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
I have made online payment of Rs.*** to bizbazar.store owned by Karan ASHOKBHAI SOLANKI to buy * Kurtis by paying PauU India with PayU ID: *********** Transaction ID: ********* two months back. Block the payment to the fraudulent vendor and re...
Jul 30, 2023 by Dhandapani Ramasamy
My father was scammed by a person who came at our shop and told him that he is Paytm agent and has came for kyc so he gave him his mobile and he took the Paytm login in his mobile and did the transaction on the other day. This transaction was n...
Jul 30, 2023 by Mahendra Kumar dandidar
I've Wazirx account for more than an year, and have funds of *,**,*** deposited in it. I'm trying to withdraw my money but now they are saying that kyc verification is not complete. I've submitted all the required documents multiple times but t...
Jul 30, 2023 by Prakhar Agarwal
Sir, Transaction with the PayU, ID: *********** was been successfully processed on ****-**-**. As per your records, the transaction ID: *********. Please refund the amount immediately or give me full contact details of the merchant Thanks &...
Jul 27, 2023 by Dhandapani Ramasamy
On June **nd, at **.** hours, I received a call from official phone number from Mobikwik *** **** **** that there was some suspicious activity related to my account and asked me to enter OTP to block the attempt. I believed as it came from offi...
Jul 24, 2023 by Addagatla Jayadheer
Today **** rupees fraud done with me by my zip account *- Amount:- Amout of rupees **** *- Time of incident- **-**-**** **:** pm *- transaction id- MK*********** Thousands of people are suffering now with mobikwik zip money scam. Scamm...
Jul 22, 2023 by Manish agrawal
Respected sir, This is shaik.shirin I have invested in "*" ART gold chits and my sister vinitha invested in "*” gold chit, apart from this I have paid **,***/- towards * lakhs gold chit. I have invested in * gold chits through my agent Mrs...
Jul 21, 2023 by shirin shaik
I don't know what to say but I am literally frustrated and feeling tortured by the behaviour of PAYTM customer service. I was firstly misguided by their dealer who lured me to purchase their soundbox saying it will only cost Rs.*** for a single...
Jul 16, 2023 by Rahul Singh
Mr. Pyarelal Parmar, living in Bhojnagar, sehore issued the cheque of **,*** INR with his son's name, Sunil Parmar of Bandhan Bank got dishonored as he had taken my agriculture land on lease for ****-****. Please help me to reimburse my money....
Jul 12, 2023 by rupika agrawal
This is to request you for stopping the deduction of EMI amount from my bank account as my loan has already been repaid completely on ** DEC **** with all interests paid and no EMI is due against the loan but still my account is being deducted ...
Jul 11, 2023 by Kamaraj A
I am a Federal digital bank customer (FI money) with account number ************** and debit card number ****-****-****-****. On **st May, **** at *:** pm, I visited my nearest Punjab national bank ATM with ID no P******* that is located at Nor...
Jul 11, 2023 by Rituraj Borah
On **th March ****, I made a payment of Rs ****.** through PayU Money for recharge of my Reliance Jio mobile no. **********. The amount got debited from my State Bank of India (SBI) savings account, but I received an email from Jio stating that...
Jul 10, 2023 by Prabal Sengupta
There were two fraudulent transactions done from my Mibikwik zip wallet, one for ***** and one for ***** back to back. Both were from my zip wallet and payment was made to West Bengal State Electricity Distribution Co. Ltd (WBSEDCL) Electricity...
Jul 09, 2023 by Rahul Swami
Actually i have taken a loan of *k in mpocket as i was suffering for medical issues i cant pay the loan so now i am willing to pay my loan but the amount is very high so please decrease my overdue so i can pay my principal amount it will be ver...
Jul 04, 2023 by Siyyadri Pavan Kumar
Kindly I request you please solve my problem sir I deposit amount to my wallet but still not credited my wallet. Please check and solve my problem as soon as possible Date **-**-**** Amount totally INR ***** Please check and solve the pro...
Jul 01, 2023 by Mala Devi
I am writing to formally lodge a complaint regarding a discrepancy in the loan amount provided to me for interior designing work by Square Yard through LoanTap. I believe there has been a misunderstanding or miscommunication regarding the fundi...
Jun 30, 2023 by Krishna Mohan
An amount of Rs **** transferred to Airtel payment Bank via UPI failed but amount got debited from my SBI bank account. The transaction was done on **.**.**** but so far Airtel payment Bank not responding to queries sent to them. This payment ...
Jun 28, 2023 by Nithindas
I have taken home loan and was regularly paying all the EMIs on time through direct debit from my saving account. The loan account was paid in full and closed also. But recently when I checked my CIBIL score I was shocked to notice that two mon...
Jun 27, 2023 by Ashish P
Jun 24, 2023 by SATYAM KAPOOR SHARMA
Dear Sir/Madam, I am writing to file a formal complaint against Paytm regarding an issue I have been facing with their services. On **/**/****, I noticed an incorrect deduction of Merchant Discount Rate (MDR) charges from my Paytm account. I...
Jun 24, 2023 by Thottadi Praveen Kumar
I initially had invested money in Shara Q shop but the company converted it into Fixed Deposits under Shara Credit Cooperative Society Limited. My Fixed deposits are matured now but the company is not giving funds. I urgently need funds for hou...
Apr 30, 2022 by Mahesh Kumar
I was doing cryto trading through CoinSwitch app, and updated the app then suddenly it's not allowing to access my account stating my pin is not valid. When I raised ticket to their support team...they were just saying we'll help you and suppo...
Apr 17, 2022 by Karan Suri
hai sir.... mera naam siddappa m majjagi ,Mein slice credit card ka costumer hu aur maine ** jan **** ko slice ka full repayment karneke baad slice card ko bandh/delete karnekeliye official helpline email me mail bheja tha, lagathaar mails bhej...
Apr 16, 2022 by siddappa m majjagi
Loan ID: B*B*AD***D** *. Auto-debit mandate of EMI of Rs. ****.** was active and due on **-**-****, which was not processed by Zestmoney on such date. *. On **.**.****, i received email from Zestmoney that, "DUe to technical issue auto deb...
Apr 10, 2022 by Manzil Ardeshna
My amount not credit in my account for * month I withdraw my money * January in binomo app.i continuing talk on chat support for * month.company says you can send bank statement. I sent my bank statement ** time in live chat but same reply bino...
Apr 09, 2022 by Kapil Rohilla
Dhani Finance promised me personal loan to be disbursed within few hours. They took Rs. ***** as processing fee, Loan insurance and ECS charges. It’s been * days and the loan amount has still not been disbursed. They are simply giving excuses...
Mar 27, 2022 by Soma Dutta
Sir, I withdraw my amount in January month but amount not credit .I share my bank statement for Coindcx support team but long time there no resolve my issue.he day by day delay. Can't response on mail. I need my money urgent basis....
Mar 24, 2022 by Kapil Rohilla
payment done from ICICI account UPI that for Rs.**** deducted thrice with only UPI no **** successfully updated to dhani account whereas other two done before was showing unsuccessful...
Mar 19, 2022 by Harash Lath
Dear Sir/Madam This is inform you that On **-**-**** i have sent amount of Rs.**,***/- wrongly from BANK OF BARODA credit card to UPI ID of (Antonyraj@icici) using through Paytm rent Sent wrongly that UPI ID after that i complaint to...
Mar 14, 2022 by Antony paulraj b
I have purchased a product from Flipkart by using Lazypay buy now pay later card on * March****. some reason i was cancelled the order and Flipkart initiated refund and Flipkart confirm that it was completed on * March ****. Accordingly it wa...
Mar 12, 2022 by Debabrata Majumder
Actually my * transactions cancelled from the merchant side as there is a out of stock of medicines so from that i received only * refunds so where is my * more refunds the medicine is for cancer patient medicine the patient will die if no medi...
Mar 08, 2022 by Ashreen sultana
The company was not able to provide the policy on time and after asking for the refund also they are delaying the dates and not giving any proper resolution on the refund amount....
Mar 06, 2022 by Nilanjan Mitra
Closed loan but still autodebit from my account ...
Mar 03, 2022 by Arjun pu
LPG gas booking money debited & LPG refunded to mobikwik but still mobikwik not refund to me,REFUND NOT RECEIVED BACK FROM MOBIKWIK...
Mar 03, 2022 by Shakilmiya malek
Hi, This in with regards to one ongoing loan in the name of Gaurav Somnath Bhamare (**********). I have been receiving frequent calls for the repayment of the loan amount from **********, **********, who mentioned himself to be someone from ...
Mar 03, 2022 by Rakhi Yadav
On **rd Feb, I made a transaction for Rs.***** from google pay and the money got debited from my account and never reached receiver and the transaction status is failed in google pay. I’ve been following the customer care ever since and nothi...
Mar 03, 2022 by Vivek N
I took the home loan insurance from ICICI Prudential on **/**/**** and requested for surrender/refund on **/**/**** as part of loan takeover. (That means the policy was used only for * months and ** days.) I submitted all the policy surrender d...
Mar 02, 2022 by Anupriya Sajeev
I have my bank account in sbi bank ADB DATIA (SBIN*******) Phone no.- ********** Acc no.-*********** From the last couple of days i am suffering hold on my account for rs.**** for i a transaction which i have done successfully and due to ...
Mar 01, 2022 by Abhay Yadav
On ** Feb **** I Did Transaction Of ***** To Dhani App On Google Pay,Amount Is Deducted From My Account But In Dhani App It's Showing Transaction Is Failed, Dhani Uses The Razorpay Is Payment Gateway, As Razorpay Send Mail To Me Stating That Th...
Feb 25, 2022 by Panchayya Dhanayya Swami
On ** Feb **** I did Transaction of ***** to Dhani app on Google pay,amount is deducted from my account but in dhani app it's showing Transaction is failed, Dhani uses the Razorpay is payment gateway, as Razorpay send mail to me stating that th...
Feb 24, 2022 by Panchayya Dhanayya Swami