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. 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
Complaints
Wrong Promises by HDFC Sales Agent while selling policy (HDFC Life) Open
I have bought a policy number ******** from HDFC Life through telemarketing. I have bought this policy on *th July ****. I was offered a health insurance with the policy and ***** cashback as well. I was regularly following up to get the offers...
Oct 27, 2020 by Abhinav Singh
Wrong Tips Provided by NSE FII Group Member (NSE FII GROUP) Open
I was cheated by one of the member of NSE FII Group and Operator of NSE Stock Exchange. His name is Rajeev Chandra. He used to show daily ***% calls screenshot in FB Messenger and tells no indicators, no analysis, no fundamentals. He says we a...
Oct 26, 2020 by Prem Kumar Bathala
Fraudulent transaction (Deckup In) Open
Lost my money in googlepay transaction to this website . pls help and advice . pls some body call me ********** I paid **** to this webisite pls help ...
Oct 26, 2020 by Sabir Ahamed
Paytm and Fastag scam (PayTM) Open
Hi,This complaint is against paytm and fastag.I have not travelled anywhere but money got deducted from paytm wallet frequently towards fastag since jan ****.I have complained to them multiple times but yet they have not resolved issues. They...
Oct 25, 2020 by Satyashil Dasharath Nagarale
Misuse of Security Cheque (Hinduja Layland Finance Jodhpur) Open
I am serving with Indian Army. I was punched a motor cycle (Hero Splendor) in the month of Sep **** with a finance through Hinduja Layland Finance Jodhpur in ** Nos of Installments @ Rs ****/- per month. My complete loan cleared on Feb **** and...
Oct 23, 2020 by Bhom Singh Chauhan
Company Fraud Scam (Sahara credit cooperative society ) Open
Dear Sir, I am retired ex-serviceman of Indian Army. The money i have received at the time of retirement i have deposited my money to Sahara India Pariwar different schemes naming Saharayn Universal Multipurpose Society Limited, Sahara Credit C...
Oct 20, 2020 by Balbeer Singh
Credit issue (Money view) Open
Sir, I have take money view personal loan ***** the loan preclosed last may **th **** but money view create wrong credit issues and theft account creation lot of time sent loan closed screen shot payment made bank statement submitted no resp...
Oct 19, 2020 by Esakkidurai
Phonepe Voucher Fraud (Phonepe fraud online) Open
I Had Put an Advetisement in Olx For a Sale of My Cupboard. In the Evening, I Received a Call From One Person saying His Name is Suresh Kumar and Would Like to Buy My Cupboard. He sent Me an Army Voucher saying it was a Voucher. While Opening T...
Oct 18, 2020 by Rethula Thulaseedharan
Company Fraud Scam (Humara India credit cooperative society limited) Open
Dear Sir, I am retired ex-serviceman of Indian Army. The money i have received at the time of retirement i have deposited my money to Sahara India Pariwar different schemes naming Saharayn Universal Multipurpose Society Limited, Sahara Credit C...
Oct 18, 2020 by Balbeer Singh
Money deducted and refund not given (Mobikwik wallet) Open
I have done recharge of *** but recharge was not done and money was deducted. And, its been * days and still they have not refunded my money. Plz help me to get my refund....
Oct 17, 2020 by Urvish Tolani
List of Documents details needed from Lic Housing Finance (Lic Housing Finance Ltd) Open
Dear Sir, Good evening. I have ongoing home loan with Lichfl from ****, due their high interest rate (**.**%), I want to transfer balance amount from them to another Bank, as per loan disbursement process new bank needs LOD from Lichfl, bu...
Oct 16, 2020 by Sandip Saha
Dhani premium membership scam (Indiabulls Dhani) Open
I have taken a credit line of **** and they deposited around **** by deducting premium membership price *** and other taxes. Time period is * months and on *rd month I have cleared everything, on first month they deducted *** from my bank accou...
Oct 15, 2020 by Deepak Batchu
Deduction of funds without permission (Hdfc Bank) Open
My account no **************, having my salary account with metro hospital faridabad my account is showing in minus after deduction - ***, *** and deducted my balance **,*** without any notice or permission and showing funds on hold. ...
Oct 15, 2020 by nitin chauhan
Amount issue (Bajaj Finserv) Open
I have taken a product from bajaj finserv. Every month * is a due date. The last month September I have paid my due using foreclosure option to get another loan. I have paid on **th september.But my due date is * October. SO i have paid that ea...
Oct 15, 2020 by ARULKUMAR A
Paytm not refunded the amount for cancelled ticket (PayTM) Open
Hi, I have booked an AirIndia flight for ** Jul ****. Later I cancelled but till now no refund has been processed from their end. Regularly calling them but they are delaying in a daily basis...
Oct 14, 2020 by Charu Gupta
Amount deducted from my account (Bandhan bank) Open
Hi Team, I've received an email regarding the job openings in bandhan bank and uploaded my details and tried to pay **/- for registration. I've tried to pay from my internet banking. I've entered opt *****/- got deducted from my account. I don...
Oct 13, 2020 by Sandeep Atmakuri
Personal Loan Notice (Hdfc Bank) Open
Hi, Personal Loan A/c no ******** Ref no. : LRN/********/***** Letter dated **/**/**** Loan amount : **, **, ***.**/- With reference to above, I've received a notice from Advocate Amit Kumar, saying my Personal Loan is being recalled a...
Oct 11, 2020 by Kumar Gautam
Money deducted from account and not added to airtel payments bank wallet (airtel Payments Bank Recharge) Open
I added Rs. *** to airtel payments bank for payment of my airtel landline bill through phonepe upi and transaction was successful from phonepe but airtel wallet doesnot show the amount and doesnot even show transaction in transaction history , ...
Oct 10, 2020 by Arnav jain
Unprofessional selfish and careless HDFC Life customer care (Hdfc Life Insurance) Open
At the time of taking the housing loan, I was approached by an HDFC Life insurance agent to take a housing insurance (HDFC SL Progrowth Flexi Policy) . It was a very expensive policy *,**,*** INR per annum premium. The agent promised that I nee...
Oct 09, 2020 by SundaraRaghavan Santhanam
Regarding Issue in SBI Credit Card Bill Payment (Sbi Credit Card) Open
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
Dhokhe se account se paisa nikala gya (paytm payments bank) Closed
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
Contact theft threatening high interest no response (Quick credit) Closed
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
For fake imposed insurence and deduction of money (Bajaj Finserv) Closed
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
Property paper not releasing (Lic Housing Finance Ltd) Closed
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
Broken promises (Kotak Mahindra Bank Credit card ) Closed
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
Product not deliveried (RBL CREDIT CARD BANK) Closed
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
Amount deducted from my bank account but not received to my friend (Google Pay) Closed
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
Paytm fraud (PayTM) Closed
Hello sir and madam my sister lost near about ***** on Paytm fraud please help me...
Jul 13, 2020 by RITUPARNA SARMA
Payment Done but No Subscription (tamilhdaudio com) Closed
Hi, I have made a payment to tamilhdaudio.com website to subscribe HD audio songs for *** INR. But I am not getting any mail or confirmation from the website. Please help ...
Jul 13, 2020 by Dass
WRONG CASH BACK CODE (PYTM) Closed
Greetings, I received ****rs code for online shoping due to use of their service, they did sent the code, but what ever I'm trying purchase from PYTM MALL(only applicable there) its not been accepted for any item. kindly suggest help. ...
Jul 12, 2020 by Sushil Singh
Not received my cashback (PayTM) Closed
i have still not received my cashback which is paytm points upto **** for Order No is*********** *:** pm , Jul ** **** i had contacted paytm earlier several times for this issue with all the details attached to it as query no. - ********* , *...
Jul 12, 2020 by tej patel
My Bajaj Finserv EMI Card Were Blocked (Bajaj Finserv) Closed
My Bajaj Finserv Card was blocked by the company without any reasons. I paid all the Emi on time, even in the locklown period. Not even a single emi were bounced by my behalf. Also I'm not even applying for any relaxation on EMI. I e-mailed t...
Jul 12, 2020 by RANBIR RATAN KUMAR
Mpokket loan repayment during this lockdown and such crisis (Mpokket) Closed
I am a regular customer of mpooket and done a transaction of approximately ***** or above from the start. I am a student and during this lockdown period and such crisis I am not able to pay my loan amount i have told them that i will pay them ...
Jul 12, 2020 by Aman kumar jha
Close of Credit card (Sbi Credit Card) Closed
Hi Team, Lot's of times I tried to contact customer care of SBI credit card but tey always says server down. I want to close my credit card but they not responding. Kindly help. ...
Jul 11, 2020 by Sushil Kumar
Money debited but no recharge (Facdorclubs) Closed
This is second time I recharge yesterday but still now there is no amount is recharged....
Jul 11, 2020 by Abishek A
No proper response about refund since 7 days (Razorpay Payment Gateway) Closed
I Mrs Thushara started a campaign for helping a needy child in buying a laptop for her online studies .i have managed to collect Rs.*****/- through Razorpay as contribution from ** candidates ie from **th june to **th june .After that i deacti...
Jul 10, 2020 by Thushara Derrick
Not recieving our FD (Adarsh co op society) Closed
I want my money back with intrest It was the whole saving of my life ...
Jul 10, 2020 by Kanval das
NOC NOT PROVICED (IVL Finace Ltd INDIA BULLS DHANI ) Closed
Respected sir / madam Register Mobile Number : ********** Personal loan no:IPERTRV******** AND Personal loan no : IPERTRV******** REGISTER EMAIL ID- komathikumar*k@gmail.com This is informed that I have paid the full loan also i got t...
Jul 09, 2020 by KOMATHI
Looting customers (Kotak Mahindra Bank) Closed
After complaining multiple time ,these guys are not resolving my issue.i have cleared all the due but still all the amount which i am transferring is directly going to closing balance.i don't know why these guys are looting the customer like th...
Jul 09, 2020 by Santosh kumar sahu
"Number of times I tried to get a refund from OYO but they did not bother. But after I approached Voxya, they nicely handled the matter and I got my refund."
Samit Brahmachari
Complaint filed against: OYO Hotels