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. 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. 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
Dear sir, I have hdfc account and never missed a single payment for the last * years with loans and credit card bills.During corona I have lost job and opted moratorium for personal loan and for insta jumbo loan the website link didn't work,s...
Dec 05, 2020 by Anish Lloydsen
I already cancelled my train ticket but didn't get any refund yet...
Dec 04, 2020 by Ravi bansal
Hello, I made payment for my airtel broadband bill of Rs.***.**, however amount got debited using Mobikwik application but amount is not credited to merchant. And there is no transaction history in Mobikwik application for same amount....
Dec 04, 2020 by Aamir Khan
I have took loan of **** in lockdown they have not provided moratorium and asking us to pay *****. I spoke with them but they are mentally harrassing, abusing and calling to all my contacts. If i don't get justice i will commit suicide . Today ...
Dec 03, 2020 by Akhilandeswari boggarapu
I made an UPI payment through google pay for jio mart ( order not placed ) on NOVEMBER *th and amount was deducted. It's been ** days since my amount was debited and there is no refund yet. I raised complaints several times with JIOMART custome...
Dec 02, 2020 by Balaji Vishnu Sai Vanapalli
I have requested transfer money from wallet to bank account it's not credited. Care number also not working...
Dec 02, 2020 by Mukesh Padhiyar
I have cleared the outstanding amount after that the amount of **** got got debited from my account , I have raised multiple complaints but till now I didn't got the my refund, my bank has been clearly says dat amount has been debited by RupeeR...
Dec 02, 2020 by Anjanamma
Dear team ,. November ** I am applying for personal loan call from this no ********** ,********** and representative says your loan has been approved please pay processing fees and I am summited the processing fee **** and again ...
Dec 02, 2020 by Neeraj Srivastava
Sir/madam , this is regarding a complaint against Mpocket loan app I've taken loan form Mpocket App , due this Pandemic Crisis[financial problems] i didn't paid the Loan amount , Now I called the customer care and asked to repayment of my l...
Dec 01, 2020 by Jashuva Peyyala
I made an UPI payment through google pay for jio mart ( order not placed) and money was debited from my account. It's been ** days since I made the payment but my money was not refunded back. I raised the complaints several times with both Jiom...
Dec 01, 2020 by Balaji Vishnu Sai Vanapalli
I was making payment for marrow study app through Google pay on ** November ****,the went on processing and amount debited from my account.I waited for * days for payment confirmation as they said to wait but today is ** November **** till now ...
Nov 30, 2020 by Sachin Kumar
Sir, With due respect I wish to inform you that I have observed that there are number of wrong entries of loans and credit cards with over dues are there in my CIBIL report as per given details: *) IPERKOL******** - IVLFIN Person...
Nov 30, 2020 by Sunil Singh
Dear Sir/Madam, *. I am Hardeep Singh, R/O House No. ****, Sector **, Mohali, Punjab, and wish to register a complaint against Paytm. *. On ** Oct ** at **** hours, I had done a transaction through Paytm, transferring Rs. ****/- to Nutr...
Nov 24, 2020 by Hardeep Singh
I took a small consumer loan from ZEST of ****** and paid all the EMI's on time with NACH mandate. However zest team reported me default in the CIBIL and not even giving me NOC so that I can proceed with the home loan. I am going to take them t...
Nov 23, 2020 by Mayank Pandey
********** se msg aaya or kaha ki hm apko loss recover krwayenge or profit bhi hmari fees hai ****/- mene is no pr paod ki ********** then wo provide call or * nd day *-* shareki call di or kuch profit krware or bole ki sir hm apko diwali seaso...
Nov 20, 2020 by Pradeep kumar gangwal
I have due amount of rupees *****, unfortunetely i was late paying the amount, for this course sbi charged me penalties and interests, i got call from sbi credit card department and they told me to clear all dues, and if i do so they will remov...
Nov 20, 2020 by Lav Jain
I have commercial space which had Indicash ATM machine installed since last * years. Agreement was expiring so thought to put down down the request to install another banks ATM machine and got this name called INDIAONEATM. I don't know exactly ...
Nov 19, 2020 by Pradeep Soni
I had taken the super money back plan to avail rental service from Noborker on *th of September after paying Rs. **,***.**. But did not get a single tenant from nobroker in ** days. When I spoke to the executives I was working with (Syed Ros...
Nov 18, 2020 by Dharani Dhara Mishra
I applied for loan on friday **.**.**** and approval given by bajaj finserv. One of the executive start doing procedure and in completing the same he asked firstly for **** then for GST file he asked for ***** rupees but then again he asked for...
Nov 17, 2020 by Shamli
Im Apply for correction my pan On ** Oct **** and im download form and I fill the form process and I speed post done on **/**/**** and post is is delivered to the address and im check the panind status thats showing your application form yet no...
Nov 15, 2020 by SHAIK ABDUL RAFEEQ
Dear sir . My car loan emi going to axis bank. My axis bank account closed. Then I emi pay cash in your bank. Plz help me...
Aug 24, 2020 by Pritpal Singh
i am not having refund of my money after crossing maturity date, which is **nd July, ****. Still company is not giving money....
Aug 21, 2020 by Mayank Prajapat
DIGITAL INDIA PAYMENTS LTD KA EK REATELER HUN OR YE COMPANY HAMARA ID BLOCK KAR DIYA HAI OR IS COMPANY KA WALLET MAIN MERA ***** KUCH RUPYA THA OR YE COMPANY ABHI MERA NAHI PHONE PIC KAR RHA HAI NAHI MAIL KA REPLY KAR RHA HAI ...
Aug 21, 2020 by MOHAMMAD MUJAHID
I sanjay Agarwal having SBI credit card vide account no ******************* have credit card in the year ****-** .. though annual charges is debited in my account & increased my outstanding apprx **** Its very unfortunate that without using ...
Aug 21, 2020 by Sanajy Kr Agarwal
I have deposited in this cooperative society * years ago but when i reached my maturity they re-invested my deposits twice without informing , now those deposits completed its maturity date but i'm still struggling to get my money back from co...
Aug 21, 2020 by kurapati Ramesh
I have * credit cards of Axis Bank and I trusted Axis Bank. Due to emergency I have to use credit card and I paid it on time before. Due to lock down I lost my job so didn't able to pay and applied for moratorium. But still they are charging so...
Aug 21, 2020 by Atul Upadhyaya
Hi, Discussed with Yes Bazar Finance Limited officer and processed for Personal Loan and he asked for documents on whatsapp to process i have given document that he asked and after ** hours he gave me confirmation latter that loan is appro...
Aug 19, 2020 by SURESH RANA
I have applied SBI credit card and i have not received the card bcoz am out of station currently. Without receiving the card , the annual fee gets generated for my card and they told to pay before Aug*nd but i have not paid the amount . No...
Aug 19, 2020 by Anandhan
They r asking penalilty amt of lock down periods i am not able to pay the penalilty amt(april)...
Aug 19, 2020 by Mahantesh angadi
On **th Aug **** i had received call from ********** he was asking someone else name who might have in my contact i have asked why calling me he started abusing i have call recording i have warned him that i am recording your call but he didn...
Aug 18, 2020 by Jugal Soni
My complaint I'd ******* and ******* I ordered fastag on *th of July **** from airtel payment bank. Filled a complaint against it on **st of July for not dispatching. And now it's ** th of August contacted a lot of times to customer care still ...
Aug 17, 2020 by Karamvir singh
Subject: Unblock my Paytm account Dear Team, Last week my paytm account linked with mobile number was blocked for some suspicious Trasaction. I have raised the request to unblock it on *th August with reference id ********* I was asked to...
Aug 17, 2020 by Rohit Goyal
I have book * tickets on paytm covid ** purpose cancel automatically this tickets and I have no refund this money so plz action against paytm fraudsters company. ...
Aug 16, 2020 by Ibrahim
They are cheating people on the name of online loan... They are giving **** for days and collecting around **** for * days period. ...
Aug 16, 2020 by Muppalla Sri harsha
I havent recieved refund yet , we booked train ticket in february ,**** , we cancelled in march due to covid but still havent recieved refund....
Aug 15, 2020 by Parul Vasani
The bajaj Finance deducted the excess amount of *** on **-**-****. I don't know why this deduction has been made by Bajaj finance. I email bajaj finance but the simply refused even though bank statement provided . Bank statement insisted by ba...
Aug 15, 2020 by Rohit Tukaram lahane
I have been charded rs *** amount even after i registered for smartpay. I tried calling HDFC customer service but they don't have any option to talk to customer service agent. I want to cancel the credit card but still not able to find option. ...
Aug 15, 2020 by Ishan
i have two FD in adarsh credit cooperative society, in this one is matured (deposite- ***** and matured amount Rs.******) and second will start in march **** amount of Rs. ******...
Aug 14, 2020 by Ravindra Kumar
I have paid towards my electricity bill of Rs ****.** towards my electricity bill vide transaction ID *********** on dt*-*-****..But my electricity bill not paid and amount was deducted from my account, I contacted to payment bank helpline no ...
Aug 14, 2020 by Mahesh pal Singh
I bought a chevrolet spark car from person named Ammathalli Gothireddy on **-**-**** in visakhapatnam and we have transferred money through online to his cousin brother's account named chinnakonda(nani) who has some political background..chinna...
Aug 14, 2020 by Sai Madhavi