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

Regarding cancellation of my flight booking (PayTM) ^Open

I have booked flight ticket though Paytm recently Booking ID ********** and on *nd January I was just checking the cancellation charges but it took me directly to cancel page without showing the cancellation charge (it is there app issue), I c...

Jan 15, 2020 by Vatan Praveer

Wrong Transfer from my ICICI Bank to Another ICICI Bank Account (ICICI Bank Limited ) ^Open

On **st Oct., **** & **th Nov., **** I made two payments amounting to Rs. *,**,***/- to different ICICI Bank account than intended. The person in whose account the amount was credited was able to withdraw the money with ease during demonetizati...

Jan 14, 2020 by Mukesh Parekh

ICICI MSF Charges (icici bank) ^Open

ICICI bank debits irrelevant charges through MSF card terminals and on complaining regarding the same, they start charging MSF charges at a higher rate. And on complaining to the management against the same, they rudely bypass the issue. Mr Dee...

Jan 13, 2020 by SYNERGY MOTORS

Bank Fraudulent Transaction (ICICI Bank Limited ) ^Open

*) In the month of November **** between ** & **, I have fraudulent transactions in my ICICI Bank Savings account for Rs. ****(***,**,***,****,***,***). Transaction remarks denote that it is happened from google play. Raised an Incident approac...

Jan 07, 2020 by Nagendra Kumar Battiprolu

Google Pay Transaction Issue (Google Pay on line Payment mode ) ^Open

I have made on online payment using Google pay app for **** rupees on Dec **, Money got deducted from my account and not reflected in receivers account, I have raised on dispute through G Pay app and followed up over the phone still no resoluti...

Jan 05, 2020 by IRFAN BASHA

My personal contact synced and contacted (Quick credit) ^Open

I had taken loan from an app called Quick credit. I have used it few times. This time my salary was not created and hence it took me a month to repay them but I had informed them and was also trying to manage the amount any how but failed. Day ...

Dec 31, 2019 by Rahul sagar

RBL CREDIT CARD Credit Card Payment not updated (RBL Bank) ^Open

I have transferred the RBL credit card amount of ***** from SBI Credit Card using Balance Transfer to RBL Credit Card. SBI Credit Card Team provided a cheque to send the balance to RBL Credit Card. Since* Month, I am sending the Cheque ...

Dec 31, 2019 by MULUKURI LALITH KUMAR

Not refunded after air ticket cancellation (PayTM) ^Open

Dear concerns, I would like to keep this matter in front of you regarding the refund of my cancellation air ticket on PAYTM since * months ago. I have purchased a ticket on PAYTM bu Air asia from Hyderabad to Kolkata, as my schedule delayed i h...

Dec 30, 2019 by Mohammed Faraazuddin

Home loan not credited (IndusInd Bank) ^Open

My self Surendra, I have applied for a home loan from IndusInd bank FEB-****, and it was rejected in AUG-**** due to no "Land conversion letter". After that, I have asked to return my original documents but the bank manager said that "Okay si...

Dec 29, 2019 by YENUGA SURENDRA REDDY

Haven t got my refund for the bus cancellation (PayTM) ^Open

Hello Sir, This is regarding the cancellation and refund of the bus ticket which done on *th Oct **** from Paytm. Bus details (Anand Travels, Journey- Banglore to Pune, PNR Number:-*********). This is too much... It's been ** days now, I...

Dec 17, 2019 by Chetan Ashok Shelke

Fraudulent activities done by not providing interest on FD (Axis Bank) ^Open

My complaint is related to Axis bank. I was an FD with Axis bank Morbi branch since **.**.**** with account no. ***************. It was in auto renewal mode and renew automatically by the bank at the time of maturity. But in the year **** it w...

Dec 16, 2019 by Samir toprani

Paytm Not intiating refund (PayTM) ^Open

I have ordered fast tag on **th November - Order Number -********** and when Paytm couldn't delivered order for ** days then I have asked them to cancel order and they have also confirmed on twitter that order is cancelled, Where as App was sho...

Dec 16, 2019 by Ratandeep Lakhera

Unauthorized Paytm Transaction (PayTM) ^Open

Today on **-**-**** **:**, I received an SMS from paytm that my paytm wallet is deducted by Rs **** and the money is sent to a mobile number. The transaction was an unauthorized transaction. I have never made this transaction. Paytm illega...

Dec 14, 2019 by Bhanu Gupta

FIXED DEPOSIT ISSUE (Axis Bank) ^Open

I have FD with axis bank with auto renewal mode. But in the year ****, it was not renewed by bank nor the amount be credited in my account. I have compliant to Axis bank so many times but no any kind of response given till date. Kindly held ...

Dec 14, 2019 by Samir toprani

Refund not received for cancelled flight ticket (PayTM) ^Open

I had booked a Jet Airways flight ticket using Paytm on *th March **** for my wife. On the same day and flight, i had booked another ticket directly from Jet Airways for myself. The flight and the ticket was cancelled by airline. Jet Airwa...

Dec 12, 2019 by Vaibhav Goel

Return on Investment and Capital cheating (Assured Capital Services Chennai) ^Open

Sir. I have invested my hard-earned money a sum of Rs *****. Return on investment basis within a period of *** working days. I have started it on **.**.**** with the assured capital services, Chennai. The company provided me a lending member ...

Dec 11, 2019 by K S Syed Mohideen

Expenses and mental tension caused by Reliance Ada (Reliance Ada Group Enterprises Private Limited) ^Open

I had a Deutche bank credit card ** years ago. There was a fraudulent transaction after I left India and was not in India for the past * years and now to my surprise, Deutche bank did not resolve that issue, instead, handed over the credit card...

Dec 02, 2019 by Surya chundru

Unauthorized deductions from account (State Bank of India ) ^Open

This is bring to your kind notice that SBI deduct Rs ***/- from my SB account No. *********** by ** times under narration of Bajaj Finserv txn. failure charges. when I contact Bajaj Finance regarding these deductions that there are no due aga...

Dec 02, 2019 by Lakhwinder kaur

ISA Account Not Opened (Hdfc Bank) ^Open

Hi, I am Ravi Krishna Buddi, I am an NRI customer of HDFC bank. As I am much interested in investing in the mutual funds I contacted the HDFC Bank Chandanagar branch in Hyderabad, to open the ISA account I send them the required documents to th...

Nov 28, 2019 by Ravi Krishna Buddi

Wrongly Adjusted Amount from EMI (HDFC Ltd) ^Open

*. My HDFC Home loan A/c No is on the name of self *. Pl ref to my mails to the customer care regarding outstanding balance against my account. *. It is reflected that there is payment difference between payment due and pay...

Nov 26, 2019 by Siddharth Sharma