Indian Railway Catering & Tourism Corporation [IRCTC] — unfair cancellation policy / huge charges on cancellation

I recently booked tickets for 3 people on 3/11/2017 costing 75/- per head (Reservation charges) from banglore to mysore, pnr: [protected], train number:16557. When i booked it was in 15th waiting list.in unfortunate situation, ticket could not confirm till date of journey and what’s annoying is railway department is least bothered to notify the status of ticket and it leads to pay huge waste charges of cancellation to irctc.
I had to buy again general ticket costed 60/- from banglore to mysore and also had to bear additional 60/- as cancellation charges.
This is highly unfair railway policy to passengers and seriously irctc looting common people.