Debit, credit card frauds: Banks will insist on an FIR

Getting a bank loan or credit card, buying an insurance policy or investing in a mutual fund is very easy today, given the several points-of-sale available. These include agents, online intermediaries and the bank/ insurance company/ fund house directly. But, what happens when you have to lodge a complaint with regard to deficiency of service or mis-selling? Should you approach the agent/intermediary or the company directly? What is the time-frame for the complaint to be resolved?

In addition to complaints on deficiency, insurance complaints include fraudulent calls claiming to be representatives of the Insurance Regulatory and Development Authority of India (IRDAI) and offering of policies of different insurers with various benefits.

In case of banking products, the common complaints include misbehaviour of collection agents for recovery on overdue outstanding credit cards/ loans, delay in resolving debit/credit card complaints pertaining to billing or disputed transactions, dispute/communication relating to interest rate on loans and advances, says Anand Aras, CEO, Banking Codes and Standards Board of India.

Mis-selling complaints include those saying the agent had promised a certain amount of dividend while selling the MF, but the actual payout was lower. Or the agent had not mentioned the lock-in period while selling the fund, says an official of a fund house. 

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