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
Dear sir please give me my money sir.... I need the money for treatment sir...this money help me to surgery me sir... therefore I request ed you sir please give me the money in my account no. sir this is very important for me sir ...
Jun 21, 2023 by Ajay Kumar Gupta
Hi, I am being harrased by the kotak people very badly. In a time of ** mins I am getting calls from atleast ** different numbers. In March ****, i have converted my Credit card outstanding into EMI. I have paid EMI for March, April months. I w...
Jun 20, 2023 by V SURYA TJA
Wrong Information provided, I need * Lakh Compensation. I contacted Axis Bank in the month of November **** in order to avail a home loan. I informed that my basic salary was INR **,***.** and my personal loan EMI was INR **,***.*...
Jun 20, 2023 by Ataul Baseer
I have payment my credit card payment of Rs. ****/- on **.**.**** through paytm. And I received the acknowledgement from SBI Credit card services. The amount is debited from my saving back account on **.**.****. But on **.**.**** I have rec...
Jun 17, 2023 by AGALYA
I had created an account with Zebpay almost *-* years back and I had bought some crypto with them. They had charged certain for the transactions and it was fine. But one fine day they decided to charge fee for every month in which there was no ...
Jun 16, 2023 by Santhosh Reddy
I, Vijay Kumar Tripathi (i.e. customer...
Jun 16, 2023 by Vijay Kumar Tripathi
I opened my account with bharat pe and all the details were provided to them. After completing all things i got the qr scanner from bharat pe and i tried that out by using *rs transaction it worked fine and i got that transfer into my account....
Jun 16, 2023 by Mohamed owesh dawood
This company loan amount offered from rs ****** lake so I have sending document charge and insurance amount rs ***** but not recived loan amount nin my account....
Jun 14, 2023 by Revathi ramamoorthi
Good Afternoon!! The primary card holder for ICICI Bank credit card has passed away on **/**/****. I have informed ICICI Bank multiple times by providing the death certificate and to do the needful. Myself, who had add-on card and whose cr...
Jun 13, 2023 by Surendranath
They scammed me for getting profit amount, but they didn't return my money...
Jun 13, 2023 by Sujitha
Some people identified themselves to do marketing business through telegram and created account in telegram. Then they created a group along with a lot of participants and made us believe they invest orders in Share market. First time they sen...
Jun 12, 2023 by Piyali De
Hi, I have wrongly paid Rs.**** to my cash bean account. I have a wrote a mail to them but no reply.Please solve my issue...
Jun 08, 2023 by ELAVARASAN
I Binayak chatterjee residing at ** brahma Samaj Road kolkata ****** has a gold loan at behala branch, while taking Gold loan from Muthoot Finance Behala Branch repeatedly discussed that I may...
Jun 07, 2023 by BINAYAK CHATTERJEE
Lost ** Lakh in Adarsh cooperative credit society ...
Jun 07, 2023 by Harish Kumar Meena
my acoount got permently restricted from reciving payment & arround **.** USD is stuck over there, company restricted my account unnecessarily without any reason....
Jun 05, 2023 by Satyam Mishra
श्रीमान मेने पेटीएम मर्चेंट एप से **** का पेमेंट स्वीकार किया था जो की टैक्स काट कर के **** रुपए प्र...
Jun 02, 2023 by Manish Kumawat
I have been told by the company on telegram that if I invest a certain amount and then after completing the order mentioned I will get my full refund with the bonus of **%. But the order amount was not mentioned earlier only the *st order amo...
Jun 02, 2023 by Devjay Sharma
In August **** someone fraud myself *****rs by sagar ratna restaurant i file complaint to paytm postpaid, Aditya Birla group, consumer helpline ****, cyber cell Ludhiana Punjab and also RBI portal but no one solve my issue paytm postpaid blocke...
Jun 01, 2023 by Inder pal singh
I started trading in the share market a few months back to earn some money but got trapped in a fraud advertisement of a fraud company name (STELLA SHARED SPACES PRIVATE LIMITED)CIN Number is U*****KA****PTC****** address in Bangalore and Gurg...
May 31, 2023 by Binod kumar jaiswal
I took a flexi loan in **** because I anticipated I might need it for buying a land. Bajaj Finance [BF] agent told me that there is a processing fee and I can close the account any time that I want. He didn't tell me that there is a foreclosur...
May 31, 2023 by Rishi Ranjan Singh
without my permission my credit card amount was debited. I am requesting you to resolve the issue ASAP. ...
Feb 19, 2022 by Prasad B
I made a payment of ***** on CoinDCXGo through MobiKwik upi transaction on *th jan **** but till now they don't refund my money ...
Jan 13, 2022 by Emani Ajay Kumar
I have successfully added **** rupees in mobikwik wallet. Transaction was completed but after sometime money is not appearing on my wallet. Money also got deducted from my bank account. Where does my money gone ? Please do my refund....
Jan 13, 2022 by Paras patil
DEAR SIR MY DISEASED PARENTS HAVE LEFT A TERM DEPOSIT NO.************. I HAD CONTACTED THE BANK BEFORE COVID TIME.THEY HAD ASKED FOR THE INITIAL DEPOSIT RECEIPT WHICH WAS MADE ALMOST ** YRS BACK. THAT TIME ING VYSYA BANK HAVE TOLD TO KEEP THE L...
Jan 02, 2022 by SURENDRA KUMAR REDDY PADALA
today on ** of Dec **** I sell a shear of bajfinance quantity of **. buying price ****.**Rs and sell price **** Rs of one shear it's come** x ****= *****.** Rs. but the upstox credit only ******.** rs and how they can debited *****.** I need a ...
Dec 29, 2021 by nzanthung Tungoe
On **th of december **** , I had made a transaction worth ***** via UPI mode of payment to COIN DCX, due to server issues the transaction took place the next day but the transaction was success and the amount of ***** got credited to recipient...
Dec 23, 2021 by MD Badusha
I Have Made A Deposit Of **** On Coindcx On *th December **** And The Money Has Been Deducted From My Bank Account But Neither Credited In Coindcx Wallet Nor Returned In My Bank Account. As I Talk To Them They Told Me To Wait For * Days And Now...
Dec 22, 2021 by Rahul sharma
I've done a transaction via UPI on **th Dec'**. Payment was done but CoinDCX rejected it. As a result of this, my amount Rs. ****/- deducted from my Bank A/c. So, I raised a Ticket *******. They closed it yesterday by giving lame excuses. They ...
Dec 22, 2021 by Tanujit Pal
I have purchased some good in myntra.com paid through mobikwik wallet. Later cancelled order in myntra.com. I have received a message from myntra that refund amount is credited to mobikwik bank account. But when I check mobikwik wallet refund a...
Dec 15, 2021 by Navaneeswar Rao B
I Transferred ***INR to my coin dcx wallet on **dec ****, the amount was deducted from my bank account however it’ was not added to coin dcx wallet. It’s been * days now, the money is still not reflecting in coin dcx wallet nor it has been ...
Dec 09, 2021 by Devendra Singh
i paid Rs**for consultation for my home painting number of confusing,contradiction,different price was stated,quotation was irregular when i contact number of times no one given any proper answer,responses, day robbery of my hard earned money n...
Dec 05, 2021 by yes
We have been badly cheated by Ms Ruchi Mishra for giving complete wrong information about our current account opening status I applied for current account on **nd November and i was told by Ms. Ruchi that account will open in *-* days. Its b...
Dec 03, 2021 by Puneet Kathuria
Myntra claims that the order failed to get processed due to a payment gateway issue & unfortunately, the money debited from my account towards payment of the order has also not been received by Myntra. The same should have already been reverse...
Nov 22, 2021 by Mohak Ranjan
Bajaj is withholding two cheques which were promised to be released after the loan closure. My loan was taken over by the new property owner, Bajaj asked me to close the first and remainder amount of cheques will be released after the loan cl...
Nov 10, 2021 by Haneef Mandanda Ummer
I tried to do a payment to voxya using upi. But there was technical issue and the money was debited from my account, but the payment wasn’t successful. So i had to do it again. After * days I received a mail from phonepe that states the payme...
Oct 21, 2021 by Azam Muhammed
Wazirx not clear my ***** inr amount dispute after ** hours please help and please clear my dispute...
Oct 12, 2021 by Deenbandu jangid
I was digital gold sell on ** Aug ** but amount is still not credited to my account already ** days over. Ticket Id *******...
Oct 05, 2021 by Dharmendra Kumar
refund not initiated for order EP****** waited for long time more than ** days filled complaint in consumer forum...
Sep 29, 2021 by B. Goutham reddy
Unable to redeem my mutual fund amount. I have already shared the screen recording video with them but there is no response from the upstox support team. They are ignoring my all emails and messages and I am bearing loss every day. Please supp...
Sep 29, 2021 by Uday Dua
I have placed the order. My money is also deducted from mobikwik, but payment still showing declined order date ** Sep **** ...
Sep 16, 2021 by Dipanshu Dhingra