If ATM transaction is failed due to technical/network problem. Amount is not dispensed but account is debited in such circumstances. What are the rules for refund/credit of such amount? Such refund should be made within how many days? Here are the answers of all of above questions.
1. The time limit for resolution of customer complaints by the issuing banks shall stand reduced from 12 working days to 7 working days from the date of receipt of customer complaint. It means banks have to reimburse the customers, the amount wrongfully debited on account of failed ATM transactions within a maximum period of 7 working days from the receipt of the customer complaint.
2. Accordingly, Banks have to pay customers Rs. 100/- per day for delays beyond 7 working days from the date of receipt of the complaint.
3. If the complaint is not lodged within 30 days of transaction, the customer is not entitled for any compensation for delay in resolving his / her complaint.
4. All disputes regarding ATM failed transactions shall be settled by the issuing bank and the acquiring bank through the ATM system provider only. No bilateral settlement arrangement outside the dispute resolution mechanism available with the system provider is permissible. This measure is intended to bring down the instances of disputes in payment of compensation between the issuing and acquiring banks.
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Disclaimer: The above post includes some content used from RBI website and executed on this website for fair use only. As this website is of educational nature, hence the content is used for education and awareness to the public.