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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 *th 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 ** banks out of which ** are private sector banks, and ** 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 * Famous Banks in India.
SBI is the oldest and also the largest bank functioning in India and has been a Fortune *** company for ** long years. Post-Independence, the State Bank of India got enacted on *st July ****. It has its headquarters located in Mumbai, the financial capital of the country.
The bank has ** Zonal centres and ** Local centres with **,*** branches and **,*** ATMs pan India. SBI has a market cap of INR *,**,***.** crores with a market share of **% with its presence in **+ countries. It has been recognised as the Best Transaction Bank & Best Payment Bank in India.
Total Assets – INR ** lakh crores
Revenue – INR *.** lakh crores
Number of employees – *,**,***
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 **** given the liberalisation that took place in the Indian Banking Industry.
The bank started its operations as a Commercial Bank from January ****. With its headquarters in Mumbai, The Housing Development Finance Corporation Limited (HDFC) functions across *,*** towns and cities with *,*** branches and **,*** ATMs in India. It has a market cap of Rs.*,**,*** crores as of ****.
Total Assets – INR **.** lakh crores
Revenue – INR *.** lakh crores
Number of employees – **,***
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 **** 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 *,*** branches and **,*** ATMs along with its presence in ** countries outside India.
Total Assets – Rs. **.** trillion
Revenue – INR *.** lakh crores
Total employees – **,***
The Punjab National Bank, PNB is the third-largest bank functioning in India. The bank serves more than ** million customers with **** branches and **,*** ATMs, expanding its footprint to *** cities. It currently operates from its head office located in New Delhi.
Founded in **** from Lahore, the bank has served eminent freedom fighters of India. It later got nationalised in July ****. As one of the oldest banks in the country, it has a market cap of Rs. **,*** crores as in ****. PNB recently bagged the prestigious IBA Banking Technology Awards.
Total Assets – INR * lakh crores
Revenue – INR **,*** crores
Total employees – **,***
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 *** million customers across ** countries and growing bigger and better day by day.
The bank operates from its main office in Vadodara and has *,*** branches and **,*** ATMs across India. Founded in July ****, it has a market cap of more than **,*** crores currently.
Total Assets – INR **.* trillion
Revenue – INR **,*** crores
Total employees – **,***
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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.
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.
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.
Let’s accept it, no one likes the hidden charges instead in financial transactions we all love transparency. On Voxya people have shared their stories of how at the time of possession they were not given the key to the house and an extra hidden charge was asked!
According to the Economic Times, there is a rise of **% 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.
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.
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 - **** *** ****
Union Bank of India (UBI) Customer Care - **** ** ****
Allahabad Bank Customer Care - **** ** ** ***
Bank of Baroda Customer Care - **** *** ****
UCO Bank Customer Care - **** *** ****
Bank of Maharashtra Customer Care - ***********
Bank of India (BOI) Customer Care - **** ** ****
Central Bank of India (CBI) Customer Care - **** ** ****
HDFC Bank Card Customer Care - **** *** ****
ICICI Bank Customer Care - **** *** ****
Punjab National Bank (PNB) Customer Care - **** *** ****
Axis Bank Customer Care - **** *** ****
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.
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 ** 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 ** days.
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 *: Firstly, get a legal notice drafted by a lawyer.
Step *: Check it properly and make sure it is signed by a lawyer.
Step *: Keep a copy of it for future purposes.
Step *: Send the legal notice to the Bank by registered post.
Step *: Keep the slip or delivery report for evidence.
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 *: Intimate the aggrieved party via legal notice.
Step *: Draft the consumer complaint
Step *: Attach all the relevant documents and proofs to support your complaint.
Step *: Select the appropriate court for filing the complaint.
Step *: Pay the prescribed court fee that is required to be paid along with the complaint.
Step *: 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.
"Voxya has been instrumental in addressing my concern. I truly appreciate the prompt and effective assistance provided throughout the process. Will certainly recommend Voxya to others."
Ajay Masih
Complaint filed against: Byjus
