File a complaint against Bank services

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

Fraudulent transaction

Beneficiary not credited

No Cashback

Bad customer support

Unauthorized Wallet transaction

Amount deducted but transaction failed

Share market fraud Unethical and illegal practice (Capitalvia Global Research Limited) ^Open

Being an Investment Advisory firm, they are supposed to provide services based on SEBI guidelines, and on the basis of Risk profile. Their employees did a wrong risk profile on me inflating my capital so that they can charge a huge fees. They c...

May 05, 2021 by Sankar Biswas

Fraudelent issue (ZopNow) ^Open

Yesterday I have paid for my grocery order but the payment status was pending. So, I got a doubt & called them but the number they provided is a fake number. I sent a mail to them but they didn't responded back. please help me in getting my ...

May 04, 2021 by Sridhar DV

Amount is debited but not credited to wazirx account (Wazirx exchange) ^Open

Dear Sir, my account no is ************* and IFSC code is CNRB******* Account holder name Dilip Choudhary. I had transaction date **th april ** at *am **min **sec to Account no***************** and IFSC code ICIC******* through IMPS net ba...

May 03, 2021 by Dilip choudhary

Crypto XRP not credited in wallet (Wazirx exchange) ^Open

This is to apprise you that I have deposited *** XRP's from the coin switch to Wazirx but it's not reflecting in the wallet , so kindly do the needful. ...

May 01, 2021 by Nitesh Arora

Deposit money not credited in wazirx account or refund in initial account (Wazirx exchange) ^Open

Dear Sir, I had transaction **days ago through my registered and verified account IMPS mode but still not credited or not refunded in account. I had generated tickets *-* times but support team reply automated massages and closed my inquiry. ...

May 01, 2021 by Dilip choudhary

Mobikwik Fraud Transaction (Mobikwik) ^Open

There is a transaction for Rs. **,*** made through my Mobikwik ZIP account on April *, ****. I did not initiated this payment and am not a frequent user of Mobikwik. I didn't get an OTP or any other authentication for this transaction eithe...

Apr 28, 2021 by Vijay Subramaniam

Investment Multiplier Big Fraud Company (Investment Multiplier Financial Services) ^Open

So i Got A Call From a Guy Called Rahul (Mobile No. - ***********), Who Told Me That He'll Help Me Make Good Profits In Stock Market In Just Rs. **,*** Monthly. I Paid Rs.**,***,After That They Said For Risk Profiling I Have To Talk To Their Se...

Apr 28, 2021 by Shivang

Refund of Cancelled flight ticket from paytm (PayTM) ^Open

I am writing this escalation because from the last ** days I am trying to contact Paytm care to resolve my query but no one gives any response to my mails . They have just raised a ticket with number # ********* and they are not even keeping m...

Apr 28, 2021 by Neeraj ramola

Misuse of Data stolen by Mpokket (Mpokket App) ^Open

I took a loan from Mpokket but they use my data to threaten me and my family members. I will pay all of my money when they assure me that they will delete all of my data that is extracted and where they use my data and if they sell any data or ...

Apr 26, 2021 by Soumen Basak

Money deducted but no order confirmation (ZopNow) ^Open

I placed an order today (**-April-****) and made a payment of Rs. ****.** via UPI (Gpay) and money was deducted from my account. However, I did not receive the order confirmation. And I wrote to Zopnow's customer care (care@zopnow.in) about it ...

Apr 25, 2021 by Mehboob Subani

Money Deducted Transaction Failed (DFCCIL) ^Open

I was making payment on SBI MOPS for filling application form of DFCCIL, the amount got deducted from my account but the transaction failed and the Payment wasn't successful in dfccil website. Please look into the matter and refund the amount b...

Apr 25, 2021 by Vishnave Gaurav

Refund not given (PayTM) ^Open

I booked a flight during lockdown a year ago and the flight company has processed the refund via Paytm . But paytm has not initiated the refund and has kept on bluffing ever since, i am calling the paytm's customer care for more than a month an...

Apr 23, 2021 by Sudipta

Zip ACCOUNT ACTIVIATION WITHOUT MY NOTICE (Mobikwik) ^Open

I have done a transaction in grofers while paying i choosed Mobikwik. but that automatically selected zip account without my notice. later when i open mobikwik app there was charge of Rs ** activation fee for activation of zip account which was...

Apr 22, 2021 by manjesh

Lost my investment account (Wazirx) ^Open

I am going to list out what I have gone through chronologically. **th April - Had to reset my phone due to some system corruption. **th April- lost my * Factor Authentication (service provided by Google to companies) which is a secure form of...

Apr 21, 2021 by Nitin kumar

Amount deducted from my account (Go Cash ) ^Open

I wanted a loan from go cash. After i logged in they asked for payment of *** twice and i paid twice so that i'll get them back once my load get approved....

Apr 21, 2021 by Nirmal

SBI card payment Extortion (Sbi Credit Card) ^Open

Dear SBI Let Me Summarize What Happened Till Now Between SBI And Me. And How SBI Have Created Me, How Critical I Have Been Affected By SBI. And To What Core I Have Been Suffered Physically, Mentally, Financially Effected By SBI. Let M...

Apr 20, 2021 by Ganesh M

Unauthorized wallet transaction (PayTM) ^Open

On *th April there were * fraud transaction of Rs **** each from my Paytm wallet (**********) to bharti airtel. . These * transactions were used to recharge . kindly investigate and help me in getting my money back .all transaction were done w...

Apr 19, 2021 by MANISH JAIN

Payment Not Updated since 24 hours (Zebpay Awlencan Innovations) ^Open

I have deposited from my Union Bank Of India account on **th April at *Am ** minutes with reference ID-- ************. But still my payment not updated from more than ** hours. I have raised the ticket with the Zebpay app also with ticket id-- ...

Apr 19, 2021 by Manish Dhole

Unethical Deductions From Bank (HDFC banck) ^Open

Hdfc Bank has worst services..How many time took my amount for overdue personal loan .Without intimate how you took ..clearly tell me how much Penalty amount for over due emi ,Nothing explian before ..I need proper explanation or I will go to c...

Apr 16, 2021 by GOWTHAMAN

Not closing my account and charging monthly charges (Dhani app indiabull credit line app) ^Open

I had applied for Dhani credit line, but i want to close the account now, I have dropped multiple emails to dhani and twitted on Twitter but they are not responding anywhere, They are charging Rs/- ***/month either you use credit line or not. ...

Apr 16, 2021 by RAVI RANJAN KUMAR