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
Loan amount norbre (Shree krishna financial service) Open
This company loan amount offered from rs ****** lake so I have sending document charge and insurance amount rs ***** but not recived loan amount nin my account....
Jun 14, 2023 by Revathi ramamoorthi
Primary Card holder debt on secondary card holder cibil report (ICICI ) Open
Good Afternoon!! The primary card holder for ICICI Bank credit card has passed away on **/**/****. I have informed ICICI Bank multiple times by providing the death certificate and to do the needful. Myself, who had add-on card and whose cr...
Jun 13, 2023 by Surendranath
Investing money (Telegram Channel AMIT VIP TRENDING INVESTORS ) Open
They scammed me for getting profit amount, but they didn't return my money...
Jun 13, 2023 by Sujitha
Financial loss (Telegram app ) Open
Some people identified themselves to do marketing business through telegram and created account in telegram. Then they created a group along with a lot of participants and made us believe they invest orders in Share market. First time they sen...
Jun 12, 2023 by Piyali De
Wrongly money send (Cashbeen) Open
Hi, I have wrongly paid Rs.**** to my cash bean account. I have a wrote a mail to them but no reply.Please solve my issue...
Jun 08, 2023 by ELAVARASAN
Muthoot finance behala manager is not aloowing me to close my gold loan (Muthooth finance) Open
I Binayak chatterjee residing at ** brahma Samaj Road kolkata ****** has a gold loan at behala branch, while taking Gold loan from Muthoot Finance Behala Branch repeatedly discussed that I may...
Jun 07, 2023 by BINAYAK CHATTERJEE
Adarsh Scam (Adarsh cooperative credit society ) Open
Lost ** Lakh in Adarsh cooperative credit society ...
Jun 07, 2023 by Harish Kumar Meena
Account Permanently limited (Paypal India Pvt Ltd) Open
my acoount got permently restricted from reciving payment & arround **.** USD is stuck over there, company restricted my account unnecessarily without any reason....
Jun 05, 2023 by Satyam Mishra
Money deducted without any reason by payment payment bank (PAYTM PAYMENT BANK AND ICICI PVT LTD BANK) Open
श्रीमान मेने पेटीएम मर्चेंट एप से **** का पेमेंट स्वीकार किया था जो की टैक्स काट कर के **** रुपए प्र...
Jun 02, 2023 by Manish Kumawat
Refund from Zeb pay (Zeb pay) Open
I have been told by the company on telegram that if I invest a certain amount and then after completing the order mentioned I will get my full refund with the bonus of **%. But the order amount was not mentioned earlier only the *st order amo...
Jun 02, 2023 by Devjay Sharma
Paytm postpaid bill (Paytm postpaid or google play ) Open
In August **** someone fraud myself *****rs by sagar ratna restaurant i file complaint to paytm postpaid, Aditya Birla group, consumer helpline ****, cyber cell Ludhiana Punjab and also RBI portal but no one solve my issue paytm postpaid blocke...
Jun 01, 2023 by Inder pal singh
COMPLAINT AGAINST STELLA SHARED SPACES PRIVATE LIMITED FRAUD OF RSTO ME AND MILLIONS OF PEOPLE BY AC (STELLA SHARED SPACES PRIVATE LIMITED ) Open
I started trading in the share market a few months back to earn some money but got trapped in a fraud advertisement of a fraud company name (STELLA SHARED SPACES PRIVATE LIMITED)CIN Number is U*****KA****PTC****** address in Bangalore and Gurg...
May 31, 2023 by Binod kumar jaiswal
Unrealistic ForeClosure Charge (Bajaj Finance) Open
I took a flexi loan in **** because I anticipated I might need it for buying a land. Bajaj Finance [BF] agent told me that there is a processing fee and I can close the account any time that I want. He didn't tell me that there is a foreclosur...
May 31, 2023 by Rishi Ranjan Singh
Rude and Threatening (Hdfc) Open
Sir, I came to pudukkottai branch for change my account from thillai nagar branch.I wrongly parked my vehicle in pathway due to my urgency.Meanwhile Mr Mainkandan who was working in credit card division behaved rude against me eventhough i...
May 30, 2023 by Saranyan
Chitfund unfair trade practice and dishonor cheque (SLNK CHIT FUNDS PVT LTD) Open
I am raising this complaint on behalf of my relation(Harshavardhan Reddy). We have subscribed to the vacant chits in the month of Sep **** in the chit fund company with the assurance of paying the chit amount upon successful budding on Reaucti...
May 29, 2023 by Harshavardhan Reddy
Refund cooperative society amount (Sahar credit cooperative society limited) Open
My mother monthly paid ***/- Rs. to Sahara credit society since ****. but now Sahara credit society has been closed. so my mother money not given refund with interest. so requested to you give me help for refund amount....
May 23, 2023 by Anandben Natwarsinh Solanki
Loan disbursement fraud (Stashfin Akara capital ) Open
I had chosen stashfin credit builder loan . pail *** as login application fee. and paid **** rs each for * months. in *st month they released *** rs to my bank account and said will release the remaining **** rs after compleating * emis. i had ...
May 21, 2023 by Nandigam bharat kumar
Refund of blocked funds in karvy (KARVY STOCK BROKING LTD) Open
I have funds & share blocked in above mentioned company, and want to cliam refund from it. I have only client id & dp id....please help me with ....i am ready to pay commission charges for helping me to recover the funds...
May 20, 2023 by Raghubir Parkash
Cashout not receive (Easy Pay Pvt Ltd) Open
** may i request a cashout **** rupee and my cashout going on pending i call custmer suppt thay say wait for ** hours after * day ** may cashout failed money is back on my easy pay wallet i try again cashout but cashout again pending i call cus...
May 19, 2023 by Sagar kumar
My money deducted but I didn t receive tokens (Astropay ) Open
Yesterday night at **:** pm I purchased tokens my money deducted but I didn't get tokens I purchased *.** usd for *** rs my money deducted but I don't get *.** usd sir please help me out or refund money ...
May 17, 2023 by Puneet tripathi
Olx seller fooled me (Olx and GPay) Closed
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
Fake trade information of SHIBA inu coin (Wazirx) Closed
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
Amount debited in my account but not credited to wazirx account (Wazirx) Closed
# 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
Retrieve misplaced USDT funds from to (Wazirx exchange) Closed
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
Illegal Price listing on Wazirx (Wazirx) Closed
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
Mobile recharge failed Refund recharged amount (Pasfar Technologies PvtBangalore KAIN ) Closed
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
Fraud stock market advisory services (Money Makes Money) Closed
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
Fraud Incorrect Maturity proceeds on FD ICICI Bank (ICICI Bank Limited ) Closed
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
Money not credited (Zebpay Awlencan Innovations) Closed
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
Transaction not completed (Dhani) Closed
I did a wallet to bank transfer but still it's not credited ...
Apr 24, 2021 by Akshay Sreenivasan
Transferred money not credited to my wallet (Zebpay Awlencan Innovations) Closed
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
Deposit amount not reflecting in my zebpay wallet (Zebpay cryptocurrency exchanges) Closed
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
Money blocked in tmw wallet not even able to login (Tmw Fintech Private Limited) Closed
I had around **** INR in my wallet. i am not even able to login to the app. the customer care number doesnt work. my money is stuck i dont know what to do ...
Apr 16, 2021 by Amit Vishnani
Deduct money Rs 2950 my personal account (Dhani) Closed
Deduct my Rs.****/- in my personal bank account whithout my permission...
Apr 09, 2021 by Nilesh Changdev Natkar
Charging me for not taken zip loan (Mobikwik) Closed
I have been receiving calls and reminders to pay ₹*** to Mobikwik, they are saying some loan amount is overdue - the last transaction I had through Mobikwik was in June **** and it was a successful transaction.. Now suddenly I have this me...
Apr 09, 2021 by Derrick DSouza
DEATH MATURITY NOT RECEIVED (Humara India credit cooperative society limited) Closed
DEAR SIR MY FATHER HAD BEEN EXPIRED IN DEC-**** BUT SOCIETY NOT GIVE DEATH CLAIM OF MY FATHER TILL DATE. SO PLEASE HELP ME AND GIVE RESPONSE AS SOON AS POSSIBLE. ...
Apr 09, 2021 by MUKESH KUMAR
Deposited money refund (Sahara Credit Cooperative Societies) Closed
I have deposited ***** in Sahara credit cooperative society in **** for the *** months but i did not get any amount with intrest so i requesting to refund my amount with intrest Thank you ...
Apr 09, 2021 by Thowsina M A
Upgraded credit card (IndusInd Bank) Closed
On ** feb i had emailed to indusind bank that i did not apply for an upgrade for my indusind bank credit card,but they still charged me **** plus gst in my monthly bill for the upgraded card that i never consented to. when i told them them to c...
Apr 08, 2021 by Puneet jain
RBL bank is asking me to payfor R shield premium which wasn t even started by me (RBL Bank) Closed
I’m being charged **** monthly and total premium of **,*** has been charged on my super card without any notice. Please cancel this and refund me my money paid by far...
Apr 08, 2021 by Siddhi Chavan
I want to close my dhani account permanently (Dhani Pay) Closed
Hello, I want to close my dhani pay account but dhani pay not letting me do it. No specific mail regarding account closing. I don't have any dues left paid all the amount still i am not able to delete my account permanently instead of this they...
Apr 08, 2021 by Vaibhav Sharma
"I was unable to get in touch with anyone in Byjus nor with my counselor regarding my problem for 3 months. But Voxya team helped me solve my issue very soon. Thank you!"
Mamta D
Complaint filed against: Byju's