500% increase in complaints against banks

Reserve Bank of India says the number of customer complaints against banks (public and private) filed with them increased by over 500% in the 12 months between July 2006 and June 2007. The figure stands at 34,499 as compared to 5772 in the 12 months before.

Leading the pack are SBI and ICICI bank and the majority of the complaints are related to credit cards. I guess this is the result of customers becoming more aware about their rights. It also shows the need of huge improvements in the processes followed by banks. A bank official says, “People now complain at the drop of a hat”. But I feel if this was the case then the number of complaints would have seen no end.

Let’s hope that this would make the banks think a bit more about serving their customers in a customer-friendly manner.