How to file a complaint against Company?
- Go to "File a Complaint" page
- Choose Company and write your complaint in detail
- Enter your personal information to create an account
- Get refund / replacement / damages from Company
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.
I Have Buy Havells Rigo * Jar Mixer From Axis Bank Reward ,But I Have Received Defective Product And I Have Register Complaint For Regarding Isuue On ** Nov **** Still They Not Pick Product And Not Give My Reward Point Back, Its Almost ** + Day...
Jan 15, 2021 by jash a nandu
Hello sir, I want to submit complaint about my Interest subsidy amount of education loan. actually i taken education loan in **** for my under Graduation(BUMS) for the amount of ****** from SBI Bank.I have check and communicate bank so many ti...
Jan 14, 2021 by Muzaffar Shaikh
I have already paid Clix personal balance loan amount on dated **/**/**** by DD. But Clix still deducting EMI from my bank account. ...
Jan 14, 2021 by Kuldeep sharma
I have invest the Humara india "Golden **" Scheme in July **** for * Years. Maturity Period is already completed. Please help me for regarding payment asap it's very urgent. Thanks and Regard Nitin Kanchan...
Jan 13, 2021 by Nitin Kanchan
I have availed a service from Ideal Stock tips providers and they havnt provide me the proper service To avail the service I have paid ******/- as their servce charege with this service they offerd me sharetrading tips with ** % accurecy ...
Jan 12, 2021 by Pramod kumar P R
I have got cheated by a stock advisory company of Indore. Initially, I have paid around ****/- (**/**/****) for Portfolio Management and Advisory Service along with that I have given ******/-Rs on various dates for service of so-called slots bo...
Jan 11, 2021 by AMIT RATHI
I took the two-wheeler loan from Clix capital where my fixed EMI mentioned was INR ****/- . In starting they deducted the correct amount but out of the blue suddenly they deducted an extra *** Rs. After a complaint, they start to deduct the cor...
Jan 10, 2021 by Yatin Gupta
Im Shaik Apsar basha Got A Message To my number to Reduce The EMI Amount For One Product But Bajaj Finserv Change The EMI And Made Us To Pay For Other Product, I Will Update The Evidence That I Got Message Right After The Detail Explanation ...
Jan 09, 2021 by Shaik mohammed azam
I did a transaction in Flipkart using an SBI card on October **nd, ****. I had to cancel the order and Flipkart confirmed me the refund was processed. Even After filing a complaint with SBi **-** times, I have not got a useful response. Every...
Jan 09, 2021 by Satyaranjan Sahoo
I spoke to Sonu person.name for loan *.*lkh.she first told me to pay **** as processing charge later I paid after thinking so much. After paying I got a call from Manish saying that I have to pay ecs charges ***** and it will be refunded.with l...
Jan 09, 2021 by CHETHANA
Axis Bank Credit Card **************** Interest charges and charges Refund which charged during moratorium period and Lock Down period Charges levied without any prior notice RBI not announced any charges during the moratoriu...
Jan 08, 2021 by GANESH M N
I had ordered an combo kurti on **/**/**** which cost around ***/-. My cash was debited and i haven't got any confirmation from their end. Its been ** days still i haven't received my order. very poor customer service. sadly never expected it f...
Jan 07, 2021 by Riya rose a
I have a health insurance policy for my mother in law, which was done through Canara bank. The insurance vendor is Apollo Munich(HDFC ergo). When I brought the policy there was a tie up between Canara bank and Apollo Munich, and the annual prem...
Jan 05, 2021 by Sanchaita Girish Dimble
I got a message to reduce the EMI amount for one product but bajaj finserv change the EMI and made us to pay for other product, i will update the evidence that I got message right after the detail explanation I buy a product OPPO F** PRO (Rs...
Jan 05, 2021 by Shaik mohammed azam
Dear Sir I have a fixed deposit in your branch the term period is *.* months and it is already matured above three years of the date of maturity but unfortunately your branch manager can't pay my money and always telling me lie ...for paying mo...
Jan 05, 2021 by Santosh Kumar sahu
I have invested around *,**,*** lakhs in this company which clains to have launched the country's first crypto currency called Morris Coin. I have bought around *** coins in which the price of each coin is ****rs. The company is a well reputed ...
Jan 04, 2021 by Mamatha Nair
I purchase gold on date **/**/**** through phone pe app .this value is **** rupees.after ** hours i sell gold on date **/**/**** this value is ****.** When i sell gold that amount is not credited in my account When i call phonepe coustemer s...
Jan 04, 2021 by Sumit Pooniya
I have invested in Sahara India scheme certificate no. ************(krishna agarwal) , ************ (krishna agarwal) dated **/**/**** and **/**/**** respectively which matured on **/**/**** for rupees *****/- for each FDR. Approximately two ye...
Jan 03, 2021 by Ajay garg
My loan was sanctioned on Sept.**** and during that time only i have applied for the PMAY Subsidy. I have tried contacting the Local branch as well as Customer Care. But Still. they. say that "The application is Ready to Submit to NHB" This sta...
Jan 02, 2021 by Varun Patel
I had a booking at Acons Palm Beach, Alibaugh from **th Dec to **th Dec. Due to some problems, my plan got cancelled and it became a no show. I had expected the hotel to cancel my booking from its side or at least send me a notification. Agoda ...
Dec 31, 2020 by Shubham Prateek
How to file a complaint against Company?