The RBI has issued guidelines for banks for such failed transactions.
Technology has made our lives more comfortable, but at times it can fail, and we have to bear the consequences. Take the case of ATMs. Although they are one of the best inventions to have been made, a failed transaction can put us in a real fix.
The RBI has issued guidelines for banks for such failed transactions.
In case the ATM did not dispense money, and you get a message saying that the account was deducted; the money will not only be returned to your account, you are also entitled to receive compensation.
IMAGE SOURCE
Here are the some RBI rules that enable you to claim compensation:
1. Complaints related to failed ATM transactions should be resolved within 7 working days from the date of submission of complaint at the card issuing branch.
2. The cardholder is entitled to compensation of Rs.100 per day if the amount of claim is not credited to the account within seven working days from the date of the complaint.
3. Customers are entitled to such compensation only if the claim is lodged with the issuing bank within 30 days from the date of the transaction.
4. In case the complaint is not addressed, then the customer can take recourse to the Banking Ombudsman if the grievance is not redressed by his/her card issuing bank.
5. The Grievance Redressal Mechanism available to users of WLA(White label ATMs) is same as the mechanism available to users of banks’ ATMs for failed/disputed transactions.
6. While the primary responsibility to redress grievances of customers relating to failed transactions at such WLAs will rest with the card issuing bank, the sponsor bank will provide necessary support, ensuring that White Label ATM Operator (WLAO) makes relevant records and information available to the issuing bank.
*”Issuing Bank” means the bank where the customer has an account or the bank that issued the ATM/Debit card to the customer. Bank customers in India can use ATM of any other bank for withdrawing cash. The bank whose ATM is used is called “acquiring bank”.
These guidelines became effective from July 1, 2011, and are subject to conditions stipulated by RBI.
IMAGE SOURCE
These guidelines replace earlier instructions from 2009, which
allowed banks 12 working days to re-credit the amount after a failed transaction. Although the new guidelines reduce the time available to banks, it is mandatory for customers to register a complaint with the issuing bank within 30 days of the date of the transaction.
It is good to remember that the time limit of 30 days is relevant only for claiming compensation of ₹ 100 per day of delay. A customer is free to file a complaint of a failed ATM transaction even after 30 days of the transaction; just that he/she can claim the amount of failed ATM transaction without extra compensation.
Popular Posts
-
GTU Senior Clerk, Data Entry Operator, Accountant & Assistant Professor Hall Ticket 2017 Gujarat Technical University (GTU) has publis...
-
Haryana Police Constable Recruitment 2017 is a online application for the 509 Constable (Male) Telecommunication Wing Posts at hssc.gov.in...
-
South Indian Bank Limited (A private sector bank) invites Online applications from youngest and most vibrant team of banking professionals ...
-
UC Browser has mysteriously disappeared from the Google Play Store UC Browser Disappears From Google Play Store, UCWeb Responds Alibaba-o...
-
High Court of Gujarat Direct Recruitment to the Cadre of Civil Judge Call Letters 2017 High Court of Gujarat has published Call Letters for ...