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
2. Bad customer support
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
4. Fraudulent transaction
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
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:
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:
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
Kafil Usmani on May 18, 2023
Bank of Baroda – upi through fraud transaction Closed
my bank account (**************) is Bank of baroda branch Trans yamuna colony Agra.somone debited my account RS *****/-dated **/**/****.i never not done this transaction.bank not inform me this unauthorised transact...
jaydip parmar on May 17, 2023
ZestMoney – interest cashback is not refunded by ZestMoneyClosed
I am writing to address an ongoing issue regarding the cashback on my EMI payments. On March **, ****, I made an advance payment for the EMI due on April *, ****. However, I did not receive the expected cashback ...
piyush panodiya on May 17, 2023
ikf +>(G8 – car loan Closed
sub: issues in getting NOC for my personal car loan To, Respected Sir /Mam IKF finance limited Indore (M.P) I Piyush Panodiya is a car loan customer of IKF finance having the car loan no. LXIND*****-*********...
Rambali Yadav on Apr 27, 2023
80M50 !> ( @ 5 9 8G .G0> *H8> /> 9H K ? .H (@ 6?>/$ K2 +M0@ (,0 *M2G( &0M 0> &?/> – 23032023 k 8 i 8g h8 2 09 80m50 59 8g g0 h8 0 hg 8 m5 8g k2 8 m5 g 9 24 g g g 9a h8 58 Closed
**/**/**** K ,@*@ *I *G *****H*> (?>* **G %G $-@ **M** !> ( @ * * *G .G*> *H*> /> * .A G ,@*@ *I *G (& (*@ &?/> /> /* *> /> ? *> *H*> ** > ,>& *G >$G .G >> *@ ,>& .H(G ** > *G...
Kavitha on Apr 18, 2023
Skill-lync – Skill Lync course cancellation Closed
Feb **th I took course related to embedded system in electrical vehicle. Skill Lync agent Gopinath keep on calling me and give a false hope to you should pay course amount only on monthly basis... I enrolled amount...
VISHAL KUMAR JAIN on Mar 18, 2023
State Bank Of India – cheques dishonored even while having sufficient moneyClosed
My cheque was dishonored even while having the sufficient balance in the account the bank officials didn't even bother to just give a call I received a message later that cheque was dishonored due to insufficient ba...
Divyansh tyagi on Feb 10, 2023
Mpokket – Money is not credited Closed
I have applied loan from mpokket. In transaction screen it showing that money is disbursed into account. Its been * hours i haven't received any money and also they not responding to my calls and mails.
Nooruddin on Feb 10, 2023
HDFC Life – Insurance Maturity amount not PaidClosed
*)-Maturity amount is transferred to unknown account. *)-They are saying that you have given account statement at the time of inception.. Thatswhy it got transferred on that account. *)-I completely deny that we h...
Tikeshwar sahu on Jan 11, 2023
S2 Money private limited – refund not creditClosed
.G*> (>. ?G*M** *>*B *H .H '>* >*M! *G *H*G (?>* **> %> *G?( **M** !> ( G >*# *H*> >$G *G /> * -@ $ *>** (*@ /> *H | S* MONEY G .>'M/. *G AIRTEL PAYMENT BANK ACCOUNT > (?>* **> %> >(>*@ :- Ac...
kapil kumar on Jan 6, 2023
Punjab National Bank Gamma 1 branch – refund not creditedClosed
.G*> (>. &M**>* s/o *>*.* (?*>*@ *>@*A* M*G * (K!> $%> .G*> > (,* **************** K? * >, (G*(* ,H $ +>*M. ** *H .G*G > *G **-*-**** K
Akash Gangwar on Dec 23, 2022
icici bank – Fraud By My Debit Card of ICICI bankClosed
Good afternoon As one girl called me for credit card of bajaj finserv and says to install one app ie of Bajaj finserv only and she asked to fill basic details and debit card detail and said you will get verifica...
SANTOSH KUMAR MISHRA on Dec 21, 2022
SBI & Phone pe – refund not completedClosed
Sir I transferred an amount RS.*** on dated ** sept **** to my friend through SBI phone pay the phone number is correct but amount transferred to another account .In this regard complained to phone pay care centre ...
Jajimoggala Nava sai krishna on Dec 20, 2022
Sbi Credit Card – SBI credit card charging double amount for a single EMI purchase every monthClosed
I have taken an EMI upon a purchase using SBI credit card for which a monthly EMI of **,*** rupees should be charged for me on monthly basis. The EMI period is * months and amount is around **,*** rupees. They start...
Sapan soni on Dec 11, 2022
Astropay – Money didn t credit in astropay account Closed
I had to make a transfer through astropay so i tried to deposit by upi. Money was debited from my account but didn't got credited into astropay. It's over two months now still no resolution
SINDHU NAGARAJAN on Nov 23, 2022
ZestMoney – REFUND NOT ISSUED BY ZESTMONEYClosed
This is regarding the payment of INR **,*** I made to MAKEMYTRIP through a consumer loan (LOAN ID : **E*BMW****A) of ZESTMONEY for an EMI tenure of * months (Sep ****- May ****) with a monthly EMI of INR ****.**...
VEERABABU ALLAKA on Nov 10, 2022
skilllync and Eduvanz – Course cancellation and loan closureClosed
My complaint is about Course cancellation and loan closure. I am veerababu from andhra pradesh. i got a call from skilllync on may ** and he convinced me to you got a job guarantee and you did not pay even one rup...
rakesh on Nov 5, 2022
Mpokket – froudClosed
I get the lone of rs ***** rs and they are asking for the ***** what I can do please.................
SHAM SUNDER GUPTA on Oct 27, 2022
Google play – Refund of Mistakenly amount deposited in Google play Closed
Sir, I tried to send money to Google pay account but by mistake I touched the Google play app. then it with out confirmation amount Rs **** deducted from my Airtel payment bank account on **th October **** Google pl...
SHIVANI VALECHA on Oct 24, 2022
PayTM – PayTM not giving cashback Closed
I placed an order on the website of Flipkart health+ on **th September using Paytm wallet as they were promising cashback of *** rupees. But in this way they actually fooled customers. Now, I have been constantly ma...
DEEPESH SINGH on Oct 17, 2022
Axis Bank – ammount neither credit to benificery account nor revert back to my account Closed
"Voxya has been instrumental in addressing my concern. I truly appreciate the prompt and effective assistance provided throughout the process. Will certainly recommend Voxya to others."
Ajay Masih
Complaint filed against: Byjus
