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
Paytm cashback stuck at pending status and postpaid problem (PayTM) Open
I did my jio prepaid recharge from myjio app and paid my total amount from Paytm wallet as promised I did get ** rs cashback but it is stuck at pending (will deposit in ** hours) but it has been * days now. Second problem is with postpaid as I...
Apr 10, 2022 by Rohit Kumar
False commitment (Yes Bank Ltd) Open
On **th of Nov, Sales executive of Yes Bank visited my place and forced me to apply for a credit card based on my existing other bank credit card. Without explaining features and benefits he sourced the application form stating it's free of co...
Apr 07, 2022 by Shreyans Mathur
RD Mature but Can not Refund by Company (Sahara Credit Co Operative Society Limited) Open
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
Money lost due to Regular Technical issues (Groww india) Open
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
Cheating done by Sunita Finlease Ltd (Sunita Finlease Limited) Open
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
Mental Torture and TOP UP LOan (Axis Bank) Open
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
Refund request against application no (Repco Housing Finance Company) Open
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
Mental Torture by Home Credit (HOME CREDIT INDIA PRIVATE LTD) Open
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
Property insurance done twice for same home loan (Sbi Racpc Lalbagh Branch) Open
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
Coindcx Fraud and money laundering (Coindcx) Open
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
Subsidy related issues (Iifl home finance limited) Open
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
ICICI Prudential looted Rs.36577 for 170 Days Service (icici Prudencial Life insurance company) Open
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
Humiliation and loss of finance (Savaari) Open
**.**.****-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
SBI Credit Card No Action Bad Customer servicequest (SBI CREDIT CARD DIVISION) Open
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
Charging me late penalty after paying the amount (India bulls dhani One freedom credit card ) Open
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
Regarding to close my loan agreement no idhadel09787669 (Dhani app indiabull credit line app) Open
My loan account no. is CL******** and my loan agreement no. is IDHADEL********....
Mar 20, 2022 by KIRAN RAJENDRA MORE
They have my balance 25000 and not returning because my registered mobile number is discontinue and (Bharatpe) Open
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
Mental torture and Threat (Krazyrupee And Google Play Store) Open
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
Payments not properly updated (Mpokket loan ) Open
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
Unauthorised Purchase Happened (ZestMoney) Open
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
Fraud payment (Paytm mart) Closed
I have placed an order of rs.**** for a mobile phone on paytm mart.payment was successful but I didn't receive any information or even I didn't receive order I'd. So I came to know that this is fraud. I raised a complaint to paytm care they are...
Jun 16, 2020 by Sigireddi Naga Deepika
Refund amount not received in bank account (State Bank of India ) Closed
Dear Team, On *st June **** at *:** pm I was trying to make an online payment of Rs.*,**,***/- for buying laptop from Flipkart. But the transaction could not be completed due to some technical issues. My debit card was charged Rs.*****. It w...
Jun 15, 2020 by Rajesh Gholam
Fraud on my deposit (Adarsh Credit Cooperative society) Closed
My name is salma khan and i have been investing in adarsh co opeative society for last * years and my total amount was ****** till ** march ****.I have been cheated by this society and i want to claim my money. Please help me out to get back ...
Jun 12, 2020 by Salma khan
Money transacted but order is not execute (Healthmug) Closed
.I put order on healthmug and transferred money thro’ Pay U Rs *** on **/**/**.Transaction Id *********.But order is not placed and transaction failed.My money is not refunded....
Jun 12, 2020 by Manivannan
Transaction declined (Google Pay) Closed
Transaction has been declined but the amount has been debited from the account and not credited to the respective person...
Jun 12, 2020 by Mariyappa S
Credit card bill (Hdfc) Closed
Hello respected maam/sir I am sheraj from chandigarh, i m persuing my nursing from jammu , i am very disapointed i had paid every amount now hdfc bank is making so many penlty how can i give them , they harrasing me , my father ia labour n we ...
Jun 12, 2020 by Sheraj banoo
Annual charges applied as they told me card is life time free (Tata SBI Credit Card) Closed
Annual charges applied as they told me card is life time free, still they applied the annual charges. And also I want to discontinued this card....
Jun 12, 2020 by Priyanka
Money got deducted (MOBIKWIK com) Closed
Mobikwik registered number (**********) I have made Rs *** recharge on */*/**** order no MBK*********,Only showing successful but recharge not received,Airtel also said there is no recharge done on given date So I raised complaint but they ar...
Jun 11, 2020 by Pramod patil
PhonePe Transmission Failed Account se RsDebit ho gaya hai Mera Account me Rs4000 wapas nahi aaya (Phonepe Mobile App) Closed
Date - **.**.****,Time - *:**AM, Transmission ID-P********************** UTR:************ Ticket - ********...
Jun 09, 2020 by Satish Chandra Sinku
Fraud financial transaction (Paytm through Debit card) Closed
The fraud happened on my mother's paytm wallet. Date **/**/**** at **am The fraud mobile number is ********** The fraud happened through paytm while upgrading kyc online stating that if kyc is not done within ** hours then paytm account Wil...
Jun 08, 2020 by Renuka Pillay
Credit card annual charge (Hdfc Bank) Closed
Hi I have been charged for annual membership about **k in this pain situation of covid**. At *st I have tried to contact in customer care they said they have raised the reversal but after ** days not money has been credited . I have complained...
Jun 03, 2020 by Swarup Supakar
In lockdown they have debited money in my account (India bulls dhani personal loans) Closed
I have mailed to India bulls for not paying emi because of lockdown because salary didn't credit in my account and I have brought from my friend for immediate requirement but my hdfc bank debit whole amount in form ach charges of rs total **** ...
May 31, 2020 by Vishwa pratap singh tomar
Bajaj finance imposing for EMI payment (BajajFinserv) Closed
I don’t understand when RBI has circulated guild lines even if you don’t pay EMI’s for next * months it’s okay. Then how come Bajaja finances imposing people to make EMI payment. Also if you make a late payment they’re charging intere...
May 30, 2020 by Rohit Sonawane
Service Deficiency (Equitics Global Research) Closed
I had taken * packages last year in August **** and September ****. As per their claim, they complete the packages in ** days with a few days buffer. However, I have to remind them to trade everyday and I am given assurance that both packages w...
May 28, 2020 by Mihir Shah
Personal Loan Foreclosure Charges (Bajaj Finserv) Closed
I have secured a loan of Rs.** lakhs from Bajaj Finserv and they offered me Rs.** lakhs revolving credit and Rs.* lakhs as additional sanction as overdraft. I availed this loan on **th Jan **** and paying my EMI of Rs.** K monthly now within *...
May 20, 2020 by Manikandan Nadimuthu
Money refund (PayTM) Closed
I have booked flight ticket and flight has cancelled and I contact to airlines they said they have refunded money to Paytm and then I contact to Paytm now they are saying that they not received any refund PNR:-BCVSYT Booking id:-***********...
May 13, 2020 by Mitesh
Account blocked without reason (PayTM) Closed
With out any reason. PAYTM blocked my account and no response from customer. ...
May 12, 2020 by gopinath
Payment Issue and Incorrect Billing (Axis Bank Credit Card) Closed
We have an axis bank credit card using which an transaction was converted to EMI for ** months. We are paying upfront more than the monthly bill of the statement. Even though the credit limit remains the same. Moreover we have not used credit c...
May 09, 2020 by Sreeji KR
Online payment service (paytm manapuram) Closed
I try to make payment through paytm upi for an amount of **** on **/**/****.amount is debited from my bank account but not credited to the concerned party. when i contacted the both parties through email but paytm is saying that the transaction...
May 09, 2020 by Viswanath mayaguntla
Fastag tolls fraud transaction (PayTM) Closed
Paytm fastag and xxx toll plaza fraud Guys beware of buying Paytm fastag. Since your fastag is linked to your main wallet. this allows your fastag to deduct as money as it want. I am facing a #FastagFraud from Paytm. I have not crossed any ...
May 07, 2020 by Maninder Singh sabharwal
"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