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Banking Ombudsman has largest share of credit card complaints

Credit card complaints rise

Apnaloan.com Research Bureau

16 Apr 2008

As per Reserve Bank of India's (RBI) annual report on banking ombudsman, the number of complaints in the year 2006-07 e increased by 22% from the year 2005-06. In 2005-06 the number of complaints received were 31,732 whereas in 2006-07 it increased to 38,638.

The major increase in complaints was due to credit cards which as of now constitute the largest share. The break up of the complaints is: credit card - 7,688, deposits-5803, remittance-4058 and loans and advances 4442.

The nature of complaints in case of credit cards were like non-issue of credit cards, issue of unsolicited cards, non-dispatch of account statements in time, levy of excessive service charges, levy of late fees despite payments being done on time, refusal to cancel credit card, freezing of cards without informing the card holder and general harassment.

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