Complaints by the bank customers rise 57% to over 300,000

The consumer complaints regarding the banking services jumped 57 percent to 3.08 lakh for the year, the Reserve Bank already said on Monday. In its annual report, the central bank already said over a fifth of the complaints were regarding services at ATMs or with debit cards, followed by mobile or electronic banking at 13.38 percent. 

Complaints received related to credit cards, failure to fulfill commitments, levy of charges hastily, loans and advances, and non-adherence to this Banking Codes as well as Standards Board of India norm accrued this year as compared to the previous year.

The number of complaints referring to Direct Sales Agent and recovery agents accrued from 629 complaints in 2018-19 to 1,406 this year.

On the non-bank finance firms front, there was a 386 percent jump within the variety of complaints received by the investigator theme for Non-Banking Financial firms at 19,432 and therefore disposal rate stood at 95.34 percent. The investigator theme for Digital Transactions handled 2,481 complaints throughout the year with a most 43.89 percent.

The Deputy Governor already said the year was a more challenging one for the financial consumers vulnerable to the adverse consequences of this covid-19 pandemic and commended the investigates offices for being functional through the difficult time.

Governor had last week already announced a plan to integrate all the offices into a single investigator for the country. The share of State Bank of India and nationalized banks in the consumer complaints decreased to 59.65 percent as against 61.90 percent.

State Bank of India had the largest share among lenders in the number of maintainable cases of the disposed at 48,333, followed by the best bank of HDFC at 15,004, ICICI Bank at 11,844 as well as Axis Bank at 10,457.

 

NEED A LOAN?

I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.


Latest News

Menu