Data | Three lakh complaints filed against Indian banks in FY20, 50% more than FY19

Data | Three lakh complaints filed against Indian banks in FY20, 50% more than FY19

The Hindu

Over 3 lakh complaints were made against banks to the RBI's banking ombudsman in FY20, over 50% more than in FY19. While the share of Public Sector Banks (PSBs) in the total complaints reduced in FY20, that of Private Banks (PVBs) increased. Nevertheless, the highest number of such grievances in FY20 were against the PSB behemoth State Bank of India (SBI). Notably, 44.5% of complaints in FY20 were related to digital services, a significant increase from 33% in a FY19 — a consequence of rising digital transactions.
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