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
My self Kommireddy Durga Vinay kumar registered mobile number ; ********** Loan Account Number: IPERVIJ******** i’m facing this problem from Jan **st... I already pay the amount of Rs.**,*** towards for closing the loan, by the link w...
Feb 04, 2021 by Kommireddy durga vinay kumar
My loan is aproved and ready to disbursed . But I did not recieve amount on time. I call customer care regularly but they dont respond they promise to give amount in *- ** days but now today is **th day....
Feb 04, 2021 by Pankaj kumar
Money has been taken by the DMI finanace every month without fail, However they have reported me late for the month of October and November. I am trying to email them since November but still the issue is not been resolved ...
Feb 04, 2021 by Anita Poojary
I'm transferring ***** through paytm to my online Crypto wallet, I did three payment transaction *.*** (Credited) *.**** ( Not Credited) *.***** ( Not Credited) I provided the one account number but bank is saying the transfer happened in ...
Feb 04, 2021 by Kunal Bisht
I have taken loan from Stashfin worth rs. ****. During Covid lockdown, I got partial salary from my company. So I applied for moratorium. On last Oct ****, One of Stashfin custerm cared called and said to pay *** to close of my loan, I have pai...
Feb 03, 2021 by B Vignesh
Sir I had applied online personal loan in reliance finance limited Mumbai East bandra, all processing fee payment via sbi NetBanking Chennai (processing fee-****, TDS Charge-****, NOC charge-*****, SGT charge-*****(IDFC first bank), totally pai...
Feb 02, 2021 by V RAJAGURU
sir, i have a account with upstox , today **/**/****I buy * put of indusind bank (pe-***) . but because upstox app not working today i could not square off my position.i tried so may time to login again & again but not able to login .i also t...
Feb 01, 2021 by bharat shendge
On Oct *st ****, I bought gold from google pay gold locker for Rs.*****. However my transaction failed. I reached out to google Pay support chat and they said that the money would be refunded back in *-* working Days. I still haven't received m...
Feb 01, 2021 by nithya suri
I was selling electronic items online and I got a call from buyer. He said that he will send a person to buy it. I said OK. But keys are not available with me since we are living in native place and items are in Bangalore rented house. Extra ke...
Jan 29, 2021 by Deepa
I've a KYC Verified Zebpay account which I wish to delete permanently. Zebpay is ignoring my request repeatedly and not responding to any communication from my side. I already followed the steps ( "Security Center " > "Deactivate Account") t...
Jan 26, 2021 by Debpratim Ghosh
I've a #Zebpay account and I would like to delete my account permanently. My request is repeatedly ignored. My account is KYC verified. I already followed the steps ( "Security Center " > "Deactivate account") to Delete my account but the r...
Jan 26, 2021 by Debpratim Ghosh
I have fixed *****/- in year Aug **** & my maturity completed on Aug ****. Since then i have visited several times to office but they are insisting to refixed in other co. I need my maturity. pl arrange to return my maturity at earliest....
Jan 26, 2021 by Manoj Kumar
I have an account with paisabazaar and recently I shifted my bank account to some other branch and due to which, IFSC and Branch codes also got changed. The new bank details had to be updated in the paisabazaar portal also to do the transaction...
Jan 25, 2021 by Anuraj Shrestha
Hi, * year back I changed my ICICI Normal master debit card to ICICI Coral debit card to get the Offers of Movie tickets by paying Annual charges of *** rupees. Below are the List of Offers they Promised: *. Buy one and get one Free movie ti...
Jan 23, 2021 by koteswararao vasa
On ** November ****, I became the victim of an e-wallet fraud, in which certain unscrupulous persons defrauded me of an aggregate amount of INR **,*** through a deceptive scheme involving faking interest in an item I had placed for sale on Olx....
Jan 23, 2021 by Parnika Malhotra
Yes bank is unable to maintain their mobile OTP delivery service for their customers. In last * years time and again my OTP delivery failed to mobile. Although email OTP delivery was working, but that OTP comes after failure of default mobile O...
Jan 23, 2021 by Sujit C
I Have deposited amount in company account for ROBO Trading every day they showed trades and maximum days profit and doubled my amount in ** days only and forced me to add funds i have not added and requested for refund they show loss in two...
Jan 21, 2021 by arjun
I bought iphone * from airtel, as mentioned it was ** months emi, every month of ****/-, i have paid all due correctly and and even after that i see over due of ***/- in federal bank, i dont have any communication with federal bank. the loan...
Jan 21, 2021 by Harikrishna R
I have already raised complaint against SBI card regarding my bill payment. After raisinf complaint via Voxya Got a call from SBI on Jan * and they listened to my problem and promised to get back to me via phone with resolution writhing ** hour...
Jan 20, 2021 by Ganesh M
applied personal loan of rs ******/- for loan processing they asked to pay processing fee i paid that on **/**/** transaction number ua[protected] amt rs ****/- from sbi. Then i got sms stated that i need to pay rs ****/- *****/-****/-as loan ...
Jan 18, 2021 by R MANJUNATHA
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
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 had a Digital product loan with Bajaj Finance ltd. ECS deduction from SBI, The loan date was on *nd day of every month. for the month of Oct **** the same were not deducted from by ECS showing insufficient fund on account. But the account has...
Oct 13, 2020 by Vishnu V
Meri usha janome ki sewing machine khrab ho gyi thi uski warranty khatam ho chuki thiaine company main baat ki thi to unhone *** ki khi thi aur unhone *** rs. Liye...
Oct 05, 2020 by Rajat Mittal
I had payed my credit card bill online of **** INR on *st Oct . I got a conformational SMS the same day , but after * days I got a message from bank of baroda saying that I should pay the amount again . ...
Oct 04, 2020 by Abhishek
Hi team, I visited your atm in baran Rajasthan on *st oct between **.**-**.**. When I was in middle of transaction, A cleaner come and started to come near me and even was behind me and started to clean atm area. When I asked him to ...
Oct 03, 2020 by Amit Kumar Gupta
We have invested in year **** in Sahara credit cooperative society in Sahara e shine product..bond is matured in June and July ****..we did not received any single rupee..how we can get back our amount.....
Oct 03, 2020 by Jadavji naranji bhanushali
Dear Sir, I would like to inform you that I have done a * nos. Fixed Deposits (SAHARA SPECIAL FIX) in SAHARA CREDIT COOPERATIVE SOCIETY LIMITED (REGD NO. - MSCS/CR/***/****), for the period of ** months. Therefore the same FDR has been matured...
Oct 03, 2020 by Varun
i am a merchant using paytm's pos card swipe machine, there were transactions in total of **** done on the pos machine which usually gets credited to the bank account the next day. After not getting credited to my bank account I raised a compla...
Oct 01, 2020 by gaurav sethi
After doing payment of *****, rupeeredee charged **** via auto debit and now no reply on mails and customer care number not reachable Thank you for making payment of Rs. *****.** towards your Loan No. ********* on **/**/****. ...
Oct 01, 2020 by Manish
My account ID is JANAK***** in the parveen jain, you have charged the penalty of Rs *****.** on **/*/** without any intimation, i had called on **/*/** in customer care and they told me that there is positive ledger balance of rs ****/- and tol...
Oct 01, 2020 by PARVEEN JAIN
मेरा नाम सुनीता सोनी मेरे द्वारा सहारा इंडिया क्रेडिट कोऑपरेटिव सोसाइटी ki Sahara E-Shine योजना के अंत...
Sep 25, 2020 by SUNITA SONI
This mail was sent SBI dated**March **** Dear Sir or Madam: This letter is my official notice requesting you to close my account **************** and Add On card in SBI Bank with immediate effect. All my fiscal responsibilities with this c...
Sep 24, 2020 by Al. Kasi
Sir, Vineet Sharma maine Big bazar kidwai nagar me Future Enterprises limited Ahmedabad ki company me last year ** oct **** ko *,*****/- ki fd ki thi mujhe paiso ki Jaroorat thi maine future Enterprises limited Ahmedabad ke customer care...
Sep 24, 2020 by Vineet Sharma
Debited twice from my axis bank credit card and debit card in payzapp wallet of rs **** * times. The transaction date was *th july and *th july **** of rs **** each but i got only one refund. The transaction was made on grofers via payzapp. My ...
Sep 23, 2020 by DEBRUP SARKAR
Hi, My Father Mr. Dau Dayal Khandelwal did an investment in Alchemist Township India Limited of Rs. *****/- for SIX month. As per allotted letter, after maturity we will get *****/- MATURITY DATE : **/**/**** Now I can see that company is no...
Sep 23, 2020 by Abhishek Khandelwal
I tried to add Rs.*** in my Airtel Payment Wallet through Debit Card from my Bank A/c but failed so I tried for the *nd for the same amount and that was also failed but debited from my Bank A/c for both the transactions.Still now no amount is r...
Sep 23, 2020 by Monolakhan Barman
Respected officer, I'm complaining on behalf of my mother. My mother has an account in CANARA BANK NAVSARI I am a second holder of an account. My maternal uncle send a SBI cheque of **,***rs amount to deposit in CANARA BANK, NAVSARI my mothe...
Sep 22, 2020 by Ankur h panchal
I have start investing with sahara credit cooperative society limited.. around **k i hve deposit with them.. now i don't find any offce near my area.. kindly refund my money with interest.. pls revert will gave you details of my account as well...
Sep 21, 2020 by Rakesh Chananan