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
Complaints
Prize money not settled (Sree Yadhadri Chit Fund Pvt Ltd) Open
I taken * lakh chit bided on Oct **** future liability complete deduction balance not given cheque and still today not settled and not answered any person branch kothagudem telangana state....
Oct 22, 2021 by Kara phanikumar
Fraudulent practices for loan (Bajaj Finserv) Open
Bajaj finserv is doing fraudulent practices by luring consumers to get the overdraft facilities on their salary based income and making money. They offered an overdraft facility loan of **,***** to me based on my previous good record and cibil...
Oct 21, 2021 by Maneesh Akharia
Personal loan cheating (Money bazaar finance ) Open
I'm aply personal loan in money bazaar finance company. Providing officer said the all amounts I'm paid. Providing officer said your loan credit in fifteen minutes. But no loan credit my account. Company cheated me. Providing said something iss...
Oct 21, 2021 by Rajendran k c
Flat booking amount not refund provided cheque bounce (Mahamaya Engineering Pvt Ltd) Open
I booked a flat from Mr Chayan Saha properitor of Mahamaya Engineering Pvt Ltd, CIN-U*****AS****PTC******, REG NO.*****, and give him of Rs.* lakh ** thousand through online payment transaction on **/**/**** and **/**/****. He gives me money r...
Oct 19, 2021 by Shiba Acharjee
CBIL Score affected due to False Financial Charges by Amex Card (American Express Banking Corp ) Open
for Credit Card Payment, the Payment Gateway/Website server was down, due to which I was not able to make the payment and Company imposed Financial Charges /Penalty. Even though I informed the company well in time regarding the issue. Those Fin...
Oct 19, 2021 by Mag Raj Gehlot
Defective Service and unethical practices (Angel Broking ) Open
My Client ID: S****** On ** Oct **** from *am to **:** am I was not able to place any order or exit my current position that I took in F&O section due to which I incurred huge losses. I was not even able to place the new order and cover my e...
Oct 12, 2021 by Swasthik Bhat S S
Hold the settlement without any reason (Razorpay Gateway Payment) Open
Razor pay hold the settlement without any reason and after * month frequent connect no resolution and their nodal office phone number is no working and he is not replying our mail. there is no proper solution yet and even they are asking for cu...
Oct 04, 2021 by Shubham jain
Maturity Amount not received by Sahara India Pariwar (Sahara ) Open
Respected Sir/Madam, I am Mohammedali Akbarali Sorathiya, resident of Mumbai had invested in Sahara Special Fixed Deposit Scheme on **-**-**** for the period of ** months and my Fixed Deposit Certificate no . is ************, A/C No. ********...
Oct 03, 2021 by Mohammedali Akbarali Sorathiya
Buy order getting rejected (Coindcx) Open
I recently traded in OE_BTC-USDT pair in DCXFutures. Everything went right till I bought and sold. Then the market went high. So I planned to sell first and then thought of buying it when the market dips. So I sold ** contracts at the entry pri...
Oct 03, 2021 by Gurubaran S K M
Mpokket calling me my relatives everyday (Mpokket) Open
i had a loan of only ****rs but mpokket made it *****+ ...instead of telling reapetedly they not waiving off interest...i am **yrs old a student not a buisnessman or serviceman they should understand.......
Oct 02, 2021 by Sukanta Barman
Repudiation of claim (Hdfc Life Insurance) Open
My father had two loans with different banks , First loan was on commercial vehicle of INR *,**,***/- , and second was a LAP Loan from IDFC FIRST BANK of **,**,***/- . My Mother and father are illiterate and both of them have just learned to ma...
Sep 29, 2021 by Ranjeet Singh
Help required to get back investment money with full compensation (City Limouzines India Ltd) Open
With due and humble submission, On date **/**/**** My husband Mr.Premsingh Bist have invested a sum of amount RS *,*****/- in City Limouzines (India) Ltd by Cash and office Located at Nariman Point Mumbai- *** ***. As per the agreement made by ...
Sep 29, 2021 by Sonadevi Bist
HARRASING CONTACTING TO MY ALTERNATES (Red Carpet Loan Credit And Finance) Open
Actually, I taken a loan amount of **,*** RS . Im paying that interest also. But that agent idiots are calling to my alternates and harrasing for loan recovery. plzz Take some action. Nearly * students were suicided by these company harrasments...
Sep 29, 2021 by Divyatej
Sbi credit card pricipal amount doesn t change (Sbi Cards ) Open
Hi Due to pandemic situation Im making minimum payment from last * months ***** but my principle amount decreased from ****** to ******. ***** for charges and interest they have deducted. It's like **** interest per month, instead of this lend....
Sep 29, 2021 by Kiran Babu
Refund not initiated (Dhani Pharmacy) Open
I need to get refund of rupees *** till now i did not get refund waiting for refund since long time they are taking our money and not giving refund in time....
Sep 29, 2021 by goutham
Cred Customer Care Credit Card Fraud (CRED Dreamplug Technologies Private Limited) Open
I am using CRED App for a very long time to manage and pay my credit card bills. I am in contact with CRED for the last * months for one of the account-related issues. I got a call on ** September from ********** with the name of Sumit from CR...
Sep 29, 2021 by Bathani Nilesh
Chit amount not returned (Chetana Chits Haveri Pvt Ltd) Open
Dear Sir/Mam, In the month of February **** I approached the chit fund group for investment through the Kyepot app on android store. I got myself enrolled for the one of the many groups they have . The group name was PIGGY BANK *.*L after whic...
Sep 28, 2021 by Vaibhav Reddy
FRAUD FROM MANGALAM FINANCE IN PROVIDING PERSONAL LOAN PRADHAN MANTRI YOJANA AADHAR CARD LOAN (Mangalam Finance) Open
Dear Sir, Please look into it as the fraud has been done to me by collecting ****** My Name :- Audhesh Mishra Mobile Number : ********** ------- Have received this message प्रधानमंत्री योजना आ...
Sep 28, 2021 by AUDHESH RAJMANI MISHRA
IPO Refund Not received (Upstox kfintech shyam metalics and energy limited) Open
I applied for Shyam Metalics & Energy Ltd. IPO through upstox app and i paid by UPI on phonepe apps AutoPay feature in which money gets block till allotment date and if you didn't got allotment it gets refunded but these time even after its a...
Sep 27, 2021 by Vaibhav Bhatkar
Bad CIBIL Score due to Indiabulls no ecs facility (INDIABULLS HOUSING FINANACE PRIVATE LTD) Open
My name is : Vibhor Sharma and my Home loan account number with Indiabulls is HDHLJKS******** When i am checking my CIBIL score it is showing very bad and i cannot apply for any loan with any bank. The reason as per other banks is due to bel...
Sep 26, 2021 by Vibhor Sharma
"I was unable to get in touch with anyone in Byjus nor with my counselor regarding my problem for 3 months. But Voxya team helped me solve my issue very soon. Thank you!"
Mamta D
Complaint filed against: Byju's