Credit cards woes form largest chunk of complaints for private banks, mobile banking for public sector banks

New Delhi: The largest share of public sector banks’ complaints is for mobile banking while for private banks, it is for credit cards, brokerage firm Elara Securities said.

Customer complaints rose 68 per cent YoY in FY23, with 6.69 complaints per 100,000 accounts.

Most complaints are from Chandigarh, Delhi, Haryana, Rajasthan, and Gujarat, which are 3.0x the national average.

Complaints from rural and semi-urban centers are on the rise – they form more than 30 per cent of overall, Elara Securities said.

More than 85 per cent of complaints are aimed at banks and public sector banks (PSB) form a larger proportion at 43 per cent in FY23 but down from 51 per cent in FY22. Private banks (32 per cent of overall) and small finance banks (SFB [4 per cent]) have seen a rise in complaints.

Among lenders, NBFC saw the sharpest rise, from 7 per cent in FY22 to 14 per cent in FY23, primarily from non-adherence to the Fair Practice Code, and credit cards form the largest chunk of complaints for private banks, loans and advances for SFB and mobile banking for public sector banks (PSB).

Customer complaints and grievances are behind a slew of regulatory actions undertaken by the RBI in recent times, Elara Securities said.

The Central Bank has formed a medium-term Strategy Framework for 2023-25, Utkarsh 2.0, wherein it aims to review, consolidate, and update the extant regulatory guidelines on customer service. A Committee was set up to probe them and submitted a report, recommendations of which are being examined for implementation.

“While it is difficult to ascertain actions with certainty, these datapoints does indicate directions and highlight key monitorables especially when seen in backdrop of recent RBI regulatory actions,” Elara Securities said.
IANS

Study shows how cancer cells evade drug treatments

New Delhi: US researchers have found during a study how cancer cells manage to evade despite treatment. Published in the Proceedings of the National Academy of Sciences, the study delves...

UPI adding up to 60 lakh new users every month, global adoption surge

New Delhi: The digital payment growth continues to surge and Unified payments Interface (UPI) is now adding up to 60 lakh new users every month. The stupendous growth in UPI...

Economic Survey to be tabled in Parliament on July 22

New Delhi: Finance Minister Nirmala Sitharaman will table the Economic Survey in Parliament on July 22, a day ahead of the Union Budget, which will be a report card on...

100 crore new jobs to be created globally in 20 years, India to have 25 pc share

New Delhi: The world is likely to see a huge addition of 100 crore new workers in the global economy in the next 20 years and India will have at...

Sharp selloff hits Indian stock market, investors lose Rs 8 lakh crore

Mumbai: The Indian equity market witnessed a sharp selloff on Friday, following weak global cues and profit booking on higher levels. At closing, Sensex was down 738 points or 0.91...

NITI Aayog sets $500 bn target for electronics manufacturing to create 6 million jobs by 2030

New Delhi: India's goal of becoming the third-largest global economy necessitates a more ambitious vision for its technology-driven sectors to achieve a USD 500 billion target in electronics manufacturing by...

Indian economy shows signs of speeding up as rural demand surges: RBI

Mumbai: The second quarter (July-September) of 2024-25 has begun with signs of quickening momentum in the Indian economy as an improvement in the outlook for agriculture and the revival of...

Vehicles with non-affixed FASTag have to pay double fee at toll plazas: NHAI

New Delhi: The Centre said on Thursday that owners of vehicles with non-affixed FASTag on the front windshield will have to shell out double fee at the toll plazas on...

Infosys’ headcount drops 1,908 in Q1 FY25, plans to hire 20,000 freshers as per growth

Bengaluru: IT giant Infosys on Thursday reported a drop in headcount by 1,908 in the April-June quarter of the current fiscal (FY25). The company’s Chief Financial Officer (CFO) Jayesh Sanghrajka...

ADB forecasts robust growth in India’s industrial sector, rebound in agriculture

Manila: The Asian Development Bank (ADB) has kept India’s growth forecast unchanged at 7 per cent in 2024-25 as it sees the country as the fastest growing economy with robust...

PM Modi wants India to become a ‘developed society’ by 2047, says Niti Aayog Vice Chairman

United Nations: Suman Bery, the Vice Chairman of NITI Aayog which is tasked with guiding policies for achieving Prime Minister Narendra Modi’s visions for India, has spoken exclusively with the...

Working closely with component partners in India to boost infra, supply chain: Samsung’s TM Roh

New Delhi: As India doubles down on local electronics manufacturing and the entire ecosystem around it, Samsung, which has been operating its manufacturing facility in the country since 1996, is...

Read Previous

Israel bracing for six-week Rafah operation immediately after Ramzan

Read Next

US State Dept staffer resigns over Washington’s Gaza policy

Leave a Reply

Your email address will not be published.

WP2Social Auto Publish Powered By : XYZScripts.com