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
Financial Fraud (Paytm payment bank) Open
Respected authority, I hope this letter finds you well. I am writing to draw your attention that I victimize of financial fraud on dtd **th and **st of Oct, **** by PAYTM PAYMENT BANK customer who was holding account number ************ with ...
Feb 15, 2024 by Diwan Singh
Money not refunded for Failed Recharge (Cred App) Open
I have done recharge through Cred App on ** Jan **** at **.** AM. And it is not successful. As checked with Airtel they confirmed that the transaction ID details which was provided by CRED is available in their server as it got failed. Also...
Feb 14, 2024 by Setric Breeze J
Fraudulent and Cheating Money extracted (Ganpati Finance Ltd F8 Office No 688 G112 Sec 3 Noida Uttar Pradesh) Open
Arun Narahari (on behalf of Mr. Ashwin Venugopal), Bangalore with contact number ********** states as follows: Arun Narahari approached Ganpati Finance Ltd office located at F-*, Office- No *** G-***, *st Sec * Noida and spoke to Sanjeev Ku...
Feb 13, 2024 by Arun Narahari
Investment not refund (Adarsh credit cooperative society Ltd ) Open
i was invested money in Adarsh Credit Cooperative Society Ltd as a saving account but still getting no refund (it's fraud )...
Feb 12, 2024 by Nilesh Gohil
Scam (Fincfriends Private Limited) Open
I have paid my whole I have already closed my all loan still it showing some due amount don't know about that amount they sending messages to pay kindly update the app there is no due amount for me check it..... ...
Feb 09, 2024 by Nisha
Loan not disbursed (Cashe Loan App) Open
I have applied the loan on December **, ****. Received the approval call on the very next day December **, ****. The app showed verification in process on a regular basis, in spite of receiving the approval call.made multiple calls every day to...
Feb 08, 2024 by Aninda Chakrabarti
SCANNER DIDN T WORK (Lanco Hoskote Highway Limited) Open
I am from Bhattarahalli have passed the toll from Bhattarahalli to hoskote the toll fee was detected from fastag when I was return back from hoskote in toll plaza it was not detected from fastag after the toll plaza people started asking to pay...
Feb 08, 2024 by NAVEEN V
REFUND OF MY MONEY (Adarsh Credit Co Op Society ltd) Open
One of my friend told me to deposit money in this so that my money would be doubled in few days so i invested some money in this now i am unable to get my money back. please help me out in this case...
Feb 04, 2024 by Sunita Aggarwal
Mental and Financial Harassment Urgent (Bajaj fineserv) Open
My father doesn’t have any income still loan of *.* lakh was approved from Bajaj Fineserv. He paid around **+ lakh by borrowing money from relatives and friends, still the collection agents are mentally harassing from last *year. I had start...
Jan 24, 2024 by Jayesh Anil Patil
Cyber Cred harassment and blackmailing (Cyber Cred Loan App) Open
I have taken loan of **** but they gave me **** and when I am trying to repay them,one loan got closed and another loan of amount of **** is pending which failed at their end..Before the due date they are harassing me to pay them or they will s...
Jan 17, 2024 by Monika Pal
PMAY (Bank of Baroda ) Open
I availed a home loan from the Bank of Baroda in Aug ****. It was the bank's official duty to have my file registered for the Pradhan Mantri Awas Yojana. It was filed in Nov **** after multiple follow-ups. When I further dug in there was no res...
Jan 16, 2024 by Dhananjay Ramchandra Chavan
Non refund of money by SBI inspite of complaint of online fraud within (STATE BANK OF INDIA BHUBANESWAR MAIN BRANCH) Open
I have been subjected to online fraud being done on behalf of Mayfair Hotels for reservation at Puri and this time i have been on the receiving end with losing approx **,***/- for a booking at Mayfair Hotels Puri.The transaction was done on **...
Jan 16, 2024 by Colonel Satyabrata Swain
Fraud Money Transaction (AU SMALL FINANCE BANK LIMITED RAJASTHAN ALWAR District ) Open
Dear Sir/Madam, Greetings. \Mistakenly I Send Rs *****, To Jora Singh, AU SMALL FINANCE BANK LIMITED, RAJASTHAN, ALWAR District. My IOB BANK ACCOUNT DETAILS:- NAME;- B.SELVAKUMAR, ACCOUNT NUMBER:- *************** INDIAN OVERSEAS BANK, MA...
Jan 14, 2024 by B.SELVAKUMAR
Loan was not settled (Cashe Loan App) Open
I took a loan with cashe for trading purpose but i lost all the money, i was mentally disturbed by thinking how to pay my loan then after many calls from company i talked to one of their employee about settlement and he ensures me that he will ...
Jan 11, 2024 by Himanshu pandey
Fraudulent activity on Loan by PineLabs Employee (Pinelabs ) Open
A pinelab employee has taken *.**lakhs rupees in breakups as advance processing fee for the loan of **lakhs rupees, the amount has been taken personally on the employee account to provide employee discount and make the processing fee as complet...
Jan 10, 2024 by Bhaskar Dey
Paytm not credited my rent payment (PayTM) Open
On *th Jan ****, I initiated a rent payment of Rs **,*** using my Axis credit card. The transaction appeared to be successful on the PayTm app, showing "Paid Successfully." However, despite the apparent success, the amount has not been credited...
Jan 09, 2024 by Md Haque
Money View Auto Debit Double payment in Month (Moneyview) Open
As per loan term EMI of amount *****/- was auto debited from my bank account on *th Jan, but in email from money view it show payment failed. Next day i was getting calls and warnings of over due amount so i made payment of *****/- on *th by ...
Jan 09, 2024 by Bhushan
RBL Bank holding customer responsible for issue happened on their internal system (RBL BANK LIMITED) Open
Unjust Treatment and Financial Strain Due to Bank's Error My transaction, which took place on November **th for INR ***, was not reflected in my credit card statement cycle. Consequently, my credit card statement total amount fell below INR ...
Jan 08, 2024 by Hafeez Rallapalle
Wrong Transferred amount refund from Yesbank (Yes Bank) Open
To the Kanchipuram District Consumer Court and Consumer Forum, Kanchipuram Sir/Madam, With due respect, I would like to bring to your notice that, on **.**.****. I had done a wrong money transactions of *****.** Rs from my Icici bank to a UPI...
Jan 08, 2024 by Batakrushna Mahapatra
Money got deducted from credit card but not credited to landlords account nor getting refund from 20 (PayTM) Open
I've done a transaction on **th of Dec'**** with order ID (***********) & transaction ID (***************). Money got deducted from the credit card & it didn't got credited to my landlords account not getting refunded back to my credit card. ...
Jan 02, 2024 by Kranthi Kiran
SBI Home Loan SI Charges Fraud (Sbi) Closed
I got home loan (HL) from SBI of Rs******* Disbusred on **st Oct **** (ACC : *****************) I request **th of every month as a date of EMI. So as per Standing Instructions given, account to deduct EMI of Rs *****/-- on **th of every month...
Jun 15, 2023 by Sushilkumar Wagh
Loan taken but amount not credited (smart coin app) Closed
sir loan amount ***** not credited to my account as it is closed on ** APR **** and the same I informed to customer care they asked closed letter from bank same provided and statement also provided but amount not diverted to my new account when...
Jun 15, 2023 by G RAJENDRA PRASAD
7982023748 (vasudha gurup) Closed
sar ye +M*I! *H (> > +M*@ *K(> >*? ** (G .G*G ...
Jun 09, 2023 by Khushnasib Ali
Farod (vasudha group) Closed
** .G*G *>% +M*I! *A *H /* *(@ +M*I! *H *H*G (G ,?(G* ,(> *> *H (M*K(G *M*@ ** > +M*@ *K(> >*? (L*@ &G(G G (>. ** -K*G ->*G *KK K +*>$G *H /* *K...
Jun 09, 2023 by Khushnasib Ali
Wrong tranjuction for my credit card (ICICI BANK CREDIT CARD) Closed
Within ** minutes on **th April, we have complained by calling and emailing icici bank customer care number and have also complained online in cybercrime, yet after a month, the bank is asking us to deposit the money by mail. That I am repeated...
Jun 03, 2023 by manoj kunwar
Cashback Not Received (ZestMoney) Closed
My name is Rafique I am from Maharashtra. rafiksayyad*@gmail.com I had taken a loan of ₹***** from Zest Money. I have called zestmoney many times but every time I am dropped by giving a date. Without any reason, my credit limit has also bee...
May 18, 2023 by Rafique Ramjan Saayd
Upi through fraud transaction (Bank of Baroda ) Closed
my bank account (**************) is Bank of baroda branch Trans yamuna colony Agra.somone debited my account RS *****/-dated **/**/****.i never not done this transaction.bank not inform me this unauthorised transaction not any confirmation mass...
May 18, 2023 by Kafil Usmani
Interest cashback is not refunded by ZestMoney (ZestMoney) Closed
I am writing to address an ongoing issue regarding the cashback on my EMI payments. On March **, ****, I made an advance payment for the EMI due on April *, ****. However, I did not receive the expected cashback of ***. Similarly, on May ...
May 17, 2023 by jaydip parmar
sub: issues in getting NOC for my personal car loan To, Respected Sir /Mam IKF finance limited Indore (M.P) I Piyush Panodiya is a car loan customer of IKF finance having the car loan no. LXIND*****-********* , I took a loan of *,**,***...
May 17, 2023 by piyush panodiya
23032023 k 8 i 8g h8 2 09 80m50 59 8g g0 h8 0 hg 8 m5 8g k2 8 m5 g 9 24 g g g 9a h8 58 (80M50 !> ( @ 59 8G .G0> *H8> /> 9H K ? .H (@ 6?>/$ K2 +M0@ (,0 *M2G( &0M 0> &?/> 9H 0 8@ > 0> > ?$ >0M05> @ > .G0> *H8> 5>*8 ?/> > 7800 0A*/> > 9H .AG ,H 8G 0 ,@8@ *I 8G M0 2>(> *!< 09> 9H) Closed
**/**/**** K ,@*@ *I *G *****H*> (?>* **G %G $-@ **M** !> ( @ ** *G .G*> *H*> /> * .AG ,@*@ *I *G (& (*@ &?/> /> /* *> /> ? *> *H*> ** > ,>& *G >$G .G >> *@ ,>& .H(G ** > *G *(G G ,>& ,@*@ *M*> /...
Apr 27, 2023 by Rambali Yadav
Skill Lync course cancellation (Skill-lync) Closed
Feb **th I took course related to embedded system in electrical vehicle. Skill Lync agent Gopinath keep on calling me and give a false hope to you should pay course amount only on monthly basis... I enrolled amount ****... I am unemployed so t...
Apr 18, 2023 by Kavitha
Cheques dishonored even while having sufficient money (State Bank Of India ) Closed
My cheque was dishonored even while having the sufficient balance in the account the bank officials didn't even bother to just give a call I received a message later that cheque was dishonored due to insufficient balance in the account but as I...
Mar 18, 2023 by VISHAL KUMAR JAIN
Money is not credited (Mpokket) Closed
I have applied loan from mpokket. In transaction screen it showing that money is disbursed into account. Its been * hours i haven't received any money and also they not responding to my calls and mails....
Feb 10, 2023 by Divyansh tyagi
Insurance Maturity amount not Paid (HDFC Life) Closed
*)-Maturity amount is transferred to unknown account. *)-They are saying that you have given account statement at the time of inception.. Thatswhy it got transferred on that account. *)-I completely deny that we have provided any such account...
Feb 10, 2023 by Nooruddin
Refund not credit (S2 Money private limited) Closed
.G*> (>. ?G*M** *>*B *H .H '>* >*M! *G *H*G (?>* **> %> *G?( **M** !> ( G >*# *H*> >$G *G /> * -@ $ *>** (*@ /> *H | S* MONEY G .>'M/. *G AIRTEL PAYMENT BANK ACCOUNT > (?>* **> %> >(>*@ :- Ac. No. ********** AMOUNT **** ...
Jan 11, 2023 by Tikeshwar sahu
Refund not credited (Punjab National Bank Gamma 1 branch) Closed
.G*> (>. &M**>* s/o *>*.* (?*>*@ *>@*A* M*G* (K!> $%> .G*> > (,* **************** K? *>, (G*(* ,H $ +>*M. ** *H .G*G > *G **-*-**** K ...
Jan 06, 2023 by kapil kumar
Fraud By My Debit Card of ICICI bank (icici bank) Closed
Good afternoon As one girl called me for credit card of bajaj finserv and says to install one app ie of Bajaj finserv only and she asked to fill basic details and debit card detail and said you will get verification transaction of * rupee b...
Dec 23, 2022 by Akash Gangwar
Refund not completed (SBI & Phone pe ) Closed
Sir I transferred an amount RS.*** on dated ** sept **** to my friend through SBI phone pay the phone number is correct but amount transferred to another account .In this regard complained to phone pay care centre they stated that the responsi...
Dec 21, 2022 by SANTOSH KUMAR MISHRA
SBI credit card charging double amount for a single EMI purchase every month (Sbi Credit Card) Closed
I have taken an EMI upon a purchase using SBI credit card for which a monthly EMI of **,*** rupees should be charged for me on monthly basis. The EMI period is * months and amount is around **,*** rupees. They started to charge me around **,***...
Dec 20, 2022 by Jajimoggala Nava sai krishna
"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