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
Money looted in the name of Investment (Manish Minish payel trading) Open
https://t.me/MANISH_MINISH_PATEL_TRADING This company. Having promised to return good returns on investment sent investment plan after subscribing the channel. Giving investment tips. And sharing the below information Marketing & mutual fun...
May 17, 2023 by Jhansi
Scamming people and robbing money (Betway com) Open
I was playing with my amount in betway and i have never ever opted for any offers or any bonuses but still when i won the money they ask to wager the amount and i am losing half my money these guys are fraudsters ! Even though when i am trying ...
May 17, 2023 by Kirthidhar gandham
Get Access to operate Savings Bank a c (IDBI BANK LTD BRANCH K K NAGAR MADURAI) Open
Violating Sec **ZB of the Banking Regulation Act, the bank had LIEN marked my Savings Bank a/c on **/**/**** and the Illegal LIEN ceased to have effect on **/**/**** as per Rule * of Service Tax (Provisional Attachment of Property) Rules, ****....
May 16, 2023 by PACKIARAJ S. D.
Automatically deduction of Balance without notification Giving wrong information Costumer care will (Kotak Mahindra Bank) Open
Firstly they hold my account without notification and and when I m trying to reach they explain why they hold my account. Abd say u have to pay min amount of your card which is Rs ***(minimum)* then they release my account and refund my money t...
May 15, 2023 by Gurdeep singh
Refunds of Bond Maturity from a Sahara group of Cooperative Society (Central Registrar of Cooperative Societies) Open
I had invested Rs. *,**,*** in Humara India Cooperative Societies of India Pvt Limited, Kolkata in their "Golden A Double" bond whose maturity was in September-October ****. But they are not paying and asked me to approach Central Registrar of ...
May 14, 2023 by Rranjon Panda
Fraudulent done by Indusind bank customer (IndusInd Bank) Open
With due respect I wanted to say you that on **-**-**** I had transferred total sum of ₹******/- to a Indusind bank customer holding account number ************and IFSC CODE INDB*******. The above amount was transferred to the person who prom...
May 14, 2023 by Sajid Anjum
Policy not settled and not bothered to respond (icici Prudencial Life insurance company) Open
Policy ********. I paid for ** years. Rs * lakhs paid. ** years policy term completed. Was expecting * lakhs. They were holding the policy for ** years for ** years Now they are stating they will pay only *.* lakhs. Not even paying the amount ...
May 11, 2023 by Mohan
STILL WRITTEN OFF AFTER REPAYMENT (Mobikwik) Open
I TOOK A LOAN (LOAN ACCOUNT NUMBER: GSFTCF*LOCMBKW**********)THROUGH MOBIKWIK APP ON **/**/****. THE LENDING PARTNER WAS PFL. I HAVE HAD A CRUCIAL FINANCIAL DISASTER TIME THAT'S WHY I DEFAULTED MY REPAYMENT, BUT I'M ALWAYS TOUCH WITH MOBIKWIK V...
May 08, 2023 by SUCHITHRA PS
CyberFraud (GREY GLOBAL GROUP PRIVATE LIMITED ) Open
Got online job opportunity, where the company mentioned they will provide the tasks and pay for the pre task we do, In the name of pre task , they have keep asking for the money withdrawal, They have aslo mentioned to wihdraw money from inter...
May 07, 2023 by shilpa I
Refund my savings money (Adarsh credit cooperative society Ltd) Open
I made * Fixed deposits in the year ****. For rs. ******/- this deposit have already matured in the year ****, for rs. ****** /- inspite of calling and contacting them so many times, I am not getting any response from there end. ...
May 06, 2023 by Anita Dugar
Humara India Bonds (Humara india co operative society limited ) Open
I have invested * lakhs under "Golden A Double" in Humara India Credit cooperative Society. The bonds are matured since August and October **** but they are not paying. ...
May 04, 2023 by Rranjon Panda
Financial Defraud False advertisement and Personal impersonation (1 Asmita patel offical TM telegram channel 2 whatsap chennel through which payemt upi was shrared 3 kalpeshkumar hadhrathbhsi chahisn upi id upi) Open
In the telegram channel,it was advertised from ***** to * kac deposit ..with guaranteed returns within ** min..I gave them **k in the upi id .after ** minutes I was told that **% trade done and I have to pay ** k more. After **min th...
Apr 29, 2023 by Debabrata Mishra
Harassment by bank even after the loan has been paid (Standard Chartered Bank) Open
I am a senior citizen and a retired person who took a loan of Rs.*,**,***/- vide the insta-loan account through my credit card towards the education of my children. The loan was promised at an interest rate of **.**% for a period of ** months....
Apr 26, 2023 by Lalit Rajendrapal Madhura
Non recieving insurance claim of insured buffalow (The Oriental Insurance Company Limited) Open
I HAD INSURED MY BUFFALO ON DATED **/**/**** BY DR. APEKSHA JACOB. MY ANIMAL DIED ON **/**/****. I HAVE COMPLETED ALL FORMALITIES REGARDING CLAIM. BUT COMPANY HAS REJECTED MY CLAIM WITHOUT ANY REASON. THE ORIENTAL INSURANCE COMPANY HAS NOT INF...
Apr 26, 2023 by VINOD
Company is not maturity amount of fd (Sahara Credit Co Operative Society) Open
sir I have made an investment with Sahara credit cooperative society in burhanpur of Rs ***** for ** months but after a time of ** months passed, company is not giving my money...
Apr 26, 2023 by swatantra vaibhav Mishra
Mental torture of home credit (Home Credit) Open
Shravan Kumar from home credit is creating daily torture on me and making mental harassment for loan repayment even I mention that I am jobless ...
Apr 25, 2023 by HMHarsh Maheta
Money not debited (Olymp Trade) Open
On ** of April, I paid *** rupees for trading. The amount was deducted but did not reflect in my trading account. I waited but nothing happened. After ** hours I complained about the same and they told me that we will reach out to you in *-* da...
Apr 24, 2023 by Yadu Chaturvedi
Fraud people steal my money through Telegram Channel (GRYNOW) Open
I was being shared Telegram ID to contact person for investment. Telegram ids are *) @anshul****** *) @jin**** *) @ankita****** They gave me certain tasks to do and in return promised to payback me **-**% interest on principal amount. Tas...
Apr 24, 2023 by Ashutosh Kakade
I lost almost 5000 rupees because of cred app (CRED Dreamplug Technologies Private Limited) Open
I used to pay credit card bills from cred app by blindly believing that app.as usual I paid the amount due which is shown by cred for my rbl bank credit card.cred shown be that I have paid full amount and no dues.but in the next statement I hav...
Apr 23, 2023 by Gannoju Arun Kumar
Withdrawal not receive (Betway) Open
i withdraw my deposited and winning money of ***** on betway. before **days but i stiil not receive my money. transaction number is *********.if i will do myself something like if i will ending my life so betway will be responsible for this bec...
Apr 22, 2023 by Shivam rushkumar suthar
Go cash fraudsters (Go Cash ) Closed
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
Mpocket loan harrasment (Mpocket) Closed
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
Settlement not received (Razorpay Gateway Payment) Closed
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
Refund of cancelled tickets are not getting initiated (PayTM) Closed
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
REFUND MY FIXED DEPOSITE AMOUNT (Adarsh Credit Cooperative society) Closed
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
Money not refunded from paytm merchant (PayTM) Closed
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
UPI Google Pay payment failed and money didn t reverse back (Google Pay) Closed
Hello Consumer Forum, This is to inform you that I am Dulal Chand Karmakar, Mob No - ***********, Email ID - dulal*****@gmail.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
Personal Lone preclosure NOC Later not Providing Me And Every Time RBL Bank Generate a New Amount to (RBL Credit Card Dial For Cash ) Closed
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
Deposited 625 stellar in my Zebpay address But not received from 3 days (Zebpay) Closed
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
Transfer of Amount (Dhani app indiabull credit line app) Closed
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
Bank not given my money (PNB Branch sarvya UP Garmin Bank) Closed
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
EMI Amount is too high (Home Credit) Closed
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
Online Money lose My Wallet Paisa Nikal Apps (Easy Pay Pvt Ltd) Closed
Sir mere paisa nikal app se **** rupye debit kar liye gaye hai jabki maine nhi kiya hai please aapse se anurodh hai ki mera paisa refund karane me hamri madad kare. Jo ki mera paisa SBI ke account *********** aur IFSC code SBIN******* ye hai...
Apr 03, 2021 by Sanjay Kumar Pal
Cash back received but showing in pending status (PayTM) Closed
I have paid money from paytm upi on **.**.****.The cash back received ** rs. Which was not credited in my paytm wallet yet. It is showing in pending status. I have raised a complain in paytm but till date no response come. Please help me in thi...
Apr 02, 2021 by Ashutosh Sidana
I am the employee of cashify my destination was store manager ..and they removed me from the company without any reason ...
Apr 01, 2021 by Satish maharaj
Mpocket harrasment (Mpocket App) Closed
I have taken a loan of rupees ***** from mpocket , but due to covidor lockdown I loss my part time job and I am a student so I am unable to pay now , but they regularly calling me many times , and force to pay loan with so much overdue charges ...
Apr 01, 2021 by Anand Bedi
Money got deducted from my account but did not added in my wallet (Aortel Money) Closed
I imported money from my account but money got deducted but not added in my wallet I have attached proof...
Mar 31, 2021 by Nikhil Naladkar
Paytm not setting transactions nor responding (PayTM) Closed
The useless people of paytm are keeping money with them not setting the transactions and lost business of around ****/- which they disabled my merchant I'd without informing me....
Mar 31, 2021 by Bhupesh Grover
Refund not received (PayTM) Closed
I had booked a roundtrip flight on Paytm from Hyderabad to Chennai on **th February **** for **th March and **nd March ****. But the flights got canceled cause of the lockdown. I assumed a full refund would be initiated automatically but Paytm ...
Mar 31, 2021 by Pooja SP
R shield without consent (RBL bank credit card) Closed
RB bank activated R shield without any consent on my platinum credit card i asked them and file a complaint to close the card they denied due to acitve service of scheme when i asked them what scheme then i came to know its r shield plan is act...
Mar 31, 2021 by Ashutsoh mongia
"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