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Have you ever faced a failed ATM transaction? 🚫

Amount got debited but cash wasn’t dispensed? 🏧

Fear not, RBI is to your rescue.

According to RBI’s Circular on Turn Around Time for failed transactions, the banks have to pro-actively reverse the amount within a maximum of 5 days in case of a failed ATM transaction.

And if you don’t get the money back within 5 days, the bank is liable to pay Rs. 100 per day of delay as compensation to you. 😮

That being said it is advisable to lodge a complaint with the card issuing bank or ATM owner bank at the earliest.

Banks typically clear up these issues quickly, but if you don’t get a reply within 30 days, then you can take it up with the RBI Banking Ombudsman too.

So, if you ever face such a problem, just inform the bank and wait for the money to be reversed.

And if it gets delayed beyond 5 days, then ask for compensation too!

Source: RBI Circular on Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorized Payment Systems - Circular DPSS.CO.PD No.629/02.01.014/2019-20 dated September 20, 2019

#anushkarathod #finance #atm #failedtransaction #RBI

16/02/2023

Have you ever faced a failed ATM transaction? 🚫 Amount got debited but cash wasn’t dispensed? 🏧 Fear not, RBI is to your rescue. According to RBI’s Circular on Turn Around Time for failed transactions, the banks have to pro-actively reverse the amount within a maximum of 5 days in case of a failed ATM transaction. And if you don’t get the money back within 5 days, the bank is liable to pay Rs. 100 per day of delay as compensation to you. 😮 That being said it is advisable to lodge a complaint with the card issuing bank or ATM owner bank at the earliest. Banks typically clear up these issues quickly, but if you don’t get a reply within 30 days, then you can take it up with the RBI Banking Ombudsman too. So, if you ever face such a problem, just inform the bank and wait for the money to be reversed. And if it gets delayed beyond 5 days, then ask for compensation too! Source: RBI Circular on Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorized Payment Systems - Circular DPSS.CO.PD No.629/02.01.014/2019-20 dated September 20, 2019 #anushkarathod #finance #atm #failedtransaction #RBI

03/08/2022

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