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
on **-**-**** there was an unauthorised transaction from lazypay to myntra amounting to rupees **** twice(* transaction) which was not authorised by me although the amount has not been credited to myntra nor debited to lazypay. we have raised c...
Sep 02, 2023 by shubhashree m
I received an automated call from Paytm saying that my account being compromised and someone is trying to login. If its not done by you press *, and then to confirm my identity enter otp. Then money from my Paytm postpaid account was deducte...
Sep 02, 2023 by Parikshit Rode
Their was mental harrasment done by sbi credit card collection agent and giving wrong information about me to neighbours....
Sep 01, 2023 by Sanjay K Khiani
Closure of loan account...
Aug 30, 2023 by Bheemappa Bandikeri
I have already complaint this transaction regarding my account and all supported documents which required . such as they are lease bothered their of all document s they are giving threating over the phone regularly. whenever their calls i got f...
Aug 29, 2023 by NITIN AGARWAL
There is an unauthorised transaction of an amount of **,*** by a fraudster having account number *********** in State bank of India . I have raised a complaint in the cyber crime portal & the account was put on hold by the cyber crime team. It...
Aug 28, 2023 by Ravikumar masimukkula
Personal loan ****** sanctioned to me on **.*.**** Asked my aadhar card, pan card, passbook no. and one photo of mine. After sending that asked Rs .****/-as processing fee after paid that amt they asked me to pay gst *****/-. That also I have...
Aug 26, 2023 by Treesa Sherly Antony
Subject: Urgent: Worst experience with DBS bank ever and Request to Unfreeze Account Respected Sir, I am writing to address a critical issue that has been affecting me since April **, ****. My account with DBS Bank has been unexpectedly f...
Aug 25, 2023 by SATYAJIT SAHOO
I have subscribed for a ******* chit in Kapil Chit Fund as per the communication and comment the agent said he will give in * months it's already ** months and I have won the auction before * months after submission of all the documents they ar...
Aug 23, 2023 by Srikanth Reddy Eega
Refund Amount from Amazon got successfully credited to HDFC closed account and HDFC is not giving proper responses according to my nearest branch my closed home branch dammy account gets credited in these cases but my nearest branch is behaving...
Aug 20, 2023 by Nashra Siddiqui
I took a loan from hdfc bank madhepura for ** months tenure but recently it's come to my notice that bank automatically restructured the loan period and I was not even informed, now when I came to know how my loan tenure increase the related ma...
Aug 18, 2023 by Brajesh kumar bablu
I have taken loan against property in July-**** from Shriram City Union Finance. I reached them to foreclose my loan in April-****. They asked me wait till *-aug (** months since my first EMI). I again approached them after *-Aug-**. They said:...
Aug 16, 2023 by srikanth vemulapalli
This Is VIJAY KUMAR SOMARAJU From Tenali I have got call from skill lync, oct ****, they are e - learning platform. I have talked to him, he explain course details and fees also, and i don't want course to tell him, against he has called me an...
Aug 16, 2023 by Somaraju Vijay Kumar
I am getting calls and messages from lazypay from *st August **** repeatedly onwards for the amount ****.** for transactions not done by me. I had never downloaded, nor installed the application called lazypay. So, there was no chance of shari...
Aug 13, 2023 by Yogeesh Hosahalli
EDC machine was purchased by paying first year annual subscription fee On **/**/** (yearly rental basis) for my business, due to pandemic situation couldn't continue my business and i closed it before completing one year.I called customer care ...
Aug 12, 2023 by Pavithrakumar
Some agent from stashfin threatened me over call. They call me and my contact anytime . They're harassing me with name of loan. Actually I facing financial problem and Job less presently. I request to them that I will pay when I have Money,but ...
Aug 12, 2023 by Aurovil Prasad Sahoo
Hello. I live in Europe. I made a transfer of INR *****.** from Europe (on **-July-****), from "transfer wise" application to my Indian bank account and this amount (sent from Europe) never reached my own Indian account. Before this transfer, I...
Aug 09, 2023 by Harpreet Kaur
i want to unmap my phone pay smart speaker from my Phone pay business account I have complaint my time in customer care number but they can't unmap it and deduct charges every month from my account I want to unmap my phone pay smart speaker fro...
Aug 04, 2023 by mayank shah
Icici bank credit card charged me extra amount as convinence fees on my rent pay transactions, no other bank credit card charged me on the same transaction...
Aug 01, 2023 by Vishal dhotre
I had booked a flat of type” * BR + STD – C” in Sahara City Homes after depositing a total amount of Rs. ****** in two installments of Rs. ****** and Rs. ******. Company could not provide me the flats and instead requested me to accept th...
Jul 31, 2023 by Sangeeta Sharma
I've taken loan from mpokket of *****. Due to covid situations I got so many financial issues and I got so many harrasment calls and day by day intrest increased rapidly. Some times I contacted mpokket executives to settle my dues without unnec...
Sep 11, 2022 by Hemasundar
Hello Sir/Madam I sent money to my landlord of Rs ***** they charged *** service charges so the total was Rs *****. I done this payment through a credit card. The amount is deducted from my credit card but still not received in the landlord's...
Aug 30, 2022 by MAYUR PANDE
I am a customer of flexi loan of Bajaj finance. I have taken this flexi loan account number P***PSP******* from Bajaj finance last year. Issue came to my notice when my account was approached to deduct an AMC. This flexi loan was offered to me ...
Aug 26, 2022 by Sandeep rana Rana
sirji main apko avgat karana chhoonga ki main Bajaj fenserve ki website se EMI card ke Liye apply kar raha tha jishki fees Maine *** Rs apne account se cut kar diye Lekin baad me fees insorence ki submit hui aur jabki Maine insorence ke Liye a...
Aug 12, 2022 by Avadhesh kumar
.H *M*->* *AM*> *K. M*G!? *G ***** *B*/G > *K( *?/> %> * , $ ***** .> ?/> , .G*G *>% +M*>! ?/> > **> *H *K( (,* .G*>.********** *H ...
Aug 09, 2022 by prabhakar shukla
I paid my RBL credit card bill through cred app via upi of ****.**rs on **/*/*/**with order I'd **GW**QW*PZE my problem is payment failed but money got debited from account but not refunded till date **/*/**** I just complained to cred about th...
Jul 28, 2022 by Babu G
I had buy the Paid service to file CA Assisted Income tax Return from Tax Spanner (https://www.taxspanner.com / 'Span Across IT Solutions Private Limited') on July *, ****. I had shared my Income tax portal’s user ID and Password along with a...
Jul 20, 2022 by Kuldeep
I have used Dhani for more than * years now. I have always cleared all my pending loans on time. But recently I got to know when I applied for a personal loan from a bank. They rejected my application saying that I have pending overdues showing...
Jul 08, 2022 by Mohammed Sarfaraz Shareef
*M*@.>( @ .*K&/ *G*> .G (?*G&( *H *,*>* *G .G >(B( G M* > **> *B ** .AG *>+ (*@ .?* *> **? .H(G @(G @ M*>*?* K!< &@ /*@ *K$> %> ? *>/& ,@ ,>* .AG *>+ .?*G ** .AG *$> (*@ @ .AG *>+ .?* *G> *>*, .H >(B( ...
Jul 01, 2022 by Ibrahim Shah
RBL bank is forcing me to pay the R shield Insurance premium,R shield Insurance was given to me with my RBL bank credit card.I was not much aware of that insurance at that time,they converted it into emi & said if you don't pay * emi of premium...
Jun 29, 2022 by Rajeeb Tamudia
I have transferred rupees ***** in coindcx app and it wasn't added in my wallet. I tried my time to app team members but no one give strong solution. Please help me to overcome this satuation. I need my money....
Jun 28, 2022 by Kiratpal Singh
I tried to make a transaction from my bank a/c no. *************** for an amount of Rs ***/- on Airtel IN Bank my money was deducted but the transaction is not yet completed. The beneficiary hasn't received the money. When I contacted the Airte...
Jun 28, 2022 by Priyanka Ghosh
I paid my all due but why cannot close my loan...
Jun 21, 2022 by Ripan Mondal
It has been * months since making the payment of the processingfee for my Canada Visa (Invoice Number: NWVISA/****-****) but I don’t see anyprogress till now. Ø I have requested to amend the “TechnicalEvaluation” report as it was prepar...
Jun 03, 2022 by Somya Kumar
Mpocket se mene **** ka loan lia lekin mere Paytm payment bank mein nhi aye aur mujhe mere paise de do...
Jun 03, 2022 by Parmod Kumar
I deposited Rs * lakh on coindcx on **th May **** But Money was not credited to my coindcx wallet.So i raised a complaint to coindcx support team Then they raised a ticket then on **th may **** they are telling they didn't recieved the money....
May 15, 2022 by Sparsh Agarwal
Dear Sir/Madam, Plz go through trail mail, Customer transaction was failed but amount debit and still not reversed in customer account. You are requested to kindly do the needful ASAP. *Transaction RRN No.: ************ * Transaction Date:...
May 15, 2022 by raju kumar
i was having dhani one freedom card which i deactivated from a long period of time now they are showing charges of that inactive card now...
May 11, 2022 by prabhjot singh
Sir, This is to inform you that there had been three fraudulent transactions on my Mobikwik Zip Wallet account ********** on **.**.****. These transactions were not done by me and are unauthorized transactions. The details of transactions are a...
May 08, 2022 by Kshitij Jha
I have deposited ***** INR from my ICICI Bank account to Zebpay provided accounts .. It's not credited to my zebpay Wallet and my zebpay account got disabled, I raised complaint and it's a month ,sill my amount not even deposited to Zebpay Wa...
May 08, 2022 by Mohammed Tarique mahevy