Complaints on the Rise Against Private Sector Banks – Reports RBI

Banking National News

Business Mantra News

Banking is one of the significant service sectors industry in the country. As Banking access and need have rapidly increased, complaints have also increased regarding deficiency in services.

The number of complaints against Private Sector Banks like HDFC and ICICI have been on the rise in comparison to Public Sector Banks.

The Reserve Bank of India said that the customer complaints against Private Sector Banks are growing faster than complaint lodged against Public Sector Banks in the last fiscal year.  As per the RBI data, office of the ombudsman has received 30% more complaints against Private Banks than in the previous year.

These complaints are particularly pertaining to failure to provide proper/ satisfactory services to customers and fair practices.

A significant number of complaints lodged against direct selling agents who sell several plans and policies of Banks even by using either false & fabricated tactics by misguiding their customer or misrepresenting facts and figures.

One major reason of such type of complaints is that as the Banks are usually assigned with heavy targets that is too with deadlines to achieve them. Hence, in order to achieve targets, sometimes the employees adopted unfair means and breach code of customer services, resultantly complaints have been on the increase against these Banks.

The Central Banks received 34% of the complaints in 2016-17 which involves credit card issues, complaint related to pension and ATM and debit card related complaints are on the peek in the list of complaints.

It is noted that customer can lodge a complaint on the site of individual Bank as well as in the office of Ombudsman, if the banks having failed to adhere to written complaint filed by the customer earlier.

The Banking Ombudsman is set to provide quick and cost free solution to those customers who have faced deficiency in Bank services.

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