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
Transaction Failed But Amount Debited (State Bank of India ) Open
On July *st **** Two Quick Transfers Were failed and amount is debited , and i did a third transaction which was sucesful and amount debited. All Tarnsfers done to same person. but for failed transactions amount was not refunded. I am i...
Jul 28, 2021 by Manoj Kumar Lade
Hidden Charges as Credit vidya fee and FLEXI Fee (Bajaj Finserv) Open
My loan details are as follows - Loan account number - P***PSP******* I have taken bajaj finserv personal loan but at the time of loan processing bajaj executive never told me about the credit vidya fees and flexi fee. But after disbu...
Jul 28, 2021 by Pradip
Harassment after clearing dues (HDFC credit card) Open
I was not receiving my credit card statements on email and made payments based on sms due amount month after month. when they suddenly asked for a large sum due, I was stumped and asked for the missing statements. they provided that after month...
Jul 26, 2021 by Neetu Agarwal
UC not Credited to my BGMI account (Midasby) Open
I paid *** rs to buy UC for BGMI but it's not Credited yet. Transaction ID: ******* Merchant Website: https://midasbuynew.in/ Amount Paid: ***.** Order Date: ****-**-** **:**:** Please Add UC Player BGMI ID : *********** ...
Jul 25, 2021 by Kamal Singh Gaira
REGARDING MY INVESTMENT (Adarsh Credit Co Operative Society Limited) Open
I have invested Rs. *****/- in Share Investment of this company in **.**.**** for * years period. I was told minimum **% interest p.a. which is compounded to basic investment i.e. *****/-. Though my maturity period yet to come in next year. But...
Jul 23, 2021 by Rina
Fraud (BitcoinIndia org) Open
Bitcoin India terminating account after price hike Dogecoin other coins....
Jul 23, 2021 by Binay Krishna Biswas
ICICI Merchant Swipe machine issue (Icici Merchant Services) Open
Hi , I am Rajesh B and I have been offered ICICI Swipe machine TID ********. It was offered under the scheme life time free. I have been charged Rs *****. Refer attachment initial setup fee Issue * . They charged me Rs **** + GST *** for...
Jul 22, 2021 by Rajesh B
Withdrawal amount cheating (Jungleraja com) Open
My winning and withdrawal amount ₹₹***** cheat, and block my id. Without any notice and reason. First banned my account and cheat my ₹***** withdrawal process amount by jungleraja.com online casino. , actually I won total ₹****** . But ...
Jul 22, 2021 by Chandrashekhar kumar
Insurance policy forced with Home loan (Bajaj Fin Serv) Open
I had applied for a home loan from Bajaj Housing Finance for property that i short listed. There were a lot of email conversations that happened between me and bajaj for this as during the pandemic everything was done online. When everything wa...
Jul 21, 2021 by Suraj Sadanand Shetty
Unused ChequeEMI kept on deducting (HDFC a) Open
HDFC issued a cheque for Top Up loan , Which was not used by the undersigned , but kept on deductinmg EMIs...
Jul 20, 2021 by Anand Selvarajan
Maturity amount not paid (Sahara Credi Cooperative Society LTD) Open
I am an investor in Sahara India Credit Cooperative Society Ltd. (Membership No. ************, Account No. ***********). I had invested amounts regularly over a period of more than ** years in its investor schemes. As per certificates issued by...
Jul 19, 2021 by Hari Gopal Sharma
Resume Marketing Services (YAxis Bangalore) Open
** Days back I enrolled myself for Y-axis resume marketing services, and after receiving the money they are not receiving my calls nor are they giving proper services. I only want my refund now....
Jul 15, 2021 by Denzil Liguory Dsouza
Over interest (Dhani Loan App) Open
I am completely my loan amount but dhani application debit my bank account ... Monthly payment fine amount so please check help me sir ... Monthly debit my bank balance ...
Jul 15, 2021 by Meiyalagan
Agent not paying my money even after the maturity of the FD (Sahara Credit And Cooperative Socity limited) Open
The agent who had invested my money, keeps changing the scheme and re-invests my money without my consent. He doesn't even let it get matured. He is not paying my money and has already re-invested it thrice without my consent. This is absolute ...
Jul 15, 2021 by Johara Khatoon
Reversal of money paid to Nasir K P as advised by WazirX for purchase of USDTs (Wazirx India) Open
On **th June ****, I had paid INR ****.** and INR *****.** to NASIR K P upon the advise of WazirX mobile phone app for purchase of USDTs. The moment, the payments were released from HDFC account, there was another message popped up on the sc...
Jul 14, 2021 by Vijay Giri
Excess amount Debited (Axis Bank) Open
I had taken a loan from Axis bank and have been paying the EMIs on time. Due to some financial crisis I had missed one EMI which was pending from long time. Suddenly the Bank started sending Auto Debit instructions to my account from the month ...
Jul 13, 2021 by Javed K Aga
Refund from SAHARA Q SHOP East (Sahara Q shop Sahara E Shine) Open
we have invested **,*** in Sahara Q shop in the year ****, not sure of the maturity. Now i need the refund with benifit. Kindly help....
Jul 13, 2021 by Sanghamitra
Loan (Bajaj Fenserv) Open
I have applied loan for bajajfenserv he is issued no objection certificate for sanctioned * lakhs but not credited in my account. He is asked registration fee and GST and NOC fee and advance * three months installment amount and paper charges...
Jul 12, 2021 by Araviti Nagaraju
Funds fraud (Indiabulls Dhani) Open
I paid Rs **** through the payment link which I got by dhani customer care executive call on **th june, **** but it didn't reflect in my account. Where did it go? Not only that on *th July, **** I transferred Rs*** from my wallet to bank acco...
Jul 12, 2021 by Roshan kumar
Please return my deposit maturity amount till today (agri gold farm estates india pvt ltd) Open
i had deposited * lakhs in the above said company in the year **** which ll be ** lakhs in the year ****.so ** lakhs will be matured to ** lakhs till present date according to companys interest.i had in several ways in the past so many years co...
Jul 11, 2021 by SURENDRA KUMAR REDDY PADALA
"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