Bank Complaints Rise 33% in FY24: What You Need to Know
A recent report from the banking ombudsman shows a sharp rise in customer complaints. In FY24, complaints jumped by 33%, reaching 2.9 lakh. The biggest issues were loan-related problems, followed by digital banking troubles.
Breakdown of Complaints
Loan Issues: A whopping 85,281 complaints (29% of all cases) were about loans and advances, showing ongoing problems in lending.
Digital Banking Problems: 57,242 complaints (19.8% of total) were about mobile and internet banking, making it the second biggest concern.
Other Issues: Complaints also covered ATM errors, credit card disputes, and account-related problems.
Why Are Complaints Increasing?
Several reasons are behind this surge:
More Digital Transactions – As more people use online banking, glitches and transaction failures have increased complaints.
Loan Processing Troubles – Delays, hidden charges, and unclear loan terms frustrate customers.
Better Awareness – More people now know their rights and are reporting issues to the ombudsman.
What Banks Can Do
To reduce complaints, banks should:
Improve digital banking systems for smoother transactions.
Be transparent about loan terms and fees.
Strengthen customer support for faster issue resolution.
Final Thoughts
The 33% rise in complaints shows that banks need to step up their customer service and fix digital banking problems. Addressing these concerns will lead to a better banking experience for everyone.
Sources:-
https://financialservices.gov.in/beta/en/banking-ombudsman
Disclaimer:
This article is for informational purposes only and does not constitute financial or legal advice. Readers should consult with a financial expert or legal professional for specific guidance related to banking complaints and grievance redressal processes.
