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
Debit Card Complaint (Tamilnad Mercantile Bank Limited) Open
While taking cash from the ATM ,I am getting a receipt like "Contact Your Branch". So I went to my home branch and asked about this issue.They said "ATM Card Chip has a complaint,So you can apply for a new ATM and it costs around Rs.***" . I as...
Mar 03, 2023 by Ganeshkumar Mohan
Converted 811 account to Premium account with insurance policy without my consent (Kotak Mahindra Bank Limited) Open
Kotak customer agent came to complete *** kyc but he converted my zero balance *** account to premium account with *** kotak insurance policy without my consent. I have received an email as if I have enrolled kotak kmbl policy Rs *** will be d...
Mar 03, 2023 by vidya
Stashfin fraud (Stashfin Akara capital ) Open
I have filed applications with my old phone number to stashfin in **** of **** bt no loan get credited..i sent them my bank statement,all proofs needed bt still they haven't close my loan ..i lost my registered number bt i have mail them severa...
Mar 03, 2023 by Nikita kumari
CRED Amount debited twice and CC payment default not refunding (Cred App) Open
I have paid my CC bill for ICICI through CRED on a monthly basis. This month also similarly I paid the amount through CRED as my due date falls on *th Feb. Initially the debit processed for ***** and payment didn't go through at all. However...
Feb 07, 2023 by Vignesh Sethuraman
Loan issue (Skill-lync) Open
I was joined on nov **th even joing time am being a house wife am unable to book pre-slot also one guy that bheemani rajshekar was totally manipulated me nd joined me now my health is also not able to support to continue my course and i had s...
Feb 06, 2023 by Vani
Fraud bot transaction (Groww Apk) Open
On *rd of Feb, there has been around ** or ** transactions happened without my consent or my knowledge and the order are placed within single minute and sometimes * in a minute....I haven't done any transactions as I got a profit of **k on *nd ...
Feb 06, 2023 by Devesh jadeja
Withdrawal Restricted and Wrongful Trade Execution (Coindcx) Open
I had an account with CoinDCX where I am not able to make any withdrawals. I am getting an error that "Withdrawals are restricted". I raised multiple tickets but no resolution has been provided whatsoever. It is very common that I am not able t...
Feb 05, 2023 by Pushparaj Vailaya
Telegram fraud (Okcoin) Open
money of ****** asked to do parttime later please invest you will get more income later daily tasks kept of ** *day credited next on wards *_task **** next ***** next ***** I realized they are doing scam I stopped asked ***** next your with wi...
Feb 04, 2023 by Venugopalkrishna
Maturity amount not paid (Sahara credit cooperataive society limited) Open
I have invested in Sahara Credit Cooperative Society my entire life's savings. Inveted in several FDs and RDs. It's been six years now I'm waiting for the repayment of my maturity amount. Its my hard-earned money, and I want it back.! ...
Feb 02, 2023 by Apurva Sairaj Pednekar
I paid to fraudster through sbimops on the name of bimalokpal (Sbimops ) Open
Jayshree misleaded me saying bimalokpal guy can refund my amount. ...
Jan 31, 2023 by Swapna
Mental torture by nbfc home credit (Home Credit) Open
Avinash Sharma : +** ***** ***** he pretend to be lawyer of Home credit team and now he is creating mental pressure to make payment of loan since already discussed with home credit team and they have given time of *nd Feb but still he is making...
Jan 31, 2023 by HMHarsh Maheta
Account Blocked (Olymp Trade) Open
They blocked my account by saying I have similar trades with another account. Which no one knows I’m trading ....
Jan 31, 2023 by Pothula Rajeshwara Reddy
Dear Team SBI, This is to inform you that I have received the Card Rejection Letter and the important Issue here is I have not APPLIED for the Card. This is to request SBI Card to INVESTIGATE...
Jan 30, 2023 by Vijay Ajmera
Bank failed to stop fraud in my credit card (Sbi Credit Card) Open
This complaint is regarding fraud happened on my Sister's SBI credit card on **th August ****. The fraud amount is *****/- .First of fall even after complaining the fraud to bank, bank could not stop it in * days, as transaction got settled on ...
Jan 30, 2023 by Pushkar Mishra
Settlement not cleared (Razorpay) Open
Unfortunately, we chose Razorpay as our Payment Gateway for our website. And since then we have been continuously following up with them to settle our payment againt the orders we received. We have been following up with them for a month and a ...
Jan 27, 2023 by Riva Jain
The amount was not received even after not maturity (Stars Multipurpose Cooperative Society Limited) Open
This is Ravindra Kumar, saving a specific amount in Stars Multipurpose Cooperative Society Limited from a long time, now the maturity date is ended, so please give me as per given commitment, here is all the details of the investor. ...
Jan 26, 2023 by RAVINDRA KUMAR
Wrong Personal loan information to CIBIL for legal case by bank (State bank of india Surat IFSC loan account ) Open
Dear Sir, I had taken a personal loan in **** and settled in **** dated **th july as per NOC provided by them but bank has shown me a defaulter in thier records and to CIBIL, despite of several attempts at SBI bank , they kept reporting CIBIL...
Jan 26, 2023 by Ranjit kumar
Dear sir I had taken my family and health insurance with HDFC Argo Health Insurance Company but I ha (HDFC ERGO General Health Insurance Co. Ltd) Open
Dear sir I had taken my family and health insurance with HDFC Argo Health Insurance Company, but I have paid all the installments on time and I am a customer of HDFC Argo Health Insurance Company for three to four years. However, this year i.e...
Jan 24, 2023 by Ravindra sonba wable
NPS Scam Wasting our own Money (HDFC Life) Open
Dear Team, My elder sister was ex government employee in Maharastra Police. She got voluntary retirement due to marriage issue. While doing job every month average **** Rs money getting debited from her salary for NPS scheme.( For ...
Jan 23, 2023 by Shahid Landage
GOOGLE PAY TRANSACTION FAILED AMOUNT DEBITED BUT NOT REFUNDED (Google Pay) Closed
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
Loan repayment (Mpocket Loan Application) Closed
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 (SBI MOPS) Closed
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
Money got debited (Mobikwik) Closed
Mobikwik Registered Number (**********) I Have Made Rs *** Recharge On **/**/**** Order No MBK*********,Only Showing Successful But Recharge Not Received,Vi also Said There Is No Recharge Done On Given Date So I Raised Complaint But They Are Sa...
Dec 25, 2020 by Pramod patil
Complain Against Axis bank for delaying the loan moratorium (Axis Bank Loan Center Gwalior) Closed
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
Regarding loan harrasment (Mpokket Loan Application) Closed
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
HDFC Bank Credit Card Over Limit Charges Card No (Hdfc Bank Credit Card Division) Closed
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
Rent Payment will credited to some other person (Nobroker Technologies ) Closed
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
HDFC refused moratorium and to hide that they preclosed those loans and illegaly holding money (Hdfc Bank) Closed
I am a Hdfc customer since **** and never missed a single payment in life. During the Corona crisis I was jobless and opted Moratorium for my personal loan.But for instant jumbo loan and insta loan there was no option to convert to moratorium....
Dec 07, 2020 by Anish Lloydsen
NoBroker Refund Fraud (Nobroker) Closed
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
Mutual fund holding not shown ( com) Closed
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
I paid avvnl but the payment did not go to his account (Airtel ) Closed
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
For Refund (ZestMoney) Closed
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
MENTAL HARASSMENT AND MENTAL TORTURE FROM HDFC BANK CREDIT CARD DEPARTMENT (Hdfc Bank) Closed
I AM HAVING A CREDIT CARD OF HDFC BANK. I HAD NOT PAID IT'S DUES SINCE FEBRUARY'**** BECAUSE I HAD QUIT THE LAST ORGANISATION THINKING THAT IN A MATTER OF TIME I WILL GET ANOTHER JOB AND WILL START PAYING IT'S DUES ON A REGULAR BASIS. BUT DUE T...
Oct 31, 2020 by UTKARSH DUBEY
Bounce Charges (Capital First Ltd Now Idfc First Bank Regd Office Krm Tower Floor No 1 Harrington Road Chetpet Chennai Tamilnadu) Closed
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
Credit card payment and auto change into EMI loan (Hdfc Bank) Closed
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
CREDIT SCORE NOT UPDATED (Zest Money) Closed
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
CIBIL SCORE NOT UPDATED (Zest Money) Closed
I have takened loan from zest money on **.**.**** Rs *****/- next month i cleared all outstanding amount. till today they are not providing NOC Also My cibil reprt showing an outstanding amount Loan ID: ICIDIC****A*...
Oct 20, 2020 by RAJESH SHETTY
Charging unnecessary (Sbi Credit Card) Closed
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
SBI charging fine unnecessarily (Sbi Credit Card) Closed
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 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