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
Hi, I got my Credit Card on February ****, still i didn't make single transaction they were sending bills of **** bill . Every month they are increasing ****. I already send many mail regarding wrongly charging bill but did not receive any ...
Oct 09, 2020 by Sandeep Singh Gosain
I had purchase order dated **.**.**** under invoice no # IN****** FROM TECKPOT FOR DESKTOP. Desktop was not supplied . I had requested to refund my money . But till today , TECKP*T is not returning my money...
Oct 08, 2020 by Surendra kumar
Hi Voxya team, I am a person who is effected. Y vivid situation. Quick Credit - is a financial lending app. As had taken **k loan in quick credit they charge interest and they send SMS to all my contacts in my phone list and they they threate...
Oct 07, 2020 by Naveen M
I added *** Rupees in my sRide account.. At the time of adding money, company did not informed me that money can not be redeemed.. now it is refusing me any payment.. Very fraud company.....
Oct 06, 2020 by Prasad Patankar
My Sahara Account no is *********** Maturity date is **/**/**** Account holder name is Indu Singh But after Maturity when I went to them. They are saying it will take * year that also not sure. So lastly I have to come here please do s...
Oct 06, 2020 by Indu singh
I had paid Rs.*****(Security Deposit-Rs.****+Nov Rent-Rs.****) to Srimant, Area Manager on **/**/**** for availing the room service of Room number ***, Colive SRH, Domlur Flyover, Domlur I Stage, ISRO Colony, Domlur, Bengaluru, Karnataka ******...
Oct 06, 2020 by Ramki M
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
Account No - *********** Deposit Amount - ***** Deposit Date - **/**/**** Maturity Amount - ***** Maturity Date - **/**/****...
Oct 05, 2020 by NAYNA M PRAJAPATI
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
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
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
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 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
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
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
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
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
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
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
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
mai ek aadhaar no ************ hi jo anil saw ke PUNJAB NATIONAL Bank se ***** rupay paymonk ke aadhaar pay se nikashi kiya jo transection failed hua but acount se money debit ho gaya jo abhi tak reverse nahi hua ....
Jul 26, 2020 by santosh kumar gupta
Loan account Number ******** Cash back offer of RS.****/- Refused by HDB. My bank acct has sufficient balance on due date. I gave mandate to deduct EMIs from my account. HDB fails to initiate ECS on due date. It is not my fault. For this...
Jul 26, 2020 by V Subrahmanya Sarma
Dear sir/madam On January **th **** I have received a mail from hdfc bank spend rs***** every month from *rd January to March **st and get rs **** voucher of your choice from Flipkart,big bazzar, bookmyshow, lifestyle, yatra as per terms and c...
Jul 26, 2020 by Suman v
had made a upi transaction of Rs. ***/- with UPI Ref. Id ************ on dated **/**/**** via amazon pay, however transaction was failed but the fund was debited from my PNB account, which is still not credited, i have raised the complaint int...
Jul 25, 2020 by SHAHENSHAH SINGH PARMAR
i had taken loan from paysense after that on every EMI deduction they not updated the payment status on their app and the deduction date is *rd of every month and it was deducted on every *rd date but still every time i have to mail them to upd...
Jul 23, 2020 by sunny tyagi
Hello ai have allowed free lifetime hdfc credit card by my company but in recent transaction I have changed a membership fees which is completely unacceptable. I reconfirm by the agent who allotted the cards the card was completely free. Plea...
Jul 23, 2020 by Srishti Sharma
I have purchased an order through Amazon on *nd july **** and canceled it on *rd july. The refund has issued on *th july by Amazon and they told me it will take *-* business days. On *th july they have given me reference id and told me that amo...
Jul 17, 2020 by Prince rajpoot
Dear sir i have an account in bank of india branch mishrikh sitapur up.my account number is ***************. I hv transfer rs *** from my account to another account no. *********** sbi bank ifsc SBIN******* by amazon pay on ** may ****. I was t...
Jul 17, 2020 by Sunil kumar
I paid one merchant through paytm and merchant is no reachable through email or phone number so I asked Paytm help to cancel this Order No :*********** and and also help me to reach merchant through phone number associated with paytm account bu...
Jul 16, 2020 by sandeep rajkumar
My father Sh. bishamber dass had a KCC A/C in union bank of india. He demise on **/**/****. As he mentioned no nominee in his savings a/c bank employees and brach manager says that they have no knowledge in such a matter. A/c no. is ***********...
Jul 16, 2020 by Narender kumar
Paytm has delivered wrong variant of a mobile phone to me. tThey sent the **GB version of a phone although the order was for the ***GB version and the billsays so. They have responded to my complaint by asking for details after which they respo...
Jul 15, 2020 by Dhruv Baheti
Sir maine *** rupya ka google pay se payment ki aur o huaa nhi.aur account se balance debit ho gya.esi ke regarding baat karne ke liye internet se google pay ka customer care ka nmbr +************ nikali .aur call kiya jis tarike se hmko direc...
Jul 15, 2020 by Reema devi
This company don't have gst/cin number means they're cheating the government . They're hacking their customers contact and sending threatening messages and calls If you're not paid on time they will call and threatening like we will call your...
Jul 15, 2020 by Sankar
Sir, purchased a laptop through baja finserv with EMI of ****. But in month of april they deducted **** from my account. Due to lockdown i can't complain to them. After lockdown i visited teir branch office and ask them my problem. They asked m...
Jul 14, 2020 by Saurabh kumar
Hello sir/mam, I have transferred my loan to SBI from LICHFL in February and all the payments are cleared they have given me date of ** April **** for the documents collection. But due to lockdown I was not able to collect it But after ...
Jul 14, 2020 by Harish Sharma
Due to some Covid** lock down I miss to made maximum payment I do pay minimum amount After this I ll get Statment **th April bank will charge heavy Intrest and GST After this I ll send mail to bank They do promise me pay full balanc...
Jul 13, 2020 by Kiran Kumar Gk
I have purchased mobile phone on rbl rewards portal with points and ***** in money from Rbl bank. Its been ** days, they didnt even delivered or shipped. So they are making fool out of me. I have mailed ** times, still they are not responding. ...
Jul 13, 2020 by Prithvi
I sent money to friend **** last ** days ago ..money not credited to him it's showing processing..no customer care support Upi transaction I'd: ************ Google pay id :CICAgKCp*-YLfw...
Jul 13, 2020 by Nikhil