It’s popularly believed that banks are cheats. Mis-selling and hidden bank charges are popular grouses against banks. Banks have teamed up with insurers to sell life insurance and other insurance plans. Many bank executives have mis-sold insurance plans to pocket commissions.
Bank agent’s mis-sell investment products like mutual funds and this has got even the RBI worried. They have also been cases of mis-selling of FDs by banks. RBI allows you to lodge a complaint against bank mis-selling and imposes heavy penalties on banks.
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Post complaints on IndianMoney.com if you are cheated by your bank
Why file complaint against bank?
IndianMoney.com advises to first try to resolve the issue with the bank. If the bank doesn’t respond to complaints, file a complaint against the bank.
According to rules, you must first file a complaint with the bank before approaching the banking ombudsman. Banking Ombudsman is a quasi judicial authority involved in resolution of customer complaints against banks.
Bank customers can lodge complaints against leading public sector banks like SBI, Bank of India, Union Bank of India and also Private Sector Banks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Yes Bank among others with the banking ombudsman. IndianMoney notices popular complaints against banks to be:
- Cheque payments.
- Account transfers
- Hidden charges
- Credit card complaints
- Complaints on ATM cum debit cards.
- Bank loan complaints
- Mobile banking complaints
- Mis-selling of insurance plans by bank executives.
See Also: Nationalized Banks In India
Bank Complaints with banking Ombudsman:
- Extraordinary delay in payment or collection of cheques.
- Deficiency in internet banking or mobile banking services.
- Non acceptance of small denomination notes.
- Failure to provide a banking facility.
- Delay in disbursement of pension.
- Delay in sanctioning loans
- Non acceptance of loan application without sufficient reason.
- Bank recovery agent harassment.
- Refusal or delay in closing bank accounts.
How to file complaint against banks?
IndianMoney.com gives the procedure for filing complaints against banks:
- File complaint at the concerned bank branch where your bank account is operating.
- Submit complaint application to concerned bank officer.
- Submit complaint application on plain paper in the prescribed bank format.
- Submit the complaint hard copy with enclosed documents like bank passbook Xerox to serve as identity proof, and documents to support complaints.
- Bank officer must issue an acknowledgement to the bank complaint.
- Collect complaint acknowledgement receipt with date and seal.
How to file online complaint against bank?
Many public sector banks like SBI and Bank of India and private sector banks like ICICI Bank offer the online complaint filing facility. Register online complaint with bank.
- STEP 1: Lodge a complaint with your bank which could be HDFC Bank, ICICI Bank, SBI or any other bank. All banks have a grievance cell and you lodge complaints with them.
- STEP 2: If your bank doesn’t resolve complaints within 30 days, approach banking ombudsman and seek resolution of grievances.
- STEP 3: Fill in the form at the banking ombudsman service website or call 08000234567. If you don’t know English, the banking ombudsman will supply an interpreter who will file a complaint against the bank.
Steps to file complaint against public sector banks
- Write a complaint to the public sector bank like SBI.
- Make sure complaint is registered and get an acknowledgement slip from the bank official.
- If complaint is not resolved in 30 days, approach banking ombudsman.
- File a complaint at bank ombudsman office, under whose jurisdiction the bank branch falls.
- For credit card complaints approach banking ombudsman under whose territory the billing address falls.
- Mention name and address of bank branch against whom the complaint is filed and furnish supporting documents.
- Mention the nature and extent of loss caused due to deficiency in service. Also mention the relief/compensation sought from the banking ombudsman.
- The banking ombudsman looks to promote a settlement between the complainant and the bank in question.
- If terms and conditions of banking ombudsman are acceptable by the bank and the complainant, a settlement is reached which is binding to both the bank and the complainant.
Steps to file complaint against private sector banks
- To file complaint against HDFC Bank, Axis Bank or any private sector bank, write a complaint in the bank branch complaint register. You will find this at the help desk or customer service center. You can fill up complaints online at the bank’s website.
- Approach the nodal officer at the bank branch to get complaints resolved.
- If you are not satisfied with redressal, approach the internal ombudsman very common at private sector banks and foreign banks. He often goes under the name of Chief Customer Service Officer.
- If bank doesn’t resolve the complaint within 30 days or give in writing why the complaint has not been resolved, approach RBI banking ombudsman who resolves complaints free of cost.
- To file a complaint against a public/private bank file an online complaint or send an email. This is a list of RBI Banking Ombudsman.
How IndianMoney can help when you are cheated by bank?
- IndianMoney advises you to file a complaint with your bank and get an acknowledgement.
- Wait for 30 days and if the bank doesn’t respond, approach the banking ombudsman.
- The banking ombudsman looks for an amiable settlement between the bank and the complainant.
- IndianMoney tells if you are not happy with the verdict, try to appeal. Banking ombudsman is generally fair and always looks to resolve the issue.
Have a complaint against any company? IndianMoney.com's consumer complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint.
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