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
Arrange of all sahara pending payments (Sahara credit cooperative society Sahara india bhawan 1 kapoorthala complex Aliganj Lucknow) Open
Sub:- Arrange of all sahara pending payments. Sir, I am Sonali kundu.I have suppose to get my money after maturity on Sep****. But company forced me deposit money for another * years. Now maturity is over o...
May 10, 2022 by Sonali kundu
Chit fund company has cheated me (Dinesh Karthik Chits Private Limited) Open
Hi Voxya team, I have been hearing Voxya and you are doing a great job. You make the skewed people straight and help the people who are in the need. I cannot resist to applaud you for that. I never thought I will get into a situation where...
May 09, 2022 by Dada Khalandhar
Money fraud by Reliance finance pvt ltd (reliance finance pvt ltd) Open
Money fraud: Reliance finance pvt ltd named company fraud with me for personal loan purpose. This company fraud with me and i lost rs **,***/...
May 05, 2022 by CHANDRASHEKARA KR
Unjustified charges levied against property loan (Piramal Housing Finance) Open
I have taken loan against property from DHFL in ****. Now i have to foreclose the loan but now Piramal(earlier DHFL) had levied *% penalty on my outstanding amount , which is not even mentioned in my sanction letter. Now they are blackmailing ...
Apr 30, 2022 by Ashwani Kataria
AUCTION OF GOLD WITHOUT NOTICE (Manappuram finance ltd ) Open
I HAVE TAKEN GOLD LOAN OF Rs *****/-(WEIGHT OF GOLD **GMS) FROM MANAPPURAM FINANCE LTD ON **/**/****,WHEN I APROACHED THEM FOR THE RELEASE OF MY GOLD THEY SAYING IT WAS AUCTIONED I HAVE NOT RECEIVED ANY NOTICE REGARDING THE AUCTION. HOW CAN THE...
Apr 28, 2022 by SRINIVAS MALTHUMKAR
Refund of Invested Amount (Humara India credit cooperative society limited) Open
With due respect, I would like to say I have some life earned investment in Humara India Credit Cooperative Society Limited with Society Regn. No. MSCS/CR/***/**** on **.**.****, which was matured in **.**.****, details of investment is given a...
Apr 27, 2022 by RAVI KUMAR
Refund Request Denied (Bharatpe Merchant) Open
Dear Sir/Ma'am, My days in Delhi is getting over and therefore I have started selling things in my room including fridge, furniture, etc. One such item is a wooden centre table. I placed an Ad in OLX and received a request for buying the ite...
Apr 27, 2022 by Kukukik Narah
Money laundering by fraud loan (IndusInd Bank) Open
Illegally use my account for loan and insurance and betrayed me in the name of recurring deposit.I have lodged complaint to all level of INDUSIND BANK as high up to the Nodal Officer and then to Banking Ombudsman, but I didn't receive proper re...
Apr 26, 2022 by Muralidharan.R
Fund transfer showing pending (Mobi Kwik) Open
I made a transaction of Rs.**,*** on **th April, **** from my SBM credit card. But amount is debited from my SBM credit card but not transferred to receiver account and it still showing pending in transaction. I already made complaint in mobiwi...
Apr 25, 2022 by Somesh R
Mental Torture from Dhani (Indiabulls Dhani Loan) Open
Dhani Team are again and again sending mental torture and sending me the threat of LEgal notice With due respect I would like to share that your team is not following the rules and creating lot of mental torture on me for payment as already tol...
Apr 25, 2022 by HMHarsh Maheta
HOME LOAN INTEREST (Oriental Bank of Commerce) Open
As per home loan sanction letter CN/***/LOAN/HL DATED **TH Nov **** of ORIENTAL BANK OF COMMERCE has sanctioned me home loan of RS.**,**,***/- for *** month (***monthly and ** month moratorium period) and *.**%p.a.at fixed rate. As per the san...
Apr 21, 2022 by Rajul shrivastava
Chit and Finance company not returning principle and interest (Sree Lakshmi Finance Surabhi Chits Ltd) Open
The latest ordeal that I am going through is that, they gave a replacement cheque for ₹ *,**,*** that is mentioned as the first instalment of the settlement. The first instalment was due on **/*/****. They gave a new cheque on */*/** (dt. */*...
Apr 21, 2022 by Keshavan G Gorur
Mutual fund order rejected but refund not yet processed (Groww App) Open
I placed order on March **st ICICI PRUDENTIAL nifty direct plan growth of rs *lakhs, got rejected till now refund not done. As per norms, refund should be within * to ** working days. Now more than ** working days, no body gives clarity abo...
Apr 20, 2022 by Kamalakannannadarajan
Extra interest against education loan (Punjab National Bank) Open
Hi, I have taken education loan of amount Rs *,**,*** for my post-graduation studies. My PNB loan account no is ******JB********, from PNB branch Purulia (West Bengal). This was made a joint loan account from me and my mother.The sanctioned amo...
Apr 18, 2022 by Abhishruti Mandal
Fraudulent issue (CRED Dreamplug Technologies Private Limited) Open
I did a transaction from my credit card via cred app to recepient account. Due to some issue on the recipient end the cred was rejected at reception end but from my credit card transaction was successful and in cred app also transaction was suc...
Apr 15, 2022 by Salma sultana
Google pay has deducted Rs but the credit card bill payment is not reflected (Google Pay) Open
I have made my credit card payment of ***** Rs. on *rd April **** from Google pay. It shows that the transaction is successful but the payment is still not reflected in my credit card. On **th April ****, I have raised complaint on Google pay b...
Apr 14, 2022 by Kamal Arora
Money added but not reflected (Fyp) Open
Hey I m adding funds in my account so I have send the request on my UPI and the transaction got successful from that side but it's not getting reflected on my fyp app plzz help my transaction ID is ************....
Apr 13, 2022 by Aseem Ashesh
Payment fraud (PayTM) Open
I opted for personal loan which I paid before tenure and on same time emi was also deducted for which I raise several concern but it was not resolved it's been * months now....
Apr 13, 2022 by Yash Sharma
Online fraud by razorpay by helping fraudsters (Razorpay Gateway Payment) Open
Razorpay is onboarding sellers without proper verification through their payment gateway sellers are getting money without delivering any product....
Apr 13, 2022 by Prasanta Kumar Sahoo
Request came by m pocket customer and amount has been debited ( M pocket ) Open
I called to a customer care of my pocket and he was talking to me and asked my upi I'd and suddenly amount debitted from my account and after that switched off his mobile. HIS NAME is RAJU KUMARI FROM M POCKET ...
Apr 12, 2022 by Abhishek Teli
EMI charges (Upwards fintech) Closed
Upwards fintech cheated me,they raised the ECS charges in a same month even after full EMI paid on time. EMI should be deduct on *th of every month,but it was not deducted and got many calls & messages to pay manually which the payment link att...
Jun 27, 2020 by Sairam u
Recharge not done but money deducted (Inditab) Closed
I recharged my airtel no. ********** today with rs *** plan from inditab website in morning but it isn't activated yet. Please refund my money or activate it. ...
Jun 22, 2020 by Sudarshan Bikal
M poket farid (M Pocket) Closed
I taken loan from Mpokket **k one *months they charge me **** rupes it is to high but I pay Time to time During this lockdown I don't have any money to pay them But they are Calling daily and harrasing me plz take action ......
Jun 22, 2020 by Jasraj
Withdrawal amount not created in bank account (Matchon Sports Cricket Fantasy) Closed
I have withdrawal amount of **** and **** on **/**/**** but withdrawal amount not created in bank account still **/**/****.i have sent many requests by mail to matchonuser@gmail.com...
Jun 22, 2020 by Vedprakash Arya
Repayment of mpocket (Mpocket Loan Application) Closed
Sir as I am student i took loan from mpocket but due to lockdown I am unable to pay loans they are calling day and night and threatening sir they are charging ** ruppees per day. Due to non repayment my loan goes upto ****....
Jun 22, 2020 by Vivek Tiwari
Transaction through Google pay failed and my amount debited from bank and not giving my refund after (Googlepay) Closed
On **th June Saturday morning I have done a Google pay transaction and the transaction was failed.But they have debited the amount from my bank also.After **days also they are rejecting my request for refund.I have already submitted all the pro...
Jun 22, 2020 by INNINGSON joy
Refund of Fraudulent Transaction thru PayU money Portal (Individual) Closed
Dear Sir, Please find below the details of my transaction which was done on *th Jun,****. Merchant Key: uKl*dK*W Merchant Salt: RkndcZPBtC Merchant ID: ******* The above transaction does not reflect on the PayU account nor on the portal ...
Jun 21, 2020 by Babu P.S.Moni
Wrong number recharge (paytm & d2h) Closed
I have recharge through paytm but by mistake my recharge has been mobile number ********** instead of ********** reference number is MP**************** Kindly refund the amount ...
Jun 21, 2020 by RISHI GUPTA
Cibil score issue (Muthoot Fincorp Ltd) Closed
Hi Someone misused my aadhar card and driving license and taken loan from ola auto in my cibil report it was updated in the name of muthoot fincrop,ola auto lending partner muthoot fincrop regarding this I have contacted muthoot fincrop but th...
Jun 21, 2020 by Suman v
Wallet Fraud (PayTM) Closed
On **th April, I suddenly had * back to back transactions on my paytm wallet and my paytm balance gets consumed. There was no OTP, no other security check, but the balance got arbitrarily deducted from my paytm wallet. I followed up multiple t...
Jun 20, 2020 by Somnath Mitra
Paytm blocked my account (Paytm payment bank) Closed
I have ****+ balance in my account and paytm blocked my account. Paytm asked me kyc documents, I have shared * times these documents but paytm closed the case and on new case ask again these documents. ...
Jun 19, 2020 by Adarsh Choudhary
Credit card unwanted bills (Hdfc) Closed
I am being cheated by HDFC credit card with unwanted bills even after closing the card ...
Jun 19, 2020 by Sudharson N
Sbi credit card financial charges and support service (Sbi Credit Card) Closed
There was dispute transaction on my sbi credit card .I wrote the mail to sbi and no one update. I paid the ammount excluding the dispute transactions which was *** and sbi gave me **** financial charges of it. I raised the concern and at least...
Jun 19, 2020 by Anurag kant
Money bazar (Balling Ganesh goud) Closed
I applied for personal loan on online **** paid again to paid ***** I paid again ***** to paid. I paid **** then I told no balance show the balance screen shot I sent it *** bal is there he ask me send *** also they torchered me to pay . Days...
Jun 18, 2020 by Balling Ganesh goud
Indian railways tourism corporation (Phonepe) Closed
I got a call from phonepe person name on true caller Psycho rider(**********) he said indian railways tourism corporation want to return your money **** rupees.and he send some pay option. after that my money is automtically deducted from my ac...
Jun 18, 2020 by Pooja
Against insurance co tpa (Oriental ins co rakshatpa) Closed
Reimbursment claimed towards opd treatment taken from Homeopathic doctor to reduce the impact of hypertension of my child suffering from cerebral pulsy/hypertension. The co. has reimbursed the same opd exp. from the same doctor for the year end...
Jun 18, 2020 by Raj Kumar
Personal loan fraud (Kotak Mahindra Bank) Closed
I got personal loan of ****** from bank but received only ****** in my account they have deposited amount of ***** in wrong credit card without confirming card number and now giving no reply....
Jun 17, 2020 by Mahavir singh Godara
Trimmer product not delivered (Retired ) Closed
I have made payment on ** of may INR ***/- by Paytm. But till today no response from company. ...
Jun 16, 2020 by ANIL MADHAV HIRWAY
"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