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. 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
Complaints
Refund not received (PayTM) Open
I booked bus tickets in January and the bus didn't came to the station so I initiated refund and now it is going to be a year and I have not received refund. I have contacted Paytm customer care more than ** times even called the nodal officer ...
Dec 22, 2020 by Sandeep Sahni
PAID AMOUNT NOT DEBITED TO UTILITY BILLS (CITRUS PAYMENT GATEWAY) Open
I paid two times to my utility bills purpose on dt.**.**.** and **.**.** respectively through my bank account with Bank of Baroda. My banker information mentioning below for your reference. As per that information please trace the missed a...
Dec 21, 2020 by M.SRINIVASARAO
Fake product faulty product delivered fraud company (Rudra silks) Open
I ordered a saree from this site I received the parcel few days later and turn out it is a fake Paithani saree , it was a *** rs saree they sell for **** . Before ordering when I asked for more details they said they had a refund policy and re...
Dec 20, 2020 by Mohit Shiwankar
Cancel my subscription for one freedom and supersaver (Indiabull Dhani) Open
I want to close my subscription to one freedom and supersaver account.. however everytime when i email customer care they say you can do it through app.. however app is not showing any such options to cancel plan or anything.. i am being charge...
Dec 19, 2020 by Harsh Gujarathi
Restricted my skrill account (Skrill) Open
Sir, I have been using a skrill account for a long time, but till date nothing wrong has happened but recently my ATM debit card was suddenly charged back. That's why my skrill account got banned. The fourback money charged by my ATM debit card...
Dec 16, 2020 by REETA MISHRA
Refund is not done yet even more than years passed (Make My Trip) Open
I booked flight ticket from Coimbatore to Delhi (Round trip) from Make My Trip by using ICICI Debit card on September ****. Since ICICI bank and Make My Trip has a business deal, Make My Trip offered EMI option to us. Due to some personal reas...
Dec 16, 2020 by Karthikeyan Arumugam
Payment made to icsi using paytm bank and icsi declines such receipt (PayTM) Open
I have paid using paytm digital debit card to pay icsi with account no. ************. The transaction took place on *th april **** but my merchant icsi declined such receipt of payment. I have been declined to appear for examination being condu...
Dec 16, 2020 by Rashmi chhaparia
UpI transaction amount received from customer not settled by bharat pe even after 3 months (Bharat pe) Open
I being a spare parts retailer had been using Bharat Pe QR code to receive digital payments against items sold to my customer which was very good in the start but as days past by i realised that the Bharat pe is not settling the amounts receiv...
Dec 14, 2020 by CHANDAN GUPTA
Paytm business pos has not settled amount (PayTM) Open
on *th of december **** i received a payment from customer which was failed and pending in settlement till now i.e **th december **** , i have called * times to paytm stating that my payment has not been settled and kept me waiting till **th of...
Dec 14, 2020 by mohit hasija
AFTER MATURITY UNABLE AMOUNT NOT YET CREDITED (Sahara EShine) Open
I HAVE DEPOSITED RUPEES ****** ON THE NAME OF SMT. RAMDULARI SHARMA ON DT. **/**/**** FOR THE PERIOD OF ** MONTHS . **/**/**** IS MY MATURITY DATE . AS PER POLICY I WILL GET MATURITY AMOUNT ******/- RUPEES . bUT I DID NOT GET ANY MATURITY AMOU...
Dec 13, 2020 by SANJAY SHARMA
Refund Issue from Paytm (Paytm upi) Open
On ** Nov ****, i 'Firoj Nadaf' have made payment of ****/- towards purchasing of Borosl bowls. however my order was not placed at borosil and unfortunately this payment was transferred to paytm through my bank account. This payment was done at...
Dec 12, 2020 by Firoj alamgir nadaf
Regarding advance deposit of money against personel loan from Aditya Birla Capital Finance Pvt Ltd (AdityaBirla Capital Finance Pvt Limited) Open
As per sms & link recieved in mobile i have apllied for personel loan in AdityaBirlaCapital finance Pvt Limited today**/**/**** ,after conversation on mobile i have send document in whatsapp no ********** ,aftersome time they send loan approv...
Dec 12, 2020 by RAMESH KUMAR TIWARI
Bank fraud (icici bank) Open
: Complaint on ICICI BANK over the levy of illegal foreclosure charges of ***** to close my home loan after the payment of *******/-, and uncler explaination of the statment...
Dec 12, 2020 by N V SURESH KUMAR
Fraud Online Transaction from Standard Chartered Credit Card (Standard Chartered Bank) Open
I would like to tell the story in brief - A text message fraud scene which was asking for ** rupees and my uncle unknowingly filled the form; however, it was a phishing website and fraud transactions happened of Rs. ***** from my Standard Cha...
Dec 11, 2020 by Sangita Soni
HDFC refused moratorium and to hide that they preclosed those loans and illegaly holding money (Hdfc Bank) Open
I am a Hdfc customer since **** and never missed a single payment in life. During the Corona crisis I was jobless and opted Moratorium for my personal loan.But for instant jumbo loan and insta loan there was no option to convert to moratorium....
Dec 07, 2020 by Anish Lloydsen
Unauthorized transaction (PayTM) Open
Unauthorized transaction of Rs.***** was made through paytm on behalf of dish TV India from which they called me.plz consider the request....
Dec 07, 2020 by HASIN GUL MAJID
Upi payment amount not received (Bharat pe) Open
One of my customer has transferred the amount of **** on * dec **** but however till today no amount received in my amount.as it is upi transfer which has to be happen instantly there is no proper resolution given to me...
Dec 07, 2020 by Kapil Kowshik reddy
Mpokket (Mpokket Loan Application) Open
Hi, i take loan from mpokket of ****rs but due to lockdown i have no money & no work & also they demanding huge amount of ***** instead of **** kindly help me. I am harrassing by mpokket daily....
Dec 06, 2020 by Kashap sund
Mpokket harassment (Mpokket) Open
I have taken loan from mpokket, I can't pay from lockdown they will add penalty very high, my loan amount ****/- but penalty *****/- with daily addition. They also get unauthorized access of my phonebook and calling on them. please help me I wi...
Dec 06, 2020 by TRIVENI SINGH
Online Loan App Fraud (Gocash) Open
Gocash online loan app provides loan for a period of * days in a very high interest rate and if the repayment is not done by the due date then per day they put a very high penalty charge. They do not follow the directives of RBI and harass for ...
Dec 06, 2020 by Quazi Mohammad Naushad
Repayment of fixed deposit (Sahara India credit cooperative society) Closed
I have invested my money through an agent named Ankit Jain in sahara credit society in ****. As the person was a neighbour , I had a trust in him that my money is safe and he provided me the fix deposit reciepts after a day. Now when the time ...
Sep 02, 2020 by Deepanshu Shrivastava
Receiving messages regarding strengers loan replayment (Quickcredit) Closed
Receiving messages like below. I dont even know who is varaprasad. I have sent multiples emails but no no response from quickcredit and calls not answering. Its creating a panic situation for some fraud. Kindly handle this and resolve the issue...
Sep 01, 2020 by Prem
Refund my money (Nestra Capital ) Closed
Hello Sir Sir i am a trader one day I recive a call from Nestra capital , Nestra capital is a stock adviser service ( I Explain in hindi) Ek ladki ka call aaya vo bolti hai ki aap Hamre saath trade kijye hum aapko **k-**k tk profit de skte ...
Aug 28, 2020 by Sachin Garg
Loan restructure purpose (Bajaj Finance Company ) Closed
Mujhe loan restructure nahi mil raha.. Job bhi chala gaya hai... ...
Aug 28, 2020 by Mahendra
My money is deducted from paytm wallet (PayTM) Closed
Yesterday around **:** PM I got a mail that my account is debited by *** rupees. But u did not made this transaction. I got message that my money is transferred to an account number which is totally unknown to me. It's totally a fraud case. I c...
Aug 28, 2020 by Manisha saha
Maturity amount not refund (Sahara creadit cooperative society limited ) Closed
not Refunding my Maturity Payment from *.* Years. Disputed Amount : ₹ *****...
Aug 27, 2020 by RATNAKAR DAS
Deduction of amount (PayTM) Closed
Hello sir i take paytm pos machine in april **** with charged amount rs.**** annually.after that in march **** my business is closed due to corona and i contact to paytm service provider for taking this machine and cancel all deactivation relat...
Aug 27, 2020 by Rahul agrawal
Money debited from paytm upi but not credited in airtel wallet (Airtel and paytm) Closed
I attempted a recharge worth *** with the airtel app itself. I was directed to select the payment method and selected airtel money as they give an offer with it. Due to insufficient funds, it showed me multiple payment options to load up the ai...
Aug 27, 2020 by Pravitt Sethi
Refund not received (ZestMoney) Closed
Respected Sir/Ma'M I had done a transaction of Rs.**** on **th Aug on the zestmoney website through my debit card. Zestmoney failed to provide me the product promised. Therefore I asked them to cancel my order and initiate the refund. On **th ...
Aug 27, 2020 by Nishant Kumar
My no (Axis Bank Credit Card) Closed
My mob no ********** pls help me...
Aug 26, 2020 by Ravindra patidar
They promised SMS and Whatsapp support but ended up in more loss (REDDITO CAPITAL INVESTMENT ADVISOR PRIVATE LIMITED) Closed
I was getting sms from QP-TIPSRC, as i have lost around *.*lacs, their SMS of making profit, made me invest with them for daily calls. They informed ***** and initially i paid *****. Within a month, i lost around ****Rs after subtracting the pr...
Aug 25, 2020 by sreedevi
Package not delivered (Paizapay gold coin and gold Voucher ) Closed
I have ordered gold cards through paizapay app but those were not delivered. I have been waiting since * years to get my delivery. Whenever I called to customer support they keep saying the product will deliver soon but at the end I didn't get ...
Aug 25, 2020 by Raj
Clearing of loan installment (Hdfc Bank) Closed
I took a loan through this bank.This month the payment of the installment was late.The person who called from this bank was rude.My complaint is against that lady who called me from the no. ************. I want that lady to apologize for the w...
Aug 25, 2020 by N.Sarojini
Fraudlent transaction (PayTM) Closed
I have transferred money to Paytm of * people..money sent to * person is claiming that he never use Paytm..so ideally my money should get refunded but it's not refunded yet and Paytm has also blocked my account......
Aug 25, 2020 by Praveen kumar Rao
Failed transaction but Money was debited yet not credited (Google pay contact number) Closed
On july *st **** we made a transaction of amount *k and the transaction is failed but money was debited from my account and its been * months neither i received my money nor the recepient..And i raised a complaint to google pay on this issue b...
Aug 25, 2020 by Ganesh
Deduct my money (Sahara creadit cooperative society limited ) Closed
I have invested a sum of Rs **,*** in SAHARA Adobe bond(splited in four bonds) in February ****. I was forced to convert the above scheme to SAHARA Q SHOP UNIC PRODUCTS RANGE LIMITED under "PLAN_H" in ****.having the maturity date in july ****....
Aug 25, 2020 by Nisha joshi Tiwari
Threatening Defaming my life and social status (Quickcredit) Closed
To Entire Quickcredit team/Lokesh/Backend team, I PAID MY INTEREST MONEY! I pinged both Lokesh and saikumar, NONE RESPONDED. I CALLED MANY TIMES TO LOKESH, HE JUST CUT THE CALL NUMEROUS TIMES. EVEN AFTER PAYING, YOU PEOPLE DID A BIGGEST MIST...
Aug 24, 2020 by Haindavi V
Flight Cancelled by Airline Amount not refunded (PayTM) Closed
I had made a flight booking through PayTM on **st May ****. Flight was cancelled from the airlines. Till date, I have not received the refund, nor can I use it as a credit shell to book a new ticket. I do not wish to travel by this airline in f...
Aug 24, 2020 by Aditya Agarwal
Looted Rs 499 plus Rs 452 from me (PayTM) Closed
On August **th ****, I tried adding Rs *** to paytm wallet, the transaction failed but my money was not refunded to my bank account. On **th August **** I tried to place a food order in swiggy through paytm and the money got debited but transac...
Aug 24, 2020 by Mohammed Raees
Credit Card Charges paid related (PayTM) Closed
महोदय को मैंने अपने Paytm account के द्वारा दिनांक: Jul ** ****, *:** pm को *,*** (Order No is***********/UPI Transaction No ************ ) और दिनांक: ** Jul '** **...
Aug 24, 2020 by AMIT
"Number of times I tried to get a refund from OYO but they did not bother. But after I approached Voxya, they nicely handled the matter and I got my refund."
Samit Brahmachari
Complaint filed against: OYO Hotels