account that i deposited (Mostbet india) Open
This company is fraud. *. It has never given me winnings equilant to the amount i deposited.l that is approx ****** i won only * lakhs *. I recently deposited ***** INR in mostbet that was never credited to my mostbet account i have been cont...
Apr 15, 2023 by Arpita Sinha
Complaint against deactivated fastag account (paytm payments bank) Open
Paytm fastag account deactivated by the company due to double account by me by mistake. Made contact with the company many times to resolve the issue ,produced the proofs asked for by the company but in vain.Then I have purchased IDFC fastag on...
Apr 14, 2023 by Surinder Singh
Loan amount (Dhani finance pvt ltd) Open
My name is priya agarwal online apply loan.for *****./. Chandravir singh is calling me and he said that loan processing fee **** is paid otherwise loan is not approved i am paying in my phone pe apps again he said ****,****,****,****,****,**** ...
Apr 14, 2023 by Priya agarwal
Tern Insurance CANCELLED without valid reason (Pnb Metlife India Insurance Company Limited) Open
Bought Term Insurance on **-*-**** post completing all formalities and check ups. Since there was NO option to declare other policies nor did agent ask, I didnt disclose. Call Recordings available with insurer. Post issuing Policy, they claime...
Apr 12, 2023 by Viral Navin Chheda
Money refund (Money view app) Open
I recently took loan through money view app and my fifth EMI **** was due on *th April and I have necessary funds in my account for auto debit however, auto debit didn't happen hence I paid the EMI * days later with plenty **** rsby using payme...
Apr 12, 2023 by Jaspreet Singh
Deposit problem (Olymp Trade) Open
I deposited Rs.*** * days back which has not been received yet....
Apr 12, 2023 by Amit Raghuwanshi
Amount not credited to my betway account (Betway online betting) Open
*)On **th of Jan **** at **:**pm deposited ***** /-Rs in the betway app but still it has not credited to my betway account/ Wallet UTR Number Of above transactions:************ *) And again on dated *th of march **** at *:**pm Rs ***/- i...
Apr 12, 2023 by Deputy Raj Ahmed
SKILL LYNC Loan cancellation course cancellation and education scam (Skill Lync and Eduvanz ) Open
I have a complaint against this uprising giant fraud company. They are cheating people based on the courses they provide and never would talk about the refund policy. They would compel you to buy the course and guarantee you a job with the high...
Apr 11, 2023 by RADHIKA
Debit Card Locked (Equitas Small Finance Bank ) Open
Dear Sir/Madam I have a savings account with Equitus Small Finance Bank. My Debit Card last ending with **** has been Blocked by Equitas Small Finance Bank without any reason or informing me. I also pay yearly annual maintenance charges for ...
Apr 10, 2023 by AKHILESH SHARMA
Ireelevant Mental torture by Home Credit (Home Credit) Open
From last * month I am jobless as company terminate me in recession and from till that I am jobless so this thing i share to HOME CREDIT team that jobless but still they want the loan payment which is not possible for me so its request please h...
Apr 10, 2023 by HMHarsh Maheta
Dhanil loan normal closed loan account reflected as settled in my experian credit report (Dhani loan) Open
I had a personal loan account in dhani loan. But i have already closed with full payment and i got NOC letter also. But when i check my experian credit report then i saw the dhani loan account reflected as written off and settled Then i ca...
Apr 09, 2023 by Joyce joseph
Fake loan app harrasment (EasyMoney) Open
I was stuck in a problem for that i need some money to resolve that problem so, i asked everyone for help but no one did at last i have downloaded an app from playstore. The name of app was EasyMoney they took my contacts permission, aadhar ca...
Apr 09, 2023 by Nitish Kumar Mishra
Interest not reduced they not giving time (DHFL home loan) Closed
I'm Vijay . * year's back I'm took one loan form ur organization . Past of year's I pay my loan regularly even I'm admitted in hospital also. But covid-** my mother health not well so * month only loan amount **,***/-. pending But from the...
Mar 31, 2021 by Vijay
Amount deducted but transaction failed (Bhim UPI Sbi) Closed
I have booked flight tickets using bhim upi payment gateway. Transaction not failed but amount deducted. When i raised complaint they reply that amount credited to receivers account. However when i call receiver (goibibo) they are saying they h...
Mar 31, 2021 by Nitin
Payment Not Received (Wazirx exchange) Closed
I done * transactions one is of **** & another one of ***** from my bank account to wazirx account on **-**-****.First transactions of **** is successful. Second transaction of ***** still don't know where is my money.I do email thrice to wazi...
Mar 25, 2021 by Krishan Kumar
No Trade Calls 1 6 lakhs wrong prediction (ideal stock investment adviser indor) Closed
Ideal stock investment I.e www.idealstock.in is a fraud company. Initially they said that pay **** and you would get every day returns of Rs**** when I took the subscription they cheated me and said that the subscription is Rs***** and they ma...
Mar 24, 2021 by Prakash
KYC center charges money for the completion of Paytm KYC (Paytm KYC) Closed
I went for Paytm KYC at YOY CAPITAL INFRA PVT LTD center. They Charges *** Rs for it. Please do the needful....
Mar 24, 2021 by Rahul Srivastava
Online transacted amount was shown successful but the amount did not reach the beneficiary (Bank of Baroda ) Closed
I did a mobile banking transaction on **/**/**** through Bank of Baroda M-Connect app. The money was deducted from my account but it didn't reach the beneficiary. The account no and all other details were correct. I enquired and filed a complai...
Mar 24, 2021 by Collin John
Fraud and money laundering by FAMPAY (Fampay) Closed
There is this waste app called fampay these people gave me a code to avail on boat products which will give discount for which I paid *** fampay coins. The discount is not there and boat website shows it as invalid. I have gone through mental ...
Mar 24, 2021 by Dhareddy jyothi
Wrong Product Received (PayTM) Closed
Hi , Product details show * burner Prestige Gas, but they delivered * Burner gas. Since then i have filed lot of complaints on Paytm App And whatever images they are asking i have shared all, but they are saying that i havent shared any in req...
Mar 23, 2021 by Shiwala Dubey
Transaction failed but refund not issued (Paytm payment bank) Closed
Hi sir,I did a transaction worth rupees **** on paytm application on **st march by transferring money . Transaction failed suddenly and money got debited from my bank account . I tried contacting my bank and paytm customer care none helped me i...
Mar 23, 2021 by Dhareddy jyothi
Money not refunded sent to wrong account (PayTM) Closed
My sister has sent money to the wrong account using upi in Paytm app money was sent to the Paytm payments bank account when we are requesting to for a refund they are not responding....
Mar 23, 2021 by TALLURI SANDHYA RANI
Money deducted with no hotel confirmation (Agoda) Closed
I booked a hotel in dharmshala an hour ago and there has been no confirmation in message or mail about the hotel The money has been deducted from my account Date -**-**-**** Time- **:** Loss -**,***...
Mar 23, 2021 by Suprisha
Order Cancelled refund not issued (Razorpay Software Private Limited) Closed
the merchant Mek Peripherals India Pvt Ltd itgadgetsonline.com cancelled the order ***** on March **, **** but refund was not issued I have raised a transaction dispute with razorpay but razorpay did not take any action razorpay suppor...
Mar 20, 2021 by Athul Jayaram
Demat Charges cut without any use annually maintenance charges (ICICI Direct) Closed
I have an account in your Bank. My savings account no. is ************ an demat account no IN***** ********. When I joined I'direct (ICICI Direct) as a equity advisor, ICICI get this demat account opened. That Demat account was free of cost a...
Mar 20, 2021 by NITIN SONI
Abusing in call (State Bank of India ) Closed
I had been contacted recently by Paisabazaar and They themself initiated a SBI IRCTC credit card , a SBI representative had called me and started abusing me for rejecting his request. Need to check this urgently or the same case will be filed i...
Mar 19, 2021 by RAJAGOPALA K
Olx paytm fraud (Karnataka Bank) Closed
My husband posted an ad on olx after than a buyer called him and gave him a scanning code telling him that he is giving payment to buy the product. But he frauded us and took all our money from our account in Karnataka Bank. The number they ca...
Mar 19, 2021 by Nabanita Saikia
Cannot Permanently Delete Dhani Account (Dhani app) Closed
I want to close my dhani account permanently but there is no way to do it, customer care number is incorrect and never connects, I have tried to post on facebook page, no response, I have tried to email them several times to support@dhani.com, ...
Mar 18, 2021 by Aritra chakraborty
Maturity amount not received after 2 yrs (HAMARA INDIA CREDIT COOPERATIVE SOCIETY LIMITED) Closed
I have invested an amount of Rs. *****/- on dt. **.**.****. This Maturity amount of Rs. ***** on dt **.**.**** has not been given to me till date. I have been in regular contact with the branch office but still I did not get my claim. Since i...
Mar 18, 2021 by Bitan Guha
AMOUNT TRANSFER FROM SBI BANK TO PASFAR TECHNOLOGIES LTD WITHOUT ANY APPROVAL (Pasfar Technologies Pvt Ltd) Closed
Dear Sir, On **th March, **** SBI Bank Statement shows Transfer to Pasfar Technologies Pvt. Ltd. ref.No.**********IGAKSNCEJ* Rs.***/- I don't know for what purpose amount is debited....
Mar 15, 2021 by Sudhir Govind Mayekar
Settle the unsettle transactions (Razorpay Payment Gateway) Closed
We are in the e-learning business in the Automotive field. We conduct an e-live project-based learning program. We use Razorpay as a payment gateway. Our * transaction are not settled by Razorpay. Course fees don't reflect in the company's b...
Mar 15, 2021 by Dorle controls
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