There are lot of Transaction failures at ATMs in India nowadays and people find it difficult to get their money back as the money is debited from your account and you wont get a single penny .So whenever you have got this type of problem all you need to do is to call the customer care of your bank and keep the transaction copy with you and you must also have the complaint number which is given to you while complaining to the Customer care.
RBI now has issued a directive to all the banks that they should pay back your money within 12 days of the reciept of complaint of the wrong transaction . You will also get a benefit of rupees 100 per day till the complaint is solved and money is transfered to your account.
According to RBI:
i) It is mandatory for the banks to reimburse the customers, the amount wrongfully debited on account of failed ATM transactions, within a maximum period of 12 working days from the date of receipt of the customer complaint.
ii) For any failure to re-credit the customers account within 12 working days from the date of receipt of the complaint, the bank shall pay compensation of Rs.100/-, per day, to the aggrieved customer. This compensation shall be credited to the customer’saccount automatically without any claim from the customer, on the same day when the bank affords the credit for the failed ATM transaction.
iii) The issuer bank is entitled to claim such compensation paid to the customer from the acquirer bank, if the delay is attributed to the latter. By the same logic the ATM network operators shall compensate the banks for any delay on their part.
iv) Banks shall extend the scope of concurrent audit to cover cases of delay in reimbursing the customers for failed ATM transactions.
v) Each bank shall place a quarterly review of ATM transactions to its Board of directors, indicating inter alia, the quantum of penalties paid, reasons thereof and the actions taken to avoid recurrence of such instances. A copy of the note along with the observations of the Board shall be forwarded to the Chief General Manager, Reserve Bank of India, Department of Payment & Settlement Systems, Mumbai.
Hopefully this will help you if you had any problem regarding transaction failure at ATM.
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