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 HAD INSURED MY BUFFALO ON DATED **/**/**** BY DR. APEKSHA JACOB. MY ANIMAL DIED ON **/**/****. I HAVE COMPLETED ALL FORMALITIES REGARDING CLAIM. BUT COMPANY HAS REJECTED MY CLAIM WITHOUT ANY REASON. THE ORIENTAL INSURANCE COMPANY HAS NOT INF...
Apr 26, 2023 by VINOD
sir I have made an investment with Sahara credit cooperative society in burhanpur of Rs ***** for ** months but after a time of ** months passed, company is not giving my money...
Apr 26, 2023 by swatantra vaibhav Mishra
Shravan Kumar from home credit is creating daily torture on me and making mental harassment for loan repayment even I mention that I am jobless ...
Apr 25, 2023 by HMHarsh Maheta
On ** of April, I paid *** rupees for trading. The amount was deducted but did not reflect in my trading account. I waited but nothing happened. After ** hours I complained about the same and they told me that we will reach out to you in *-* da...
Apr 24, 2023 by Yadu Chaturvedi
I was being shared Telegram ID to contact person for investment. Telegram ids are *) @anshul****** *) @jin**** *) @ankita****** They gave me certain tasks to do and in return promised to payback me **-**% interest on principal amount. Tas...
Apr 24, 2023 by Ashutosh Kakade
I used to pay credit card bills from cred app by blindly believing that app.as usual I paid the amount due which is shown by cred for my rbl bank credit card.cred shown be that I have paid full amount and no dues.but in the next statement I hav...
Apr 23, 2023 by Gannoju Arun Kumar
i withdraw my deposited and winning money of ***** on betway. before **days but i stiil not receive my money. transaction number is *********.if i will do myself something like if i will ending my life so betway will be responsible for this bec...
Apr 22, 2023 by Shivam rushkumar suthar
I have skip one EMI of credit card, I am agreed for return it. Recovery team has called me and using abusing very dirty words for payment recovery. ...
Apr 21, 2023 by Kedar Latke
I am writing to report a complaint against Trackon Services regarding a consignment that I had booked through their franchisee, Mr. Deepak of Masoodpur, Vasant Kunj, Delhi. Unfortunately, all four items in the shipment were severely damaged dur...
Apr 20, 2023 by Amrita Srivastava
I took an loan of INR ****** from ZestMoney and repaid all the EMIs on time and the loan was closed. But after sometime I came to know that my CIBIL and other credit report is still showing loan as active and they are also showing overdue EMIs....
Apr 19, 2023 by Shubham Pandey
The PMS company is refusing to refund the money in spite of SEBI order...
Apr 18, 2023 by Jinu Jose
In **** IDFC first bank submitted a report to CIBIL , that this person had taken out some loan and default and still the report is coming in CIBIL (doc attached) and drastically lowered my score. Luckily, i thought of buying a car (every com...
Apr 18, 2023 by Gaurav Singh
We were made to like videos and some small amount was given then we were made to do dummy trading on telegram ... Then I group of * is formed and tradi.g is done bidding and selection is done by the recruiter itself and we have to add money to...
Apr 16, 2023 by Amandeep singh
I made a payment on Instamojo ** days ago of Rs. *****/- After * days of payment they sent me a mail for clarification about my business. They send me a link to submit the Invoice, Business Description, and other business documents. But, that l...
Apr 16, 2023 by Pralay Bhowmik
I Have a Savings Account with Equitas Small Finance Bank and Account Number is ************ and IFSC Code is ESFB******* and Customer ID:-********. My Debit Card last ending with **** has been Blocked by Equitas Small Finance Bank without any r...
Apr 15, 2023 by AKHILESH SHARMA
This company is fraud. *. It has never given me winnings equilant to the amount i deposited.l that is approx ****** i won only * lakhs *. I recently deposited ***** INR in mostbet that was never credited to my mostbet account i have been cont...
Apr 15, 2023 by Arpita Sinha
Paytm fastag account deactivated by the company due to double account by me by mistake. Made contact with the company many times to resolve the issue ,produced the proofs asked for by the company but in vain.Then I have purchased IDFC fastag on...
Apr 14, 2023 by Surinder Singh
My name is priya agarwal online apply loan.for *****./. Chandravir singh is calling me and he said that loan processing fee **** is paid otherwise loan is not approved i am paying in my phone pe apps again he said ****,****,****,****,****,**** ...
Apr 14, 2023 by Priya agarwal
Bought Term Insurance on **-*-**** post completing all formalities and check ups. Since there was NO option to declare other policies nor did agent ask, I didnt disclose. Call Recordings available with insurer. Post issuing Policy, they claime...
Apr 12, 2023 by Viral Navin Chheda
I recently took loan through money view app and my fifth EMI **** was due on *th April and I have necessary funds in my account for auto debit however, auto debit didn't happen hence I paid the EMI * days later with plenty **** rsby using payme...
Apr 12, 2023 by Jaspreet Singh
on **-*-**** i booked cylinder through airtel thanks app and transaction is initiated and i paid the amount through debit card and the amount got deducted and cylinder was not booked later i called customer care and they even don't know that th...
Jun 30, 2021 by srinivasa rao seeramsetti
Hi sir, I deposited **k on *th May to my zebpay account, but still I am struggling for getting back my money, many times i put mail, create tickets also, I tweet to there ceo and all higher authorities but everytime they did false commitments, ...
Jun 26, 2021 by Rahul Parmar
I deposited to wazorx on *rd of june ****,but amount not credited to wallet till **th of june ****. I talked to customer support and reported several times but all went in vain. Transaction Id.****ed**c**e*******f...
Jun 12, 2021 by Krishna Chetry
On **rd MAY i have deposited **** rs using standard bank transfer, money debited from my account but still not credited. On june * **** they rejected saying bank has declined this transaction but when i mailed the bank they say amount is al...
Jun 06, 2021 by Jecky Rana
I lost my authenticator codes for * factor authentication to login to WazirX. Since I didnt have the recovery codes I raised a ticket as suggested in their support page https://support.wazirx.com/hc/en-us/articles/************-Two-Factor-Authen...
Jun 02, 2021 by Santosh Pallav Sahu
The Amount Had Been Withdrawed But According To Company Process It Will Refelect Within ** Hr .But Its Been * days The Amount Had Not Been Processed.Whenever i Sent A Enquiry Email They Are Just Give The A Same Copy Paste Answer. Their Enquirie...
May 30, 2021 by Eldhobasil parackal
Hi , I've made a deposit of *.* lakh using imps. **-**-**** MOBILE BANKING MMT/IMPS/***********/*****/NEBLIOTEC/HDFC******* *,**,***.** It's been * days still i haven't got any reply from them. I raised a ticket and mailed them ** tim...
May 25, 2021 by Manish Reddy
Wazir X listed shiba inu coin price at way above the capability of token to be listed upon, making matters worse . They should be initiating funds of the traders who lost money because of their mistake. its simple you make the mistake and you p...
May 17, 2021 by Abhishek Kumar
I saw an ad on olx of an old iphone X with a small crack at the top end. The seller was named Sabir and he seemed legit and he showed me the bill and pictures and videos of phone. He agreed to me that I pay half now and half after I get the cou...
May 17, 2021 by Geswin Babu
WazirX lauched a coin SHIBA INU. The lauched price of coin was much Higher(*.* Rs/Coin) than its actual price which was never Its Price Till Date. I ordered the coin at *.* Rs Per Coin Of Worth Rs ****** and @*.*rs Per Coin Worth Rs ******. ...
May 15, 2021 by ADITYA
# I have added ****/- first to the account on *th May **** which is not showing in the wazirx account and after that I have added ***/- it has reverted back to my bank account after **hours but the first transaction which I have made is succe...
May 15, 2021 by Santhoshi
I was depositing *** USDT from my trust wallet account to wazirx wallet. I wasnt aware of the token being of a different network type in wazirx (erc **) and trust wallet doesnt ask for a network type before transferring. I raised a ticket (* Ma...
May 15, 2021 by Nikhil Deepak Acquilla
bought Rs ****** worth of Shib coins at *.* rs. The coin was never at that price. Wazir then gave me ***** rs. Which I again put in the market at a price of *.**. which again was never the price. The highest the price of the token was on the da...
May 15, 2021 by Brendon Edmonds
I tried to recharge my mobile though Pasfar Technology, which failed. I request you to refund my amount of Rs.***. The bank details are as following, (Evidence) Dear Customer, Your account no ending with ****** is debited with INR ***.** ...
May 05, 2021 by Nitin Nerlekar
Sumit jagtap runs an advisory named money makes money. First time i took advisory by paying *k per month in **** and suffered loss. This year *nd time i paid **k per month and *rd time paid **k per month and suffered loss. None of his shared ti...
May 05, 2021 by Vivek Waman Masalkhamb
I have a savings bank account with ICICI Bank, Kolkata, Burrabazar Branch with account number ************. I have invested in fixed deposit in bank as per deposit advise (FD Number ************) to be matured on ** Apr **** without auto renewa...
May 02, 2021 by Gaurav Barman
Deposited amont(*****rs) in zebpay account. But due to some reasons they told me they are refund. And not it's has been more than * days, still I didn't receive my money....
Apr 24, 2021 by Ritesh Hemant Deo
I did a wallet to bank transfer but still it's not credited ...
Apr 24, 2021 by Akshay Sreenivasan
I transferred Rs **,*** through IMPS from my registered account at Zebpay to their CBI account on April *th ****. Till now, the money is not reflecting in my Zebpay wallet. I have raised a complaint with them, and they asked me for details and ...
Apr 20, 2021 by Victor Eveleens
I had invested total of **,*** in zebpay account one time ***** and another time *****. It has been more than * days the amount is not reflecting in my zebpay wallet. I tried reaching the company people in all possible ways. There is no respons...
Apr 19, 2021 by Sai Manohar B