File a complaint against Bank services

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

Fraudulent transaction

Beneficiary not credited

No Cashback

Bad customer support

Unauthorized Wallet transaction

Amount deducted but transaction failed

Repayment not updated (Cash bean app) ^Open

I have done repayment of my loan which i took in cash with in due date but it's not updated in app. And i have raised appeal and mailed them regarding the issue but they haven't updated the status. But now they are saying your amount has been p...

Apr 02, 2020 by Lakshmi Narayana P

Adarsh Credit Cooperative Society Matured amount in FD (Adarsh Credit Co-operative Society ) ^Open

I am having large amount in Adarsh FD and savings account. Many FDs have matured. But all my money is blocked. Guide me to recover the amount.....

Apr 01, 2020 by Narendra kumar agrawal

Fraud of annual charges on credit card (Sbi Cards ) ^Open

Hi I was sold the credit card by the sales person saying it has one time fee of *** you need to pay no annual charges . I paid ***rs and later blocked it since it was lost and didn't request for new one. After few months I read the...

Apr 01, 2020 by Kashif Anis Ahmed Baksh

Money loss through Google pay (Google Pay) ^Open

Sir iam writing this complaint because I lost money through Google pay .I was trying to send money to friend the was debited from my account but the money is not credited to my friend's account I tried to send money again by my another account ...

Mar 30, 2020 by Arjun Krishna

Package not delivered (Paytm upi) ^Open

I have deal for an Youtube channel buying, and he asking me send The money first and after i send ****, the half amount he asking for full payment and i send other ****, after that he didn't provide me the youtube channel password and mail id, ...

Mar 29, 2020 by Rupkumar patra

Fraud transaction (PayTM) ^Open

I was fraudantly guided to a transaction of Rs *****/-and withdrawn by unknown person. Listed below are the relevant information. My Mobile no. ********** Fraud transation: Through Paytm and linked Central Bank account number ********** ...

Mar 27, 2020 by Sudhir Kanbargi

HDFC Investnow fraudelently deducting money from my hdfc bank account without consent or authorizati (Hdfc Bank) ^Open

There were * debit transactions of **** rs. on **th March **** with the description as mentioned below. I have never authorized any SIP through Investnow till date, but they fraudelently deducted Rs. **** ( * x ****) without my permission an...

Mar 25, 2020 by Sayam Roy

Unauthorized deduct payment from my hdfc bank account without OTP (hdfc bank jumri telaiya koderma jharkhand) ^Open

**.**.**** somebody deduct payment *****.** rs from my Hdfc bank credit card without OTP.,now bank email me statement that I have to pay all money.this is bank responsibility without OTP how can anybody deduct payment.pls enquiry asap...

Mar 22, 2020 by Indradeo saw

Made payment for my loan but still not updated (Cash bean app) ^Open

I have made payment on *th March for my loan due, still not updated in cash bean application, regularly penalty amount increased by daily My loan id is ****************** Please stop this penalty amount Contact number ********** Dear ...

Mar 20, 2020 by Silambarasan

Refund of flight cancellation (PayTM) ^Open

Dear Sir/Madam, I have booked the flight ticket(PNR-O*W*MA) with my family on **st march **** by Paytm from Delhi to Rachi and Rachi to Delhi (Total Flight ticket cost was Rs *****) but due to some personel issues I have cancellation the ticke...

Mar 19, 2020 by Sanesh Kumar

Unauthorised Bank Transaction (State Bank of India ) ^Open

On **.**.**** at **.**.** PM a fraudulent internet banking transaction of **** INR was happened. The matter was intimated to the concerned bank on the same day. On my request the bank has blocked my ATM Card and my Internet Banking Services was...

Mar 17, 2020 by MD SARFARAJ AHMED

Zupee gold Fraud with me on giving some impossible questions that cant be solved in given time (Zupee Gold) ^Open

Dear sir , They have looted me for rs. ***** I am a poor guy , some one told me to play on zupee and win cash so I played two games of **** each but they given me the questions that are impossible to answer in the given time .... Seriously th...

Mar 17, 2020 by Maneesh Kumar

Payment not settled (Bharat pe) ^Open

I am a shopkeeper of xxx variety store using Bharat pe merchant for receiving money. Dt-*.**.** I received a payment from my customer for ₹*** and **.**.** for ₹**, and such payment not settled till now. I already complaint to customer care...

Mar 15, 2020 by Jyoti Ranjan Nayak

Transaction Failed but Not receive Refund (Phonepe And Sbi Bank) ^Open

Hi, I'am writing this in order to register a complaint regarding my delayed refund despite a failed transaction. It's been over ** days and i have still have no trace about my amount. I paid my credit card bill on *nd March **** through Phonep...

Mar 13, 2020 by Ripudaman Singh Rathore

Money not credited in my account (Sbi) ^Open

I transferred *****/ from account ************** (PUPGB DHAMPUR) TO account *********** (SBI DHAMPUR) Date - **/**/**** . Reference ID -************ by upi. Money deducted from my PUPGB account but not created in beneficiary SBI account. ...

Mar 08, 2020 by Naresh Kumar Sharma

Loan fraud (Saraswati finance pvt ltd ) ^Open

An Amount of Rs ****** was applied with the above company and the company has charged Rs ****** in the way of different charges but the services wee not given by the company. ...

Mar 08, 2020 by Sai Sasi sekhar p

STATE BANK OF INDIA Fraudulent transaction on my SBI Credit Card (Sbi Credit Card) ^Open

On **th February ****, two fraud transactions of Rs ***** and of Rs ***** has happened on my SBI Credit Card ending with XXXXXXXXXXXX** at my Amazon website and when i saw the transaction alert which came to my registered mobile number after ...

Mar 08, 2020 by Reetwiz Raj Hazarika

Loan Credited Without Consent By Axis Bank (Axis Bank) ^Open

INR * Lakhs Personal Loan credited to my account and around *k INR debited from my credit card without my consent. ----------------------------------------- Some people called me from axis bank for a loan of * lakh which I said yes at that t...

Mar 07, 2020 by Joydip Kar

Fradulent transaction (Paytm upi) ^Open

Respected sir I am writing this to inform you that from my bank account I have been recently been a victim of a fraud transaction through paytm upi mobile application .The fradulent transaction has taken place **th January of RS *****.This ...

Mar 06, 2020 by Shikhar

Refund of money (Market captions investment advisor) ^Open

Sir my name is Manoj Kumar Pradhan one day I got a call from market captions company indore named Amrit Sinha.he told me to give huge profits.i refused because I don't have any knowledge about share market.but day and night he called me for inv...

Mar 03, 2020 by Manoj Pradhan