Issues faced with Banks and Banking in last 12 months...

As many of you know LocalCircles has escalated a lot of banking concerns of consumers to RBI and Government over the years. On request of some circle members, we would like to seek various issues you have faced with banks and banking in the last 12 months. Of importance are also issues you faced during the pandemic when banking was largely digital.

Once we have receive the inputs we will then escalate the common issues for redressal.

We look forward to your inputs! more  

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State bank of India was issuing a cheque book of 10 leaves, free of cost, in a Financial Year. However, now, SBI has stopped issuing free of cost cheque book (10 leaves) in a Financial Year. This is ridiculous and unfair. LC must take up this matter with Min. of Fin. as well as Min. of Consumer Affairs. SBI must issue at least 10 leaves of cheque book, free of cost, in a Financial Year. more  
I wonder if banking ombudsman has any role to play to improve the banking system or resolve the customer grievances against the banks. When any complaint is made against any bank to ombudsman, the complaint is referred to the bank concerned. Whatever is the bank reply, it is accepted by the ombudsman and forwarded to the complainant without comment. Meanwhile the bank concerned would make personal approach to the complainant and would try to pressurize him not proceed further on his complaint. Thus the complaint makes no difference in the working of the bank.

Some of the PSU banks do not keep customer account properly. In one case a cheque issued from my account for an amount of say Rs.abcd towards the electricity bill, it was debited in my account for an amount say Rs.acbd. As a result of this miss match the electricity department was not able to reconcile the payment to my electricity bill putting me to avoidable harassment. A compliant made to the bank neither had any effect on them nor created any reply. Not only that a redeemed FD continued to be shown in my credit with a fresh maturity date. Again when this lapse on the part of the bank was brought to their notice, it did not bother them. more  
There should be an OMBUDSMAN WHO NEED BE EMPOWERED TO impose a penalty of Rs. 1 lakh (min.) for any offence registered with him and found substantial. The penal amount has to be paid by the employee(s) concerned. If nobody is found responsible, the same should be payable from the personal remuneration of the Chairman and Managing Director, and IN NO CASE FROM THE FUND OF THE BANK. It would not be binding on the customer to beg to the sundries, pillars and posts of the bank. more  
Being a user of digital services since long, I do not need much personal service from banks.

However, at the time of Covid, it was necessary to use services like cheque deposit. and some services which need physical signatures.


The biggest problem I face, in spite of being a premium customer, is that (1) Public Sector Banks Customer Relationship Managers do not much care about customer service and (2) Private Sector banks' CRMs are interested mainly in getting new business and not in customer service. more  
Banking is in a mess. The staff at most banks are not trained properly. Many of them are busy selling something that you may not want, but help the bankers personal income. To correct these issues will take a long time. It is a major leadership crisis in banking. The right people are not in the helm of affairs. more  
Bank Branch Managers (in some Branches: Chief Managers and/or Asst. General Managers) are not aware what is happening beneath their nose, and/or are ignorant of the extant rules , and/or ignorant and/or unauthorised to take corrective actions.
STANDARD REPLY ON ANY PROBLEM IN A BANK - "IS DONE BY THE SYSTEM". A few days before, I confronted one such white collar (State Bank of India) and asked him what was the father's name and mother's name of the 'system'. In absence of any reply from him, I told him to make appropriate nomenclature of the entity who is not sure either of his/her father's name or mother's name. Problems could not be resolved even in a month. more  
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