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
Facing loss due to insufficient infrastructure on groww (Groww App) Open
I bought Bank nifty ***** put option on Friday, which I was supposed to sell on Monday when market opened at a profit of **** but due to technical problem on groww I could not sell it and now I am facing a loss of **** and if i did not sell it ...
Dec 27, 2021 by Saurabh Singh
APY account closed instead of address change (icici bank) Open
I had submitted an application for address change in my APY ( Atal Pension Yojana account) to ICICI Bank, Ramdaspeth, Nagpur branch on *-Dec-****. Instead of address change, ICICI bank closed my APY account which was operational since January-*...
Dec 26, 2021 by Ajay Shukla
Payment successful but merchant didn t received any amount (PayTM) Open
Repayment of loan amount from my paytm Payments bank account successful but the merchant (RupeeRedee) didn't received any amount. I have repaid the loan amount on due date. Now the merchant started charging late payment charge....
Dec 24, 2021 by SALAM ARUNKUMAR SINGH
Refund not credited (Zefo) Open
Ordered a sofa set and it wasn't delivered and when followed up they said they will cancel and refund the money since Nov **th. Order ID ******....
Dec 22, 2021 by Balagopal
Easiest Request Rejected (Upstox) Open
Request for grouping of account(s) to your easiest login Rejected by the DP Your request for grouping of account(s) to your "easiest" (electronic access to securities information and execution of secured transactions) login has been rejected...
Dec 22, 2021 by Indrajit Mondal
MY PARENTS DISEASED CLAIM SETTLEMENT (State Bank Of India RAJAHMUNDRY ) Open
MY DISEASED PARENTS HAD LEFT * FIXED DEPOSITS IN STATE BANK OF INDIA RAJAHMUMNDRY , . I HAD APPLIED BEFORE COVID MET MANAGER SEVERAL TIMES, BUT NO RESPONSE. NOW I HAD SHIFTED TO BANGALORE KINDLY PAY MY MATURITY AMOUNT AT THE EARLIEST THRU NEFT ...
Dec 22, 2021 by SURENDRA KUMAR REDDY PADALA
Chitfund company not paying prized amount (Akshara Chit Company) Open
I'm a chit subscriber with akshara chit fund, alwal branch Hyderabad. I enrolled for a * lac chit and im currently paying **/** months. I have been prized winner for August ****. But company is not paying me giving financial losses of the branc...
Dec 20, 2021 by Kiranbabu Aavula
Payment deposit my account without my information (Express Loan) Open
I have received **** in my account but after * days I have received call from express loan u can pay **** .Express loan representative has used abuse language.I am asking I am received **** then why **** .I asked Can you share ur account detai...
Dec 19, 2021 by Syed Arfat
Refund not received (Razor pay private limited ) Open
I placed an order of **, *** rs on a Bombay based website Mainstreet Marketplace on the *th of December and because of the unavailability of the item, my order was cancelled and a refund was initiated the very next day. It’s been ** + days ...
Dec 17, 2021 by Prerak Singh
Refund not received (Usemycards) Open
Usemycards is a portal which allows users to order on behalf of other users. I used my credit card to purchase a mobile phone for another user. But the user had misrepresented the offer and hence I asked for them to cancel the order and give a ...
Dec 16, 2021 by Sravan J S
Refund (Investors Clinic) Open
We initiated a purchase from Investor's clinic and gave a token advance of ******, but, due to some issue we requested them to cancel the deal and refund our money. But since then its more than a year they have'nt. Also, they took ***** from us...
Dec 16, 2021 by Nitin Sajwan
Refund not initiate (Bajaj Housing Finance Limited) Open
BAJAJ EXECUTIVE PROMISE TO GIVE HOME LOAN AT LESS INTEREST THAN EXISTING HOME LOAN OF OTHER BANK TOOK ***** FOR ALL PROCESS THEN AFTER FEW DAYS DISBURSED LOAN ON HIGHER INTEREST THAN EXISTING LOAN I CANCELLED THE LOAN ON SAME DAY OF DISBURSE...
Dec 16, 2021 by MAHESH R AGGARWAL
CRED APP IS DEDUCT MY PAYMENT BUT NOT CREDITED IN MY CREDIT CARD (Cred App) Open
My HDFC credit card payment due date is *th November **** and I paid to HDFC Credit Card bill on *st November **** Rs.**** and **** via CRED and my amount is deducted in my BOB Savings Account but it is not received HDFC credit card till today ...
Dec 16, 2021 by DILIPKUMAR MITTAL
DHFL charging exorbitant interest loan on housing without any communication directly reducing princi (DHFL) Open
DHFL charging exorbitant interest loan on housing without any communication & directly reducing principal amount from EMI not responding properly when visiting to branch only mail game is going on after * years very negligible amount is reduc...
Dec 16, 2021 by Vrushali
Credit Score Ruined by SBI (State Bank Of India ) Open
Due to SBI technical error, my credit score has impacted. SBI guys promised me that they will resolve issue in ** days, but no action taken from their side in last * months...
Dec 16, 2021 by Kailas Ramnath Andhale
ATM debited amount but not recieved and account debited. (Bank of Maharashtra) Open
on **/**/**** I tried for withdrawal for **** Rs from Atm, timed out error occured, money debited from account but cash not recieved. taking followup on online Maharashtra grievance files but no use. money not credited yet today is **/**/****....
Dec 14, 2021 by Ashish Ashok Shelar
Refund not being processed (PayTM) Open
I bought a flight ticket for my dad on British airways via Paytm but after cancelling it I didn't receive any refund. its been ** days and they are not even giving me any timeline also by when or if at all ill receive my money....
Dec 14, 2021 by VUTLA SANDEEP REDDY
Money Debited (PayTM) Open
My transaction was failed at the time of Payment and i have screenshots for proof and after some time money has been debited. I don’t know the merchant coz i have purchased snacks while travelling from the street and i tried to pay from p...
Dec 14, 2021 by Kamal Singh
Deposit Fraud (Parimatch) Open
Hi I have done deposit of ***** on **th October and ***** on **st October but they are not deposited into parimatch account and not credited back to bank account.. am doing continuous folllow-up from last ** days but they are always saying e...
Dec 14, 2021 by Srinivasarao Mannem
As my withdrawal Not Credited In My account there for i faces many problem (Upstox) Open
As I had requested for withdrawal amount *****.** on Friday **th December and yet not received from upstox. Because of that I had faced Many problems it was said on *nd saturday as per goverment rules bank was closed so it will be credited on...
Dec 13, 2021 by Naeem Patel
Amount not refunded (Bank of Baroda ) Closed
Mera amount galti se Bank of Baroda ki branch Proddatur Andhra Pradesh me transfer ho gya. * mahine se bob ka staff paresan kr rha hai or amount refund nhi kr rha. So please help me....
May 06, 2019 by Vijendra singh hada
Excessive finance charge and that too without informing (Sbi Credit Card) Closed
SBI credit card charged more than **,*** Rs as financial charges & IGST from me from the past * months. I'm a person who pays the full due amount without pending single paise while my earnings are only around **k per month. I noticed it only th...
May 05, 2019 by Guru Ragavendran
Amount not credited (Razorpay) Closed
Ticket ID - ****** [Grievance] Both of the above. Amount debited to my HDFC account but not credited to the vendor. Refund also not credited. This is with reference to the direct payment transaction done on **-*-**** for Rs.*,**,***.** vide Me...
May 05, 2019 by Vinod Agarwal
Issue with voucher cashback deals (PayTM) Closed
I have purchased * orders on *th April and as a result, I received a total of * vouchers as follows: Order ID: ********** Paytm mall voucher: Rs.****/- Paytm food: Rs.***/- (* nos) Paytm Electricity: Rs.***/- (* nos) Order ID: ********** ...
May 01, 2019 by Dinesh Kumar Karumanchi
Bad customer support (Hdfc Bank) Closed
I have tried to withdraw the amount from Axis ATM using HDFC bank, but suddenly because of the power shortage the atm got switched off, but my account debited with the amount *** from Hdfc bank. When I try to call Hdfc bank it is the long autom...
Apr 30, 2019 by Ayub Khan
Threat call and torture (Hdfc Bank And Vertax Radi Go Car Dealer) Closed
I was in contact with credit card from last * years and I told them that my financial status is not good as I lost my job. Despite knowing this credit card people are calling my relatives in India and outside and using abusive language. They ca...
Apr 30, 2019 by Neha Nirupam
Renewal charges of credit card and rude behaviour of staff (Hdfc Bank) Closed
I got a credit card (#****************) and salesman clearly told me there will be no charges at all. I kept the card as it is. Now they have charged me for renewal though I was informed there will be no charges. I'm not using this card. Care e...
Apr 29, 2019 by Hanif Sayyed
Amount not refunded (Google Pay) Closed
I have paid an MSEB light bill amount of ****. The transaction failed amount debited from my account Rs **** on ** March ****. Its a month they are giving only the false commitment to me that I will get the refund in * business day. They keep...
Apr 29, 2019 by Rashmi Langhe
Money not credited (Phonepe And Sbi Bank) Closed
It happens on ** Feb ****. The sender who is also my roommate sent money on ** Feb. It was immediately deducted from his bank account. But the transaction was showing pending on phonepe till ** Feb. It started to show successful in phonepe app ...
Apr 28, 2019 by Shivam Dwivedi
Looted my hard earned money (ICICI Bank Limited ) Closed
I have been charged ** Rs around ** to ** times for last so many years. I neglected and trusted ICICI for its integrity but now I see they have looted my hard earned money in **** over the year. Per day *-* times **.** Rs has been charged to me...
Apr 25, 2019 by Madhuriya
Money not credited to the receivers account (Freecharge) Closed
Money was debited from my bank account but not credited to the receiver account. Please do the needful....
Apr 24, 2019 by DEBTANU BISWAS
Hacked money from my bank account (State Bank of India ) Closed
A person kept me calling from the No. +************ and send some message. I was about to open it. Suddenly the message came to my account that amount of Rs *****/ from my account has been debited and credited into the account of SBI account ho...
Apr 23, 2019 by Manzoor Ahmad
Bank manager misbehaved and refused to deposit the cash in the account (Hdfc Bank Ltd ) Closed
I textile traders having preferred account no ************** in HDFC bank. I have visited Nikas Choraha branch on **-*-** to deposit cash and bank manager Mr Yogesh Pathak refused to deposit the cash in my account and spoken very bad words with...
Apr 23, 2019 by MOHAMMED HUSAIN
Loan not given (HDFC Ltd) Closed
They had taken **** INR on the surety of approving my case. I request RBI to help me out this I'll practice to harras the customer by HDFC. I understand that its a minimum processing fee. But it's viable to take this fee when the loan has been ...
Apr 23, 2019 by Gauravjit Singh
Balance got deducted (Paytm Business) Closed
Paytm se mera chalan our recharge nahi hua or balance cut ho gaya. Please help me....
Apr 21, 2019 by Prashant sudhakar songire
Bus ticket not refunded (PayTM) Closed
I had booked a bus ticket on Booking Id - **********. But the bus did not arrive and halt at pick up point. I had waited for more than * hour at the bus stop. The phone numbers provided by Paytm was also wrong. Then I contacted travel agents by...
Apr 21, 2019 by Atul Kanswal
Refund of failed ticket transaction not given (I.r.c.t.c And Phonepe) Closed
On **/*/** I had paid Rs. ****.** towards Railway tickets from Visakhapatnam to Gudur by Axis Bank debit card through Phone Pe to I.R.C.T.C transaction No. is P********************** and PhonePe order id no. is***************. But the ticket...
Apr 21, 2019 by NAMA VENKATA BALASUBRAHMANYAM
Cash back not credited (PayTM) Closed
I purchased a big bazaar voucher from Paytm. But cashback of ** per cent not given. ...
Apr 20, 2019 by Paarth Rao
Ticket cancelled amount not credited to my account (PayTM) Closed
I booked the train tickets from paytm app. *) Hyderabad to Varanasi Rs. ****/- after cancellation ****/-was credited. *) Varanasi to Hyderabad Rs. ****/- this one was also cancelled. After deduction Rs. ****/- credited. Both the tickets were ...
Apr 19, 2019 by Koya veerababu
No response by the company (Phone Pe Indias Payment App) Closed
I have transacted at Apollo Pharmacy Store on **/**/** of Rs ***.* using my registered mobile number. Storekeeper denied successful transaction at his end but money got deducted from my account. I have called customer care so many times but the...
Apr 19, 2019 by Sonu agarwal
"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