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
I had Started RD Account no. *********** from June-**** To May-**** for *yr tenure @*** PM. In June-**** i had approached to refund my mature RD with interest but company given a one month later date to collect the same. But as on today afte...
Apr 06, 2022 by Lalit Kumar Sharma
While doing Intraday trading on Groww on **th Apr **** their App and website suddenly stopped working. I have given sell order which got stuck and got proecssed on wrong price. Also another order got stuck which I was unable to cancel or modify...
Apr 06, 2022 by Arsalan Khan
I took a loan of Rs. ****/- from the loan point app of Sunita Finlease Ltd. There was period extension option and I made part payment of Rs. ****/- through. Same is not reflected in the app and it is asking me to pay the entire amount of Rs. **...
Apr 04, 2022 by Soma Dutta
After so many time and having discussion over the phone till now Axis bank is creating lot of mental torture on me and not providing any support on taking TOP UP Loan as I mention that just provide me the top up loan on my current two loan and ...
Apr 04, 2022 by HMHarsh Maheta
Dear Concern, I am a resident of Durgapur applied for a home loan on **/**/**** in Durgapur branch of Repco Housing finance Ltd. But my loan got rejected from their end and now they are refusing to refund my processing fees. I have paid *...
Apr 02, 2022 by Suraj Ali Dafadar
Due to jobless condition and mentioning about my case on my loan contract ********** they are creating mental torture on daily basis which affect my health issue and creating lot of bad impact on my family as now i want mental relief from them ...
Mar 31, 2022 by HMHarsh Maheta
I have an SBI Homeloan. A property insurance charge of Rs. ***** was levied on my account on *th Feb ****, which is when my sanctioned amount was not even fully disbursed, and the property was under construction. I never also received the insur...
Mar 29, 2022 by Sandipan Bhattacharjee
Hi Created account on coindcx with my company id .I have left that company almost a year back that is why that ID is not working now On *th December **** i raised a concern to coindcx that i am not able to login into my account as the id is...
Mar 24, 2022 by Mohit chugh
Sir mera home loan account number IL ******** IIFL Home finance limited ki jaipur branch C- scheme se sanction hua tha , Maine loan apply ke time ₹ ******/- ki total annual income documents submit kiye the but meri subsidy jo ki LIG category ...
Mar 22, 2022 by Vipin Gupta
Along with a home loan I took home loan insurance from ICICI Prudential. Due to heavy misselling of savings account (ICICI bank opened unauthorized demat and a trading account) in just * months, I wanted to end all financial connections with IC...
Mar 22, 2022 by Anupriya Sajeev
**.**.****-Booked savaari car for drop from bolepur to kolkata.Order ID:- S****-******* with full prepaid **.**.****_ Without any prior intimation cancelled cab *hours before commencing journey Had to pay extra in the accommodation and also h...
Mar 21, 2022 by Shaaeli gupta
My father requested for SBI credit card . Till now we have not received Card in hand but they started to put charges to my father as he paid *** Rs as fee on credit card last month. Now when we followed by with them they are not giving proper u...
Mar 21, 2022 by Suraj Mohan
My civil is affecting and which have paid the emi's for that also they are charged me late penalty sir madam please help me out I hope you will help me out as your helping so many people thank you...
Mar 20, 2022 by Parcha mayur
My loan account no. is CL******** and my loan agreement no. is IDHADEL********....
Mar 20, 2022 by KIRAN RAJENDRA MORE
THEY HAVE MY BALANCE *****/- AND NOT RETURNING BECAUSE MY REGISTERED MOBILE NUMBER IS DISCONTINUE AND IM NOT ABLE TO LOGIN IN THE APPLICATION TO WITHDRAW MY AMOUNT FROM WALLET KINDLY UPDATE MY NEW NUMBER OR RELEASE MY WALLET BALANCE IN MY REGIS...
Mar 17, 2022 by Gaurav Singh
According to previous week there were some action taken from GURUGRAM police against the digital loan application so this complaint is regarding to you there are two people which are as follows :- NITIN CHOUHAN - ** **********Maniram Prajap...
Mar 16, 2022 by HMHarsh Maheta
I've taken few loans through mpokket and always repaid on time without fail. In my mpokket profile, there are no dues pending. And I haven't taken any loan since *th February, ****. But these people have not updated my payments properly and it ...
Mar 16, 2022 by Vyshak
I have created ZESTMONEY account for my some required, due to some error bank mandate (EMI) was not update . After the some support for EMI setup ,People from their team ask OTP for creating themselves the EMI. After so many struggles and try B...
Mar 14, 2022 by Shanmuga Sundari
I have been provided dhani one freedom card of limit * lakh. But when i used that card i got to know that this card is not like normal credit card which you have to pay after ** days. When i first used that card i got to know that i cant even u...
Mar 14, 2022 by Ankit Ramchandani
I bought two housing loans from IDBI bank, one in Chennai and one in Bangalore. I got to know from the bank that, both my property original documents, which got submitted, got damaged/lost in a fire accident. For Chennai home, its completel...
Mar 14, 2022 by Sathyan Sethumadhavan
I am a regular customer of mpooket and done a transaction of approximately ***** or above from the start. I am a student and during this lockdown period and such crisis I am not able to pay my loan amount i have told them that i will pay them ...
Jul 12, 2020 by Aman kumar jha
Hi Team, Lot's of times I tried to contact customer care of SBI credit card but tey always says server down. I want to close my credit card but they not responding. Kindly help. ...
Jul 11, 2020 by Sushil Kumar
This is second time I recharge yesterday but still now there is no amount is recharged....
Jul 11, 2020 by Abishek A
I Mrs Thushara started a campaign for helping a needy child in buying a laptop for her online studies .i have managed to collect Rs.*****/- through Razorpay as contribution from ** candidates ie from **th june to **th june .After that i deacti...
Jul 10, 2020 by Thushara Derrick
I want my money back with intrest It was the whole saving of my life ...
Jul 10, 2020 by Kanval das
Respected sir / madam Register Mobile Number : ********** Personal loan no:IPERTRV******** AND Personal loan no : IPERTRV******** REGISTER EMAIL ID- firstname.lastname@example.org This is informed that I have paid the full loan also i got t...
Jul 09, 2020 by KOMATHI
After complaining multiple time ,these guys are not resolving my issue.i have cleared all the due but still all the amount which i am transferring is directly going to closing balance.i don't know why these guys are looting the customer like th...
Jul 09, 2020 by Santosh kumar sahu
I have purchase a bracellet from Frontshope and when i paid through paytm it goes through payumoney and payumoney send a order reciept to my gmail.but its upto ** days. I didnt get any track order please help me...
Jul 09, 2020 by Prabhat sharma
I had salary account * years back in HDFC bank. Bank convert my salary account into saving account without notification and now showing **** rs. as non maintaince charges. I request you to waive off these charges and close my account....
Jul 08, 2020 by Vernika Gupta
I have accidentally added money to paytm.But when i refunded back to bank its shows transaction is success.But money not refunded to bank...
Jul 08, 2020 by Hemanth Reddy
Sir neither I got physical card nor electronic card but I am being charged please look into the matter I even don't know the credit card number ...
Jul 08, 2020 by Shahul hameed
Maine insurances liya tha cancellation ke liye diya cancell nahi kiya aaj * mahine se bevakuf bana rahe hai ki paisa aaj ayega kal ayega...
Jul 08, 2020 by Kamlesh kumar
Today morning recharged for airtel dth through phone pe. Recharge is successful but balance is still 0....
Jul 08, 2020 by Nandhini L
I have received **,*** cash from Quick credit due to financial crisis. Due to covid lockdown, i wasnt getting my salary properly and due to which im not able to reply and the due has jumped to nearly **,***. They are forcing to make the payment...
Jul 08, 2020 by MANSUR SHAIK
On */**/****, while making payment to Flipkart through Phonepe, account got debited for thrice for Rs.****/- (****+****+****). When i registered complaint with Flipkart, Phonepe & Indian Oerseas Bank, Flipkart replied that they received payment...
Jul 07, 2020 by Vijay Kumar Angadi
Hdfc bank have sold out my car even before giving a notice and refused to talk. The cannot sell my car until they give us the legal notice for the same...
Jul 07, 2020 by Rajat
After opting Moratorium of * months, I paid my EMI on *th of July, ** i.e today. I paid the EMI which is Rs. *** plus a previous penalty which was Rs ***, so in total it is Rs. ****. The auto debit was taking so much of time so I paid it manua...
Jul 06, 2020 by Nalin Shrestha
I have tried to withdrawn an amount of ***** inr from Hdfc bank bahadurgarh on *th of April **** during lockdown and it was declined but my money deducted I was waited there around * hour but nothing happened ..so I have complained to my banks ...
Jul 06, 2020 by Sandhya kumari
I returned an item before shein was banned and the refund has reached me just now in my wallet, but there's no way of withdrawing the money or even using it , since this was a cash on delivery transaction . No one at shein is picking up calls ....
Jul 06, 2020 by Sneha Vaswan
I had booked my ticket from Jabalpur to Delhi for *th February. At the time of departure from Jabalpur flight was delayed for more than *hours, then I have been given this receipt for cancellation of flight tickets by AirIndia Staff and I have ...
Jul 05, 2020 by Sahil Gaba