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
I applied for a loan and I received a call from Bajaj Capital Finance. in and asked to Give documents for a loan. they asked me to pay processing fee, then asked for Verification charges like that , Every time They conveys to me that this is ...
Nov 14, 2020 by Mallasamuduram V Sitharaman
Refund after maturity on Golden scheme is yet not processed after * months. I have already reached out to local Sahara office multiple times and they are not providing any satisfactory reply and always giving false hopes....
Nov 11, 2020 by Rajeev Rastogi
Dear Sir / Mam We have classic banking accounts with HDFC Bank. On insistence of our personal banker, we have applied for HDFC Business Regalia credit card. We have *** % payment history record over ** years and our payment are not delayed ...
Nov 10, 2020 by Kushagra Singhal
Sir, i had taken a loan and loan amount is **** only and due to this lockdown i haven't any Pocket money and now they asked me to pay **** and this is so high amount for me. and now they daily harassing me and threatening my family and really...
Nov 09, 2020 by Mohd khubeb
I talk to the customer service center to take the NOC.They asked me to pay *** rupees.And say I will be given NOC after payment.I pay *** rupees as promised. Upi reference no ************.( Transaction make by Paytm).But I was not given NOC. I ...
Nov 08, 2020 by Chandan mandal
ON OCTOBER **th CREDIT CARD TRANSACTION FOR Rs.****/- IN THE CLOTH STORE,BUT I HAVE NOT RECIEVED ANY ITEM....
Nov 08, 2020 by K.YESEPU
In this pendamic situation i dont have money to pay there heavy penalty which they are asking I'm ready to pay the base amount with intrest but they are asking for heavy penalty....
Nov 07, 2020 by Avinash Kumar
sir my third emi double time paid once deducted my registered account auto debit and *nd time i paid by clicking the pay now button in money view app which redirected me to internet banking, please return my amount. not responding customer care...
Nov 06, 2020 by Bikash Deori Citiga
I have a credit balance of Inr ****/- in Gokruze transportation mobile app on my mobile ********** since March ****. Due to Lockdown, there was no bus service operated by Gokruze. Further, without intimation, the app was suspended and the suppo...
Nov 06, 2020 by Renu H Suvarna
I Have done the transaction by paying my electricity Bill to BESCOM using Google Pay but the transaction got failed but were from my account money got deducted and still did not get my refund back Dated :** sep **** Amount ***...
Nov 05, 2020 by Rudolf Abraham
Dear Sir Mere papa Sahara credit society Ltd. Se kuch bond kharide the aur ek Rs.**** per month ka ** months ke liye RD bhi karwaye the jiski maturity December **** me puri honi thi lekin mere papa ka death ** August **** ko ho gaya uske baad ...
Nov 05, 2020 by PRIYESH KUMAR THAKUR
Go cash is an app on mobile providing money at very hight intrest they just capture ypu once you will not be taken iut as thye give money only for *days and at very hight intrest once you take you have to repay and for that they provie more s...
Nov 05, 2020 by Saurabh verma
I have done transaction of rupees ***/- through phone pe app on date ** september **** at **.** pm but when I check my wallet balance no any amount credited to wallet of fastag account. My transaction id is P**********************....
Nov 04, 2020 by Harshal
I have opened s.b.ac and fixed deposits (*) vide ac no.**************** and fixed deposit no.**************** dt.*-*-** matured on**-**-**** rs*****/-and fixed deposit no.****************-rs.*****/matured on**-**-**** and sb balance Rs.****= of...
Nov 03, 2020 by VENKATASUBBA RAMANJANEYULU KANUMALLA
Issue is Rs **** got paid twice -Total Rs ****, for * month free trial of Jio Fiber installed on **th Sep ****. *st payment made using Mobikwik. I could see on Mobikwik screen as not successful. *nd payment I made using HDFC Debit card whic...
Nov 01, 2020 by Pravinchandra Sheth
I AM HAVING A CREDIT CARD OF HDFC BANK. I HAD NOT PAID IT'S DUES SINCE FEBRUARY'**** BECAUSE I HAD QUIT THE LAST ORGANISATION THINKING THAT IN A MATTER OF TIME I WILL GET ANOTHER JOB AND WILL START PAYING IT'S DUES ON A REGULAR BASIS. BUT DUE T...
Oct 31, 2020 by UTKARSH DUBEY
I had subscribed for ** months. And during the time of subscription they had told that we can own the product after full tenure. Now when I am tryinh to buy, they are saying that provision has been removed. And I need to pay additional ***** to...
Oct 30, 2020 by Ajith Thalachil
Without informing to me and HDFC bank close my credit card due to that i last ****** rewards i lost and the value of money is ****** as flight booking values and ****** of gold coupon value....
Oct 29, 2020 by Manoj kumar unnam
Hi Sir/Madam, With Due Respect, I beg to say that I was having Citibank Ready Credit Account# ********** and with structure payment of ***** INR was offered to me on **-Jul-**** with a validity of **-Jul-**** and Promised was made that On the ...
Oct 29, 2020 by Ashish mishra
I have a personal loan with ICCI whose EMI due date is **th of every month. Even after maintaining the account balance the EMI was not deducted on **th OCt. After few days I started receiving continuous irritating calls from the recovery...
Oct 28, 2020 by Rajeev Kumar patra
I did a add money transaction to my Airtel payment bank account. The money got deducted from my Google Pay account but doesn't credited to my Airtel payment bank account. I want to know where my money has gone. Refund as soon as possible. ...
Aug 13, 2020 by Divyanshu Singh
Paid the amount for college TC fees but when I got the receipt it was blank, later I made another payment and it gave me a proper receipt but the earlier amount is still with them as I'm unable to claim for refund....
Aug 13, 2020 by Abhirvay Khadatkar
On the */**/**** I added Rs. ***/- in airtel payment bank's wallet because I have to do recharge but after confirmation of payment money has been deducted from my bank but no money still added to wallet. Even after registering a complaint by m...
Aug 12, 2020 by Sajal Mahapatra
I give agent money and he refused to give me back as he told me the company is closed....
Aug 12, 2020 by RANAN GUPTA
I book an lpg cylinder of Indane through Google pay a sum of Rs.*** was deducted but no cylinder was delivered to me. I inquired to dealer he said that cylinder not booked and he said that amount received has been refunded back but the amount h...
Aug 11, 2020 by Amit Shukla
Due to COVID-** situation I had option EMI COVID-** facility month of June is is acceptance by bank ,and month of July ,my EMI date was *th but it was bounce, and I paid this EMI on *th of Aug , after discuss with legal manager of kotak bank,th...
Aug 11, 2020 by Balaji kamble
Someone asked my paytm otp and then my money was deducted in Pubg UC. Please track it down and help me as soon as possible....
Aug 11, 2020 by Armaan Srivastava
Paytm provide busses information is very bad... Paytm shows services is not provided in bus.. Bus staff in not maintain social distance... ** seats in bus.. but *** passengers in bus.......
Aug 11, 2020 by Bajrang prasad
i was trying to transfer *** rs to my friend July ** using google pay app and transaction failed, it have been one month still i didn't get refund ...
Aug 10, 2020 by subravelu
I literally beg your support for me to get my money refunded. DMI finance PVT ltd is not refunding my extra amount, which i have paid on its portal for my loan account. Please find below explanation and bank statement for your reference. Nam...
Aug 07, 2020 by Sunny
Sir i have to pay amount ***** re in moneed in ** march **** but because of lock down there is sudden stop of source of income of me and my husband too after that i am suffering from high sugar with pregnancy and in critical stage so i mail in ...
Aug 07, 2020 by Rupali thaper
Dear sir / Madam mere friend ne ** July ki raat ko Paytm UPI see *** rupee Mujhe bheje jo aaj tak Mujhe nahi mile, Maine paytm customer executive ko Kam see Kam **se Jyada baar call Kar di hai Har call pe mere balance kata hain kyuki unka vo t...
Aug 07, 2020 by Pravesh Negi
They cheated me with providing wrong advisory services. they taken service charges. These are fraud people. i lost money because of believing them. Please remember " Highlight Investment Research" name and run away from their representatives ...
Aug 06, 2020 by Saneesh N S
Hi, I have a personal loan with HDFC with autodebit facility in my HDFC sacing account. As I am self employed, there has been hardly income due to the Corona crisis. So I had opted for moratorium for my personal loan. Since June, I am receivin...
Aug 06, 2020 by Rohit T Gangopadhyay
Hi, On */*/****, one customer transferred ****/- to my Google pay account, and Initially transaction did not happen. But later I received a message tht amount is transferred to my account. And I gave the goods to customer. After **mins trans...
Aug 05, 2020 by Hemalatha Vikas
Sir, mera paisa galt account me transfer ho gya tha uski complned bi kar di thi fir bi aaj ** days hone vale h aaj tak meri koyi help nhi kar rha hai...
Aug 05, 2020 by Rakesh kumar saini
I had taken personal loan after which one EMI is pending, now as per decided terms stated EMI will be deducted in the first week of the month, however an unfair amount is charged to me on ** July ****...
Aug 05, 2020 by Karan
I received a payment on my account from a customer but the amount is not credited to my bank account for more than ** days and there is absolutely no support or help from paytm team regarding this. The amount is not available in my wallet also ...
Aug 05, 2020 by Nandish Rao
This is very disappointing to share with you that I have made a payment of amount Rs. ****/- on dt. **th July **** to BMC Holding Tax dept. (Govt. of Odisha) through Google Pay service link with my SBI Account. After making the payment message ...
Aug 04, 2020 by Sunay Mishra
Till now I have been charged without any proper reason and message from SBI. i pay for Credit card but they deduct amount within ***-*k without informing. I have exceeded my limit but I paid some a few days ago but still **** got deducted from ...
Aug 04, 2020 by Shatadru Paul Chowdhury