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
I recently took loan through money view app and my fifth EMI **** was due on *th April and I have necessary funds in my account for auto debit however, auto debit didn't happen hence I paid the EMI * days later with plenty **** rsby using payme...
Apr 12, 2023 by Jaspreet Singh
I deposited Rs.*** * days back which has not been received yet....
Apr 12, 2023 by Amit Raghuwanshi
*)On **th of Jan **** at **:**pm deposited ***** /-Rs in the betway app but still it has not credited to my betway account/ Wallet UTR Number Of above transactions:************ *) And again on dated *th of march **** at *:**pm Rs ***/- i...
Apr 12, 2023 by Deputy Raj Ahmed
I have a complaint against this uprising giant fraud company. They are cheating people based on the courses they provide and never would talk about the refund policy. They would compel you to buy the course and guarantee you a job with the high...
Apr 11, 2023 by RADHIKA
Dear Sir/Madam I have a savings account with Equitus Small Finance Bank. My Debit Card last ending with **** has been Blocked by Equitas Small Finance Bank without any reason or informing me. I also pay yearly annual maintenance charges for ...
Apr 10, 2023 by AKHILESH SHARMA
From last * month I am jobless as company terminate me in recession and from till that I am jobless so this thing i share to HOME CREDIT team that jobless but still they want the loan payment which is not possible for me so its request please h...
Apr 10, 2023 by HMHarsh Maheta
I had a personal loan account in dhani loan. But i have already closed with full payment and i got NOC letter also. But when i check my experian credit report then i saw the dhani loan account reflected as written off and settled Then i ca...
Apr 09, 2023 by Joyce joseph
I was stuck in a problem for that i need some money to resolve that problem so, i asked everyone for help but no one did at last i have downloaded an app from playstore. The name of app was EasyMoney they took my contacts permission, aadhar ca...
Apr 09, 2023 by Nitish Kumar Mishra
Hi Team, I have been using Groww App for the last * year for my intraday trading. I placed the order of the BANKNIFTY ** Apr ***** PUT option at *:** AM on *th - April - **** @ *** strike price, after placing the order immediately my order ...
Apr 08, 2023 by Naga Surendra Juturu
I M TRADING WITH MY CAPITAL ON ACCOUNT BUT SUDDENLY BECOZ OF CHART WRONG TIME MY ALL MONEY GOT LOSS DUE TO TIME WRONG ..SEE WHEN I PUT TRADE FOR REMAINING ** SEC OUT OF * MIN IT CLOSE ON OTHER NEXT CANDLE... Where I takes trades for * min but...
Apr 07, 2023 by Shreyash chaudhari
Transaction was done on **/**/**** investing in a company called Growpital for *,**,*** via Sateeq into the Harvest**% plan, as per the deal terms and conditions, I have my money locked in for ** months but I can withdraw and get my principal b...
Apr 05, 2023 by Yash Roongta
Holder name-Anshu Prasad. Account no-********-***. ***.***.***.***.***.***.***.***.***.***.***.Certificate no-********-****. ****.****.****.****.****.****.****.****.****.****.****.Code no-****&****.Authorised centre-Vindhya nagar. Singrauli. MP...
Apr 02, 2023 by Arun Prasad
I am writing to file a complaint against of M/S Akshara Chit Funds Pvt.LTD. Thorrur Branch regarding the delayed payment of my chit fund amount. I have been a member of chit fund with group code ATRT**J-** and I have paid all my monthly instalm...
Apr 01, 2023 by Busani Avinash
I have shara credit cooperative society limited * bond total amount of ****** Please refund my amount i want my amount fast because my father condition is not good ...
Apr 01, 2023 by Ravi kalwani
*. I want to complain against the repeated unwanted phone calls that I receive on daily basis from IDFC banks for loans, despite telling that I'm not interested. *. It is harassing and disturbing to keep getting these unwanted calls from ID...
Mar 28, 2023 by KSHITIJ SAMUEL MESTON
This is regarding the refund of Rs ****.** which i received on **th March from IRCTC for cancellation of train ticket on *nd March ****.I had booked my ticket on *th Dec **** using Fampay IDFC account which was in use before. Later I cancelled ...
Mar 26, 2023 by Piyush Kumar
Hi, i have been billed for cancelled orders for online purchased even after merchant refunded amount to sbi credit card. they are not solving my issue and threatening for legal notice. this is what happened. On **-**-** i made a purchase o...
Mar 24, 2023 by Sai Prasanth Kumar Reddy D
Having credit card **************** and due to bad financial condition not able to pay the amount but there team is creating lot of mental pressure on me and that's making mental illness to me ...
Mar 23, 2023 by HMHarsh Maheta
I have raised a complaint with upstox to refund the loss of Rs**** incurred due to their network outage and lack of assistance from their customer service phone, chat and email departments to help me square of the open profitable trade as I was...
Mar 22, 2023 by Sapna Bandekar
I’m Paytm payment bank users, my my account number is ************ on paytm. My paytm wallet is active and I’m sending my Rs.**** ( One Thousand) Rupees transfer to my own paytm bank account on **.**.****. Unfortunately the payment is pen...
Mar 21, 2023 by DIPANKAR MONDAL
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 my Rs.****/- in my personal bank account whithout my permission...
Apr 09, 2021 by Nilesh Changdev Natkar
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
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
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
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
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
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 tried to get online loan and i installed go cash they asked my bank details and they collected ***₹ and there's no response and the app says there's no loan status...
Apr 08, 2021 by Vijay kumar
I have taken a loan from mpocket in July **** and my due date was Oct'****,due to covid I lost my job they synced my contacts list and calling to them,I asked them to give some more time and i will pay along with interest,even though they are h...
Apr 08, 2021 by Chevendra Sai Kiran
I have raised a complaint on the portal for almost ** days before and these people have put my account on test mode.I can't able to get my account cleared and my payment is still pending.Please provide a proper justification or reach me out at ...
Apr 08, 2021 by Jothiraman
I got * tickets from Paytm. Just before the date of journey they called me up and said that the ticket is cancelled and it's been more than a week now I still haven't received the refund....
Apr 08, 2021 by Niladri
I HAD FIXED DEPOSIT AT ADARSH CREDIT CO-OPERATIVE SOCIETY, KOTA AND BUT WE DOES NOT GOT ANY RESPONSE FROM SOCIETY AND NOW WE WANT THAT MONEY. SO PLEASE HELP ME FOR TAKING MONEY BACK. THANKS......
Apr 08, 2021 by MEENA BHANWARIWAL
My Freind send me **** rupee in Paytm merchant account and I refunded the.money but he didn't get a single- rupee ...
Apr 08, 2021 by Roshan Zameer
Hello Consumer Forum, This is to inform you that I am Dulal Chand Karmakar, Mob No - ***********, Email ID - email@example.com. This Mob no and Email ID are registered with Google Pay account. I made a UPI transaction of rs ***** on *th...
Apr 08, 2021 by Dulal Chand Karmakar
I took the personal loan preapprova from RBL BANK CREDIT CARD DAIL FOR CASH loan amount is ****** one lakh seven thousand only and i already paid * EMI rupees ****.** every months i call the customer care and take the information about preclosu...
Apr 07, 2021 by Ramesh Dhan Bahadur Chand
I have Deposited *** stellar in my Zebpay address(GDDLBDK*MPELQT*O*QC*BT**SM*WQKY*PEJ*FI*LQECDEZFTUB*JSKVC) But not received from * days. Below the hash code- https://stellarscan.io/transaction/**fbe*a*****ece*c*be****d******c****d*c******d...
Apr 07, 2021 by Prafull Arjun Kini
I have transferred Rs.*****/ by using Dhani app wallet to my SBI account number on **.**.****. After the transfer of amount, it will take *-* hrs to transfer the amount into our bank (as narrated in the app). But ** hrs still the amount is not ...
Apr 05, 2021 by Mohammed rafee
Respective Sir We have suffered from bank employees they are not given my money I do everything I given RBI but no any response in my father account rupees ****** since **** but they are not given my father so I want help please solve my prob...
Apr 05, 2021 by Sukhdev Verma
My name is Shiv Charan Agrawal. I took a personal loan from Home Credit company for amount of Rs ****** at the interest rate of **% per annum. The EMI amount was told to me as Rs **,*** for ** months. When I actually thought about it at a late...
Apr 04, 2021 by Shiv Charan Agrawal