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
Chit fund amound not refunded (Thiripura Chits Private Limited Mysore) Open
hi sir I have invested in thiripura chits pvt limited # ***/*,*nd floor,*st stage nagagrabavi main road near sky line apartment chandralayout bangalore -****** ie account number VYNC**ECP****** dated **-**-**** kindly help me in this issu...
May 08, 2020 by R B Vadhiraja
Amount not refund (Bank of India) Open
I did my EMI transfer on */*/**** which was cut from my account but did not reach forward not refund till */*/**** today...
May 08, 2020 by Parveen Kumar
DOUBLE CREDIT CARD PAYMENT DEDUCTION (HDFC credit card) Open
HELLO I MADE PAYMENT OF CREDIT CARD ALREAYD BUT ON DUE DATE , AGAIN MONEY DEDUCTED. AT A TIME WHEN PMO IS GIVING LIQUIDITY TO ACCOUNT HOLDERS, YOU ARE MAKING WRONG DEDUCTIONS TO THE ACCOUNT. REFUND ASAP...
May 04, 2020 by Amit kumar
Complain to get the refund of FD from Adarsh Credit cooperative society ltd (Adarsh Credit Cooperative society) Open
I had made a FD in Adarsh Credit cooperative society ltd which got matured on sep-****. I am not able to get the refund for this FD. Please help us to get the refund....
May 04, 2020 by Nikhil Gupta
SHARE MARKET (Agrich Traders) Open
I GOT A CALL FROM AGRICH TRADERS GIVING ASSURANCE TO GET HUGE MONEY IN OPTION TRADING AT SHARE MARKET BY PAYING SOME FEES.I HAVE PAID Rs.*****/-& MADE TRANSACTION AS PER THEIR ADVICE & LOST Rs.******/-THEIR CONTACT NO. AS AS UNDER +**********...
May 01, 2020 by Mansingh
Fraudulent calls in the name of paytm (PayTM) Open
I got a fraudulent call in the name of paytm regarding the kyc update. I was asked to install the app team viewer, quick support. Then they asked me to login to my paytm app and add some money where I got suspicious and immediately uninstalled ...
Apr 27, 2020 by Mallika Das
Loan process fees not refunded (Reliance Finance Limited) Open
Hi. I was desperately looking for a loan. I was approached by Reliance Finance saying that I could get * lakh personal based on my Aadhar. They sent me a sanction letter. They asked me to pay **** as process fee - which I paid, then they asked ...
Apr 21, 2020 by Govind Unnikrishnan
Unauthorised transfer of Money from Paytm Wallet (PayTM) Open
PAYTM PAYMENTS BANK LIMITED V. J. Business Tower , A-* , Sector -*** , NOIDA – ****** Sir , I , Shrikant Rjaram Wakle want to dispute the transaction in Table * below . TABLE – * Date of Transaction Wallet Transaction I D Am...
Apr 21, 2020 by Shrikant Wakle
Maturity amount not issued by adarsh credit cooperative society (adarsh creditcooperative societ Ltd) Open
Fds and Bonds are purchased from adarsh credit society ltd udaipur from **** to **** but maturity amount is not paid by any branch and all branches are not transiting from last * year...
Apr 20, 2020 by ANIL SARASWAT
Complaint against Adarsh credit society udaipole udaipur (Adarsh credit society udaipur) Open
i have deposit money in adarsh credit society udaipur branch from **** and **** year in form of FDs currently all FDs are matured but to day no any branch of society is open for transition from last i year kindly cooperate and refund my valua...
Apr 20, 2020 by ANIL SARASWAT
Amount refund related (Google Pay) Open
We have done a payment of rs *** for train at * april **** fut transation failed through google pay after so many times trying to contact google pay customer care they ask personal secret information atm card no expiry date cvv and otp they as...
Apr 19, 2020 by Adarsh dwivedi
Loan Fraud Case (Reliance Finance Limited) Open
I applied for a loan in Reliance fiance limited,then I got a approval letter from the company.First they ask for processing fees of **** which is refundable..So I paid the processing amount,then they ask to pay for loan security fee of rs-*****...
Apr 13, 2020 by MOHAMMAD Ammaz
Payment not refund (Cashbean) Open
I do a payment to cash bean for one loan amount ..i did't get refund still yet,every time i called they give me new TAT...it's like ** days my concerns not resolved...
Apr 12, 2020 by MANASH KUMAR PATRA
Fraud (paypoint.ind.in ) Open
Sir my name is Anil Kumar Paikaray.Paypoint india took my Rs-****** for csp. A/c Holder name is-SHYAM GOSWAMI.A/C NO-**********.IFSC CODE-KKBK*******. KOTAK BANK. HER MOBILE NO IS **********...
Apr 08, 2020 by ANIL KUMAR PAIKARAY
Money not refunded by Adarsh cooperative credit society udaipur fatehpura branch (Adarsh cooperative credit society ) Open
Adarsh cooperative credit society of udaipur (rajasthan) fathepura branch is not giving my money, Amount is big ND dates r matured more than a year. Nobody is helping me in the branch. Please help me in getting back my money. I'll be obliged...
Apr 06, 2020 by Naina jain
Fraud activity in my credit card and debit card (PayTM) Open
There was approx. Rs.*****/- deducted from my various account using credit card and debit card Request you to kindly investigate and help me from this issue and defaults which has to be paid by me. I have also raised complaint cyber crime ...
Apr 03, 2020 by Sankaran Ganesan
Refund (Karur Vyasya Bank) Open
My ECS OF **** refund is come from karur vysya bank to canara bank Acc No ************* CNRB******* on**/*/****with the NEFT REF NO N*************** but it not credit to my account ************* please resolve my complaint ...
Apr 03, 2020 by Dinesh chandra fulara
Loan (IDFC first loans) Open
Sir mene ek loan liya tha idfc first bank se jisko mene march ** **** ko rs **** amount jama kar forclose kar diya tha jiski har mahine ki ** tarikh ko emi kati jati thi forclose hone k baad bhi company n mere account se april mah ki ** tari...
Apr 03, 2020 by Sabil khan
Refund not done (IRCTC and SBI) Open
I had booked a ticket for journey from secunderabad to titilagarh in irctc website on **th march.. Money is paid from my account but ticket got failed and refund is not done till date.... Please guide me...
Apr 02, 2020 by Biswanath Rana
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