- ATM Transaction Fail: If the transaction is unsuccessful due to technical problem or other reason, the bank will have to resolve it immediately
- The customer will have to return the money within 5 days or the bank will have to pay the damages to the consumer
RBI Rule: ATM Transaction Fail
new Delhi. While withdrawing money from ATM, sometimes the transaction fails due to technical reasons. Due to which money is not able to withdraw, but the balance is deducted from the account. If this has happened to you too, there is no need to panic because if the customer does not have a refund within the stipulated time, according to RBI rules, the concerned bank will have to pay the penalty.
The banks have been scrapped under a public awareness initiative of the Reserve Bank of India (RBI). This will give relief to the customers because despite many times the balance is cut, the customers have to struggle to get it back. They have to repeatedly contact the bank or talk to customer care. But this negligence of banks can now outweigh them. In the interest of consumers, RBI has also issued some guidelines, from which you can also take official action.
Money will have to be returned within 5 days
Under RBI rules, if the transaction has failed while withdrawing money from ATM and the money has been deducted from the customer’s account, the bank concerned will have to credit the money to the customer’s account within 5 calendar days. Customers can also file a complaint in this regard from their bank or ATM.
100 rupees will be charged daily
If the card issuing bank does not return the money within 5 days, then it will have to pay the damages. The bank will have to pay 100 rupees per day to the customer. Also, the reason for the failure of the transaction and the problem has not gone away will also have to be told.
Customer can complain
If the problem is not resolved then the customer can take action against the bank. If there is no satisfactory response from the bank or no action is taken within 30 days, the customer can complain to the Banking Ombudsman.
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