New Delhi: Reserve Bank of India (RBI) has issued a new circular regarding turnaround time (TAT) to banks. RBI has asked all banks to settle it within the stipulated time after the transaction fails. In view of the many complaints related to transaction failure, banks should resolve them as soon as possible. If any damages are made to the customers for this, then it should also be paid on time.

RBI has said that banks will have to pay any kind of financial compensation on time, taking cognizance of themselves. For this, banks will not have to wait for customer complaints. Earlier in the month of April, the central bank had also taken steps regarding turnaround time so that the problems of the customers could be resolved. There were many complaints with the RBI, in which customers had reported problems regarding various types of payment systems.

RBI said, 'To increase the convenience of customers in all types of electronic transactions, it was necessary that the turnaround time should be corrected. We have made a provision for compensation to benefit the customers. RBI has issued a circular saying that if the customers do not get the money back within a day after the online transaction fails, the bank and digital wallets will have to pay a penalty of Rs 100 daily to the customers.

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