New Delhi: Sometimes transactions fail due to no money in ATMs or machine failures. There is no need to worry or panic, as the bank will deposit the amount in your account within a stipulated time. According to a public awareness initiative of the Reserve Bank of India (RBI), "If your ATM transaction has failed and your bank does not reverse the money debited to your account for a certain period of time, you will be compensated.
Key Highlights About Transaction Failure:-
1) RBI has said that banks should reverse such transactions.
2) RBI said that the customer should lodge a complaint at the earliest at the bank or ATM when the transaction fails.
3) According to RBI, in case of failed ATM transactions, banks will have to credit money to the customer's account within 5 calendar days from the date of an unsuccessful transaction.
4) The card issuing bank has to pay Rs. 100 per day to the customer if more than 5 calendar days from the date of fail transaction.
5) The customer can approach his bank in this case and place the case before them.
6) Within 30 days of receipt of the response from the bank or within 30 days from the bank, the customer can take up the matter with the Banking Ombudsman.
.@RBI Kehta Hai..
— RBI Says (@RBIsays) October 7, 2020
If the amount debited due to a failed transaction is not reverted to your account within a specified time, your bank would compensate you for the delay.#BeAware #BeSecure#rbikehtahai #StaySafehttps://t.co/mKPAIp5rA3 @SrBachchan pic.twitter.com/lYiM6GAUy6
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