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

Axis bank fraud with zero joining and zero annual neo credit card (Axis bank Ambavadi branch Ahmedabad) ^Open

I got a text message(SMS) from Axis bank about zero joining and zero annual fees NEO credit card on **th Feb ****. After not believing on SMS, same offer was showing my axis mobile app,so I took their credit card. However I never bought anythi...

Jan 20, 2022 by Hareshbhai

SBI not releasing the Fixed Deposit (State Bank Of India ) ^Open

I have given an FD to SBI as a guarantee for my credit card. I closed the credit card in Nov **** and applied for Non liability certificate to release my FD. I have escalated this to various nodal officers. The only reply I am getting was "yo...

Jan 20, 2022 by Pradeep Kumar

Not giving the claim as promised by sales team (Icici Lombard Gic Ltd) ^Open

I had travelled from India to Dubai on **th December **** with the valid insurance buy ICICI Lombard and on **th December I was diagnosed by covid but * they are not responding properly and while over the call they are committing something else...

Jan 16, 2022 by Rahul Kumar Sharma

Money debited from mobikwik wallet and not refunded (Mobikiwik) ^Open

date ** jan **** i want to bank transfer from mobikwik wallet to bank account but transaction failed at mobikwik end but my money debited from mobikwik wallet of Rs.**** transition id MBK********* mobikwik compain no/ ticket no ******** I s...

Jan 14, 2022 by Amardeep singh

My money is deducted from my account and beneciefry not received money (Dhani freedom card) ^Open

FRAUD APP PLEASE REFUND MY MONEY ...

Jan 14, 2022 by MOHMMAD HAMZA ALAM

Call payout fee spend credit card (Dhani app indiabull credit line app) ^Open

Sir, i have activated dhani freedom card in April last year. It allows to spend money and pay in * easy installments. Though I have been paying all the EMIs on-time but within few weeks the card was blocked showing there is an EMI overdue. I ha...

Jan 13, 2022 by Daya prasad

Payment failed but money is debited from my account (Paytm payment bank) ^Open

Your transaction of Rs. {****} for UPI reference number {************} on {**/**/****} has failed. The amount is usually returned back to the source account within * working days from the date of transaction. ...

Jan 12, 2022 by Mohit Bhatia

Raise my voice (Sahara Credit And Cooperative Society Limited) ^Open

Dear sir my name is Mithilesh kumar gupta. I lived in Mirzapur , U.P . Sir my problem is I was deposited my amount in to two parts :- *:- *st part is my deposit amount money is **,*** rs on **/**/**** , the maturity amount is ***** rs on **/*...

Jan 12, 2022 by Mithilesh kumar gupta

Fraudulent call (Phonepe APP) ^Open

I recieved a call at **.** am *th Jan **** saying he was from PhonePe Customer care and tole me that i have recieved cashback of **** Rs. and in order to avail it i have to open my PhonePe app . When i opened the app i got notification of ****...

Jan 11, 2022 by Pooja Boricha

Mobikwik looted my money of (Mobikwik) ^Open

I tried to add ****rs from my sbi account to my mobikwik wallet... The money got deducted from my sbi account but still didnt appear in my mobikwik wallet... And I filed a complaint in the same Mobikwik app but I didn't get any replies and I em...

Jan 11, 2022 by Monesh Ram

Discriminatory Practice of Airtel Payments Bank (Airtel bank) ^Open

I had two Airtel bank account one with wallet and one as Payment. Due to RBI regulations in **** I asked them to close one and make another as Payment Bank account. But they closed one and stuck another as Wallet itself. They are trying to keep...

Jan 08, 2022 by Deepak Kumar Vasudevan

Illegal charges by ICICI bank (icici bank) ^Open

Charged for cash deposit...

Jan 07, 2022 by SADDAM HUSSAIN KHAN

Even after submission of Emi i got a message of bounce charges (dmi finance pvt ltd ) ^Open

I took a loan from dmi finance in dec ****. Now in january they told me that *th january is you emi date. i had sufficient balance in my account on *th jan, but they did not deduct the amount till *pm on that day. so i decided to pay the emi by...

Jan 06, 2022 by ANKUSH

Maturity amount not recieved (Sahara Credit Co Operative Society Limited) ^Open

AFTER THE DATE OF MATURITY I HAVE BEEN VISITING THE OFFICE TO CLAIM THE MATURED AMOUNT i.e ******.THE MANAGER IS GIVING FURTHER DATES.THE MATURITY DATE WAS **/**/****.TILL NOW I HAVEN'T RECIEVED THE AMOUNT .SO I HEREBY REQUEST YOU TO HAVE A LOO...

Jan 06, 2022 by RAJESH PANDEY

Slice fraud activity (PayTM) ^Open

Someone called me on from ********** and said he is slice officer. He said that I won reward in their recent cashback contest. He asked me to Share verification code to credit my cashback . By mistake I share him the same. He disconnected my c...

Jan 05, 2022 by GUDIMETLA ANISH

Personal loan cheating (Money bazaar finance ) ^Open

I'm aply for *lak personal loan. Providing officer said the all amounts I'm paid. But no give Loan. Company is cheated me. ...

Jan 05, 2022 by Rajendran k c

My sister have recharged of rs instead of transferring through phone pay by mistake But no Airtel cu (Airtel and paytm) ^Open

My brother have recharged of rs.**** instead of transferring through phone pay by mistake, But no Airtel customer care is helping me here. I need a refund....

Jan 05, 2022 by Rajani S

Personal loan cheating (Money bazaar finance ) ^Open

I'm aply for *lak personal loan. Providing officer said the all amounts I'm paid. But company cheated me. Providing officer said something issues. ...

Jan 04, 2022 by Rajendran k c

Dhani Application Subscription Fraud (Dhani app) ^Open

I have taken dhani subscription and paid *** rupees. After one month I cancelled the subscription because they were not providing much facility also they were charging very much to use there credit line. But they never cancelled my subscriptio...

Jan 03, 2022 by Suraj Mall

FD renewed without consent (Bajaj FD ) ^Open

I hold a FD no ****** with Bajaj finance , this was due for payout on *-*-****, there was no auto renewal and I did not give my consent for renewal In spite of this the fd has been renewed and upon calling customer care they say I renewed it ...

Jan 03, 2022 by clement thomas

Regard payment (Sbi Bank) ^Closed

I am transfer *lacs rs on dated ** April **** threw imps SBI to hdfc. Status shown failed. After this I am complaint regards this and visit home branch several time but till date I have not positive response. And my fund not to credit in acount...

May 28, 2018 by Parveen singh