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
Extracting Amount For Data Entry Job (Usa Finance Team Dept) Open
My sister recently took a data entry job for this company that outsources the work to an Indian call center agent. The name of this person is joby jorge phno- ***********. While taking the job that involved in doing *** pages of data entry, he ...
Oct 05, 2020 by Vijoy Vijayan
Refund payment (Sahara Credit Cooperative Society Limited) Open
Account No - *********** Deposit Amount - ***** Deposit Date - **/**/**** Maturity Amount - ***** Maturity Date - **/**/****...
Oct 05, 2020 by NAYNA M PRAJAPATI
Dmifinance and mobikwik are cheating (DMI finance) Open
I am a senior citizen and I took a loan from DMIFINANCE. LOAN ACCOUNT number- DMI********** . They asked me to pay the loan manually . I.e they used to send me a link in mail and I used to make payment through the link. I was doing this for la...
Oct 03, 2020 by Samir kumar banerjee
MPocket Harassment (Mpokket) Open
I have taken a loan and also paid for extension of loan the extension is over but my condition is not good to pay the amount. MPocket people are harassing continuously. Today i.e. **/**/**** they have sent me message regarding the repayment in ...
Oct 02, 2020 by Archit Rukade
RBL CREDIT CARD TO AMAZON TRANSTION (AMAZONE AND RBL CREDIT CARD) Open
Sir, I made two TRANSTION of ***** * * = ****** on July * with credit card of RBL bank on amazon After that amazon blocked my account that from Rbl bank we got the allert of fraud transtion. He opened the amazon account after a month and after...
Oct 02, 2020 by SHYAM LAL SWAMI
Pankudi Agarwal (Sahara Credit Co Operative) Open
I Pankudi Agarwal depositrd ******/- on **/**/**** which matured on **/**/**** with value of Rs****** wide number ************,************,************. Please look in the matter and release my anont as i m in urgent need of money. ...
Oct 01, 2020 by Pankudi Agarwal
Amazon pay balance not credited (Amazon Pay Icici Card) Open
Amazon pay ICICI credit card is offering unlimited *% cashback in form of amazon pay balance as per their advertisements. This hold true when the rewards are within the limit of Rs.****, otherwise they are withholding the said amount for no rea...
Oct 01, 2020 by afsal sha
Petro purpose (PayTM) Open
I done payment through paytm app money debited from my account .. but the merchant not received.. In my account amount not received.. customer care number was not working... I have receipt ... IAM sent screen shot....
Oct 01, 2020 by HARI PRASAD GATTEM
Security Money not refunded (Dtwelve Spaces Private Limited) Open
I am Parul Shukla.I have resided in Stanza Living Pasadena House Vijay Nagar ndore from August ****- May ****. At the time of booking they have taken **** Rupees as security deposit and Even I signed an agreement on that regard at the end of th...
Oct 01, 2020 by Parul Shukla
Prize money not released after Winning Bid (Margadarsi Chit Fund Private Limited) Open
I had won the chit prize money this month but the company is not releasing the price money quoting government Sureties are needed. while joining me in the chit, the agent and manager verified all the Sureties informed me that they are good & I ...
Sep 30, 2020 by Sridhar Peddiraju
Money deducted from Paytm wallet (PayTM) Open
I am usong paytm and other similar platforms since many years. At around *:** PM on **th of Septmber i opened paytm app and saw that my wallet balance is only Rs.**** though the amount actually added in my wallet was **,*** more than this amoun...
Sep 30, 2020 by Dr. ABDUL KHABIR
Financial loss and harrasment (Embolden Solar Ladhewali Road Rama Mandi Jalandhar Mobile nos ) Open
I contacted Vishal Amar Rishi owner of Embolden Solar for installation of *K.W.rooftop solar at my residence (*,Vasant Vihar Ext.Jalandhar )on June **,**** at a cost of Rs.******.**(all aspects of the project included) whereas a subsidy of Rs.*...
Sep 29, 2020 by Bhagat Singh
This company is fraudulent and I lost all my money (Assured capital services) Open
Hi M Reshma Fathima from chennai I joined in Assured capital and invest Rs. ***** D.O.J **/**/**** ID AC****** I have received around Rs. **** I lost rs***** Kindly help me to get my Money...
Sep 29, 2020 by RESHMA FATHIMA
Maturity amount not received (Sahara India Pariwar Sambalpur Odisha ) Open
I would like to inform you that I had purchased following Bonds from your Sambalpur (Odisha) office. But in spite of visiting your branch office at Ainthapali Sambalpur (Odisha), the officials have not given any confirmation/details about the...
Sep 29, 2020 by Anjali Mishra
NON PAYMENT OF MATURED POLICY (Sahara credit coop society ltd ) Open
My Account No. *********** and Certificate No. ************ has matured on **-**-**** but till date, no payment has been made. The agent handling this product for me, tells that he has submitted a request in the branch office, but no payment ha...
Sep 28, 2020 by BITHIKA DAS
Unable to withdraw FD matured amount (Adarsh Credit Co Operative Society Limited) Open
Deposited huge amounts of mney in Adarsh credit. Now many of my FDs are matured but unable to withdraw. The executive who helped me in opening the account is not reachable and number is out of service. Opened account in **** and my first FD mat...
Sep 26, 2020 by Ambika Mathamsetti
Fraudulent Issue (Sbi Cards ) Open
A fraud transaction of Rs ****/-(******) was done on my sbi credit card on **/**/****. I had cleared all my liability with sbi card except the above *****/- and stopped making payment. Since, then sbi card is creating monthly bill on my card af...
Sep 26, 2020 by Ripusudan Mishra
NOC of SBI credit card not received (SBI Gurgaon) Open
Dear Members, I wish to share my pain that I faced in SBI, Gurgaon. Sir, I was about to pay **K of my SBI credit card. I requested to waive off some amount so that I can pay as I lost my job. The agent Muraat from SBI (Gurgaon), he was speaking...
Sep 26, 2020 by Abhay Kumar Singh
Wrong plan detail (Profit Vista) Open
** July**** ko profit vista naam ki company se call aae or bola ki aap share market m invest krte ho to mena bola kabhi kabhi thoda bahut kyuki muje eska bare m jiyada knowledge nahi ha to vo bolta ha ki eski tensen aap mat lo hamari company aa...
Sep 25, 2020 by Pankaj kumar
Money cheating Personal Loan offer (Shree Ram Finance Limited) Open
I just opted for personal loan of ***** online from SHREE RAM FINANCE LIMITED Immediately the Agent called up asked to transfer ****/- as transfer as commission .after that he sent an Personal loan acceptance Softcopy and asked to pay *months...
Sep 23, 2020 by Kiran
"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