New Delhi: It is a common problem of customers that banks do not return the money within the stipulated time if the transaction fails. The Reserve Bank of India has issued a new order considering the problem of customers. The turnaround time (TAT) has been fixed for a fixed period of timekeeping in mind the complaints of failures of customers.
Under the circumstances, if the transaction of a customer fails, then the banks will settle it within a certain time period and if it does not, the banks will compensate the customers. Should be compensated without waiting for. The central bank first announced TAT in April to address customer complaints. The bank had noticed that it is taking longer even after customer complaints.
Supreme Bank has divided the transactions into eight different categories in which the new guidelines will apply, including ATM transactions, card transactions, instant payment systems, unified payment interfaces and prepaid cards. Money has to be returned to the account in 5 days after the transaction. If the bank took more time than the fixed period in the refund, then the customer would get a penalty of Rs 100 daily. The Reserve Bank has asked banks to implement this order soon.
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