A bank refers to a financial institution that accepts deposits and creates credit. Banks are of utmost importance to the economy and are a safe place to deposit excess cash.
The Indian Banking sector is ranked 6th across the globe. With many private sector and public sector banks thriving in India, the banking industry is congruously capitalised and well-regulated by the Reserve Bank of India. The stats on market, credit and liquidity bespeak the handy preparedness to sustain any global crisis.
India is presently home to 34 banks out of which 22 are private sector banks, and 12 are public-owned banks. Multiple other Foreign Private Sector Banks are operating as part of the Indian banking sector as well. Let us take a look at the Top 5 Famous Banks in India.
Famous Banks in India
1. State Bank of India: SBI is the oldest and also the largest bank functioning in India and has been a Fortune 500 company for 14 long years. Post-Independence, the State Bank of India got enacted on 1st July 1955. It has its headquarters located in Mumbai, the financial capital of the country.
The bank has 57 Zonal centres and 14 Local centres with 85,356 branches and 59,291 ATMs pan India. SBI has a market cap of INR 2,93,218.11 crores with a market share of 23% with its presence in 36+ countries. It has been recognised as the Best Transaction Bank & Best Payment Bank in India.
Total Assets – INR 30 lakh crores
Revenue – INR 3.68 lakh crores
Number of employees – 2,64,041
2. HDFC Bank: The bank is well known for receiving first 'in principle' consent from the Reserve Bank of India (RBI) which authorised it to set up a bank in the private sector. It was founded in August 1994 given the liberalisation that took place in the Indian Banking Industry.
The bank started its operations as a Commercial Bank from January 1995. With its headquarters in Mumbai, The Housing Development Finance Corporation Limited (HDFC) functions across 2,768 towns and cities with 5,314 branches and 13,610 ATMs in India. It has a market cap of Rs.6,25,666 crores as of 2019.
Total Assets – INR 11.89 lakh crores
Revenue – INR 1.17 lakh crores
Number of employees – 98,061
3. ICICI (Industrial Credit and Investment Corporation of India) Bank Private Limited: It occupies the second place when it comes to volume of assets operated by the bank. The bank is the second largest in terms of market cap and total assets, making it the leading private sector bank in India.
ICICI was formed in 1994 with the principal aim to offer medium-term and long-term project funding to Indian businesses. The bank has its headquarters in Mumbai with its registered office in Vadodara, Gujarat. It currently has its footprint across India with 5,275 branches and 15,589 ATMs along with its presence in 16 countries outside India.
Total Assets – Rs. 13.77 trillion
Revenue – INR 1.49 lakh crores
Total employees – 82,724
4. Punjab National Bank: The Punjab National Bank, PNB is the third-largest bank functioning in India. The bank serves more than 80 million customers with 7000 branches and 10,681 ATMs, expanding its footprint to 764 cities. It currently operates from its head office located in New Delhi.
Founded in 1894 from Lahore, the bank has served eminent freedom fighters of India. It later got nationalised in July 1969. As one of the oldest banks in the country, it has a market cap of Rs. 37,411 crores as in 2019. PNB recently bagged the prestigious IBA Banking Technology Awards.
Total Assets – INR 6 lakh crores
Revenue – INR 80,512 crores
Total employees – 70,801
5. Bank of Baroda: Bank of Baroda has now become the third-largest lender of the country after it merged with Vijaya Bank and Dena Bank into a single entity. It carries a pride of 127 million customers across 21 countries and growing bigger and better day by day.
The bank operates from its main office in Vadodara and has 9,500 branches and 13,400 ATMs across India. Founded in July 1908, it has a market cap of more than 35,000 crores currently.
Total Assets – INR 11.5 trillion
Revenue – INR 91,000 crores
Total employees – 48,807
Top Banking Complaints in India
According to a recent survey by Times of India, every hour 11 people complain against their bank. The most commonly reported banking complaints in India by consumers include bad customer service, checks/funds bouncing, extra charges levied, debit/credit card blocked etc.
Almost 30% to 37% of bank complaints occur due to the bank's failure to fulfill commitments and lack of fair practices. Banks reporting fraud or complaints have been on the rise more than ever before. What's more disturbing is the account holders face never-ending issues even after being connected with the banks for a long time.
Around half a million people have reported filing complaints in the last five years. From high interests to willful delay in processing payments (leading to penalties), and lack of fair practices to denial of closing accounts, banking customers are having a tough time continuing with the financial hassle.
The numbers of banking complaints see a double-digit rise in the past few years. The financial period of 2018-19 witnessed a surge of 20% in the complaints against banks. Non-adherence to fair practices saw the most number of complaints followed by issues related to pension, levy of charges, and debit and credit card issues.
1. Hidden fees
Customers feel cheated about the excessive fees and hidden charges by the banks. Most often, customers are not aware how they can choose to stay out of overdraft protection. Reaching out to their bank is always a good idea to have a clear picture of fees and extra charges.
2. Bad customer support
This is something which every customer is concerned about. Even if the customers manage to reach out to the customer service, they don't see any credible solution. It gets quite worse when the bank employees are unable to resolve your issue. Being heckled from person to person, and being asked to wait at every desk test the best of temper.
The only solution you have is to stay calm and wait for the response from the bank to get the issue resolved.
3.Beneficiary does not get the money
This is one of the most common issues faced by banking customers. The amount gets deducted from their account, and it is shown that the transaction is successful, but it doesn’t get credited into the beneficiary’s account. EMI payers mainly lodged such complaints that the EMI would get deducted from their account but would not be credited to the beneficiary.
4. Fraudulent transaction
According to the Economic Times, there is a rise of 74% in banking frauds. Digital transactions via net banking and UPI are preferred over cash for a contactless mode of payment. But with an increase in online payments, there has been a rise in fraud cases.
Many customers complain that the money from their account has been deducted for things they have not purchased. Banks take a lot of time in addressing such complaints, and usually, customers get frustrated with the process.
5. Transaction failure
Transaction failures are very frustrating and embarrassing. When consumers are out, and they haven’t carried the cash, they will pay via net banking or UPI or ATM, but sometimes bank servers would go down suddenly, and the transaction would fail, or in some cases, the amount would get deducted, and the transaction would fail which can be misleading for both payer and recipient.
How to resolve Banking complaints?
1. First and foremost step should be contacting the bank’s customer care itself as they genuinely care about the customer satisfaction and would be willing to resolve the consumer complaints. Here are customer care number of some of top banks in India :
State bank of India (SBI) Customer Care - 1800 425 3800
Union Bank of India (UBI) Customer Care - 1800 22 2244
Allahabad Bank Customer Care - 1800 57 22 000
Bank of Baroda Customer Care - 1800 102 4455
UCO Bank Customer Care - 1800 274 0123
Bank of Maharashtra Customer Care - 18002334526
Bank of India (BOI) Customer Care - 1800 22 0229
Central Bank of India (CBI) Customer Care - 1800 22 1911
HDFC Bank Card Customer Care - 1800 266 4332
ICICI Bank Customer Care - 1800 200 3344
Punjab National Bank (PNB) Customer Care - 1800 180 2222
Axis Bank Customer Care - 1860 419 5555
2. Apart from calling customer care numbers, a customer can visit the bank and meet the officials or complain at the grievance cell to sort out the issue. However, you should try submitting your complaint to the bank in writing, to keep a record of your complaint. Also, some banks have an option of filing a complaint at their website also.
3. However if the bank is unwilling to address the issue then you can approach the Banking Ombudsman. A banking ombudsman is a senior official appointed by the Reserve Bank of India (RBI) to resolve consumer complaints against deficiency in the banking services. So far there are a total number of 15 Bank Ombudsman whose number can be found on the official RBI website.
The consumer has to file a complaint at the ombudsman under whose jurisdiction the bank branch is located. All the consumer has to do is write it down on paper, or send a complaint via email. There are no charges for filing a complaint. However if you are not satisfied with the settlement offered by the ombudsman, you can file an appeal before the appellate authority within 30 days.
4. Send Legal Notice:
A Consumer can send legal notices to the Bank in case it is unable to resolve his complaint. It is one of the efficient ways to handle consumer complaints legally. Check below to know how to send a legal notice to a Bank?
Step 1: Firstly, get a legal notice drafted by a lawyer.
Step 2: Check it properly and make sure it is signed by a lawyer.
Step 3: Keep a copy of it for future purposes.
Step 4: Send the legal notice to the Bank by registered post.
Step 5: Keep the slip or delivery report for evidence.
5. File consumer forum case:
Consumer forum deals with consumer complaints and you should approach the consumer forum if you feel that your rights as a consumer have been violated.
If your Bank is not responding to your complaint even after sending legal notice by a lawyer then you should file a case against it in a consumer court.
Here is how you can file a case against the Bank in the consumer court?
Step 1: Intimate the aggrieved party via legal notice.
Step 2: Draft the consumer complaint
Step 3: Attach all the relevant documents and proofs to support your complaint.
Step 4: Select the appropriate court for filing the complaint.
Step 5: Pay the prescribed court fee that is required to be paid along with the complaint.
Step 6: Submit the case along with the affidavit & fees in the court.
There are strong chances of nothing being done against your complaint if you're not serious about it. So, if you are still left stranded with nowhere else to go then you can always file a consumer complaint at Voxya. We at Voxya, generally receive around thousands of Banking complaints in a month.
So how do we actually resolve these Banking complaints? We start a social media campaign and then send an email to the Banks to resolve the complaint amicably. Moreover if strict actions need to be taken then we draft a legal notice and send it to the concerned Bank.
Most Common Issue Reported for Banking Complaints
I was provided with a free credit card by SBI and at that I was told there will only be a minimum annual maintenance fees.But from the very next month they started charging mee fees for some Card protection plan and after I refused to pay that ...
Jul 27, 2020 by Manasjyoti Deka
Mai education loan ke regarding apply kiya tha, fir call back aaya sara proces bataya , aur processing fee m**** bata . Mai****paid kiya fir kuchh der bad message aaya ki aapke account me ******deposite ho gya verification ke liye **** bhejiye ...
Jul 27, 2020 by rohan jaiswal
I made payment to Hathway through Google Pay on July *,**** only response I get is we are working and will get back in *days. Lost my patience contacting them...
Jul 27, 2020 by Supriya
Hi, RBL LOAN ACCOUNT # **************** CMS RBI Complaint # *************** I have been threatened by your recovery agent ********** vipul stating if I don't pay my EMI for loan then he knows how to recover money from me, he also thr...
Jul 27, 2020 by Daljeet Kaur Gurupreet Singh Sodhi
Hi All, I had been using SBI card since **** , due to usage basic card was upgraded from pre , signature card . recently card was renewed without my permission where i wanted to close the signature card , several times req team to cancel the c...
Jul 26, 2020 by Thippesh
This person who named himself Priyam and said that he is SEBI registered took **** for 'Learning and Account Handling ' and then asked for my UPSTOX account I'D password and said that he would return my loss if he would be making through my acc...
Jul 26, 2020 by Siddharth Upadhyay
Regarding Issue of Deferment of Car Finance EMI due to COVID ** from Kotak Mahindra Prime Ltd. ________________________________________ Dear Sir / Maam I have taken Car Finance from Kotak Mahindra Prime Ltd in the Month of March ***...
Jul 25, 2020 by Aziz
I'm apply online at facebook in the name of Aditya Birla capital finance than he call me from his mobile no ********** and tell me to pay processing fee, **** than insurance fee**** and one emi ***** which I paid but no loan no refund his accou...
Jul 25, 2020 by Govind Gawas
i took loan from mpokket rs *****rs intrest was *k. i payed all my loan on time before lockdown but now some financial problem i not. i told many times to mpokket customer care but no response he telling pay loan today he was threading mee pay ...
Jul 25, 2020 by enoson
Dear Sir, Due to covid I'm already facing lot of problems. This bajaj company is creating more problems for me and my family. On the *nd week of March **** , My family have given the cash to bajaj employees, Executive took the money from my f...
Jul 24, 2020 by Amit Singh
I am a user of airtel PAYMENTS bank but a few months ago my UPI transaction is not working .I wanted to recharge MY AIRTEL NUMBER by airtel money but it show VALID DEVICEID IS MANDATORY SO I DO TO RESOLVE THIS. PLEASE HELP ME TO SOLVE THIS P...
Jul 23, 2020 by UJJWAL KUMAR SINGH
I want true enquiry on this matter .may be this amount is not enough for u all but my salary i can't take rest now. You have to resolve it....
Jul 23, 2020 by Dr pallavi kumari
Dear Sir, My outstanding balance of Loan amount due on **/**/**** is Rs. **,***/-. Without my intervention and without information my Loan tenure Period changed and Switch fee for conversion of Loan period charges of Rs. *,***/- debited to ...
Jul 22, 2020 by SARODE SAKUNTHALA BAI
I applied for a loan in Reliance Finance Limited, for which they had deposited ***** thousand rupees from me, after that they did not even give loan and my money is not giving back to me also my job has also been missed, due to which a lot of t...
Jul 22, 2020 by sanjay
My account was freezed * months back due to kyc docs submitted directly to the bank! I need my money back of ****+ rupees what I have in my account! I keep on going to bank they are saying your amount will come don't worry that's it nothing ...
Jul 22, 2020 by Praveen Kumar Munisamy
Hello, As RBI issued Moratorial till August **st. I took an Rs. ***** loan from Moneed company in March month. after lockdown, I don't have a source of income in this pandemic. They ask for an extension, I paid **** for extension and they onl...
Jul 22, 2020 by Munendra Singh rathore
Hello i had inquired about the SBI arogya Plus health insurance policy for my wife on SBI website sbigeneral.in. later that day i received calls from sbi general executive regarding the policy purchase and the then i had received final quotati...
Jul 22, 2020 by Mohit Jain
Dear Sir, call back immediately I need a Total Information what you investigate . This is regarding a fraudulent transaction which has been done on the my card on March **rd, ****. ******** complaint number A case has been rai...
Jul 21, 2020 by Kalabandi Rajashekar
already i complaint paytm about fraud transcation last week.but today also i have some unauthorized transcation. i have one question why the reason my account still not blocking.automatically transcations done. i think paytm is worst and non s...
Jul 21, 2020 by Dinesh
I have to pay Rs *****/- by April. But, I lost my job amidst covid. So, the interest accrued and I have to pay around Rs. *****/-. I don't have job or salary. But, they threaten me that they would shout in front of my house. I live in apartmen...
Jul 21, 2020 by Ranjani M
I was in contact with credit card from last * years and I told them that my financial status is not good as I lost my job. Despite knowing this credit card people are calling my relatives in India and outside and using abusive language. They ca...
Apr 30, 2019 by Neha Nirupam
I got a credit card (#****************) and salesman clearly told me there will be no charges at all. I kept the card as it is. Now they have charged me for renewal though I was informed there will be no charges. I'm not using this card. Care e...
Apr 29, 2019 by Hanif Sayyed
I have paid an MSEB light bill amount of ****. The transaction failed amount debited from my account Rs **** on ** March ****. Its a month they are giving only the false commitment to me that I will get the refund in * business day. They keep...
Apr 29, 2019 by Rashmi Langhe
It happens on ** Feb ****. The sender who is also my roommate sent money on ** Feb. It was immediately deducted from his bank account. But the transaction was showing pending on phonepe till ** Feb. It started to show successful in phonepe app ...
Apr 28, 2019 by Shivam Dwivedi
I have been charged ** Rs around ** to ** times for last so many years. I neglected and trusted ICICI for its integrity but now I see they have looted my hard earned money in **** over the year. Per day *-* times **.** Rs has been charged to me...
Apr 25, 2019 by Madhuriya
Money was debited from my bank account but not credited to the receiver account. Please do the needful....
Apr 24, 2019 by DEBTANU BISWAS
A person kept me calling from the No. +************ and send some message. I was about to open it. Suddenly the message came to my account that amount of Rs *****/ from my account has been debited and credited into the account of SBI account ho...
Apr 23, 2019 by Manzoor Ahmad
I textile traders having preferred account no ************** in HDFC bank. I have visited Nikas Choraha branch on **-*-** to deposit cash and bank manager Mr Yogesh Pathak refused to deposit the cash in my account and spoken very bad words with...
Apr 23, 2019 by MOHAMMED HUSAIN
They had taken **** INR on the surety of approving my case. I request RBI to help me out this I'll practice to harras the customer by HDFC. I understand that its a minimum processing fee. But it's viable to take this fee when the loan has been ...
Apr 23, 2019 by Gauravjit Singh
Paytm se mera chalan our recharge nahi hua or balance cut ho gaya. Please help me....
Apr 21, 2019 by Prashant sudhakar songire
I had booked a bus ticket on Booking Id - **********. But the bus did not arrive and halt at pick up point. I had waited for more than * hour at the bus stop. The phone numbers provided by Paytm was also wrong. Then I contacted travel agents by...
Apr 21, 2019 by Atul Kanswal
On **/*/** I had paid Rs. ****.** towards Railway tickets from Visakhapatnam to Gudur by Axis Bank debit card through Phone Pe to I.R.C.T.C transaction No. is P********************** and PhonePe order id no. is***************. But the ticket...
Apr 21, 2019 by NAMA VENKATA BALASUBRAHMANYAM
I purchased a big bazaar voucher from Paytm. But cashback of ** per cent not given. ...
Apr 20, 2019 by Paarth Rao
I booked the train tickets from paytm app. *) Hyderabad to Varanasi Rs. ****/- after cancellation ****/-was credited. *) Varanasi to Hyderabad Rs. ****/- this one was also cancelled. After deduction Rs. ****/- credited. Both the tickets were ...
Apr 19, 2019 by Koya veerababu
I have transacted at Apollo Pharmacy Store on **/**/** of Rs ***.* using my registered mobile number. Storekeeper denied successful transaction at his end but money got deducted from my account. I have called customer care so many times but the...
Apr 19, 2019 by Sonu agarwal
I have a KVP in the post office after mature on **.**.****. The post office issued a cheque of Rs. ***** vide cheque no. ****** on date **.**.****. But the cheque not get cleared. I also went to the post office. The post office sends me to SBI...
Apr 18, 2019 by DEEPAK GARH
I have an account with the bank. On date *rd April **** approx *:** evening I was adding money with my SBI debit card ending with ****. The money was deducted from my SBI debit but not credited to my account. I contacted airtel customer care an...
Apr 17, 2019 by SURENDRA RAUT
I ordered the electric kettle from paytm and received damaged kettle. I applied for return and informed the same on customer care number. But without any pickup, they cancelled my request and when I called them they asked me to keep patience. T...
Apr 17, 2019 by Bhawana
I opened a salary account and settled its credit card with the amount to be paid with a request for closing the account. The account number is **************. When I joined a new company they said that a new account will be opened in HDFC only ...
Apr 17, 2019 by Rajeev Kumar Ranjan