Credit card complaints surged 74% in 2008-09: Banking Ombudsman
Credit card complaints such as overcharging and issuance of unsolicited cards shot up by a whopping 74 per cent during 2008-09, said the annual report of the Banking Ombudsman.
By PTI |
NEW DELHI: Credit card complaints such as overcharging and issuance of unsolicited cards shot up by a whopping 74 per cent during 2008-09, said the annual report of the Banking Ombudsman.
"Complaints relating to credit cards continue to show an uptrend...The number of complaints pertaining to credit cards rose by 74 per cent during 2008-09," said the Ombudsman, which was appointed by the Reserve Bank to look into complaints of customers against banks.
The complaints, the report added, pertain to issuance of unsolicited credit cards and insurance policies, charging of annual fee in spite of being offered as 'free' cards, abusive calls and selling loans over phone. Of the 69,117 complaints received during 2008-09, 26 per cent related to credit cards, it added.
Pointing out that credit card user-base has gone up 24 per cent to 170 million during the reporting period, the report underlined the need for "better service and transparency at the point of sales by banks."
The report also said during the year complaints against public, private and foreign banks rose by 29 per cent, 58 per cent and 91 per cent, respectively.
"Complaints relating to credit cards continue to show an uptrend...The number of complaints pertaining to credit cards rose by 74 per cent during 2008-09," said the Ombudsman, which was appointed by the Reserve Bank to look into complaints of customers against banks.
The complaints, the report added, pertain to issuance of unsolicited credit cards and insurance policies, charging of annual fee in spite of being offered as 'free' cards, abusive calls and selling loans over phone. Of the 69,117 complaints received during 2008-09, 26 per cent related to credit cards, it added.
Pointing out that credit card user-base has gone up 24 per cent to 170 million during the reporting period, the report underlined the need for "better service and transparency at the point of sales by banks."
The report also said during the year complaints against public, private and foreign banks rose by 29 per cent, 58 per cent and 91 per cent, respectively.
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