The services provided by the most trusted bank in India since ages, the State Bank of India has been getting worse day by day, as evident by the huge number of consumer complaints registered against SBI’s poor service. The typical complaints against State bank of India are found to range from its pathetic ATM services to huge goof ups in its mutual fund services.
There are numerous examples of a SBI ATM not functioning, fund not able to be withdrawn from ATM due to technical error but balance getting debited from consumer’s accounts (which again takes a long period to get credited again post consumer logs complaint), extreme delays in receiving ATM cards, delays in getting addresses or other credentials updated, etc. On the SBI mutual funds side, wrong data entry about customer’s crucial personal details seems a regular and widespread matter which proves there is little quality control on the operations back offices.
Delay or non receipt of customer ID, extreme delays in redemption of SBI Mutual Fund amounts are a common problem as well, as reported by customers of SBI mutual fund. Worse still, SBI has a name of providing one of the most poor customer service in the banking sector of the country. Leave alone an environment of Customer is special experience, most of the SBI staff across the country lacks even the basics of customer orientation. Most of the times, the customer has to feel as if the SBI officials are doing him or her a favor, during visits to the local branches for some assistance or banking purposes.
Another important aspect that requires control is the issue of counterfeit or false currency notes which comes out of SBI ATMs, as reported in various reports and complaints. Although SBI is not the only bank which has seen this issue, the various number of such reported incidents have confirmed that maximum number of false currency notes, especially that of Rs 500 and Rs 1000 are found from withdrawals in SBI ATMs. On such cases, the poor consumer who gets false currency notes has to terribly suffer as there is little chance he would know then and there that it is a false note and only realize later that the notes were fake. This has caused innumerable and serious problems for the SBI customers, especially the rural and poor ones. It is time the authorities gave a serious note to this issue before the entire nation is swiped away with false currency notes, killing economic growth.
All said and done, the SBI officials too can not be left alone without a serious question on their credibility and honesty. There are thousands of SBI bank managers in the country whose lifestyle is found to be more lavish than what they earn from their service. For example, the daughter of a SBI bank manger of Silchar in Assam, residing in Guwahati (name withheld) is studying in Perth (Australia) which costs more than three thousand dollars a month. Obviously, the manager whose only source of income is his service salary can never pay this amount without some extra earnings. Needless to say, such extra earnings are only a result of corrupted wealth. The attitude of SBI officials have always been like that of senior government officials, – absolute lack of customer-relation skills mostly because the bank enjoys having accounts of the State Governments. One can imagine what would happen to the bank if the governments decides to shift their accounts to some other bank in future.