Saturday, 28 May 2011

RBI to Banks - Failed ATM Transactions to be reimbursed in 7 days

This may be an end to the long waiting for get back money debited through e failed ATM transactions. The Reserve Bank of India directed banks to pay back the amounts wrongly debited in failed ATM transactions within seven days after getting complaint from them. The RBI also directed to pay Rs. 100 per day if the bank fails to give back the money within seven days of the complaint. This will come into force from 1st July, 2011.

"The time limit for resolution of customer complaints by the issuing banks shall stand reduced from 12 working days to seven working days from the date of receipt of customer complaint," the RBI said in a notification.

Earlier the time limit was 12 days, but now it is shortened to 7 days and also the bank should pay Rs. 100 per day, if it could not credit the amount within seven days of getting complaint.  But for getting this benefit, the customer should lodge a complaint within 30 days of the transaction.

The RBI instructed to settle failed ATM transaction disputes through the ATM system provider only. "No bilateral settlement arrangement outside the dispute resolution mechanism available with the system provided is possible," RBI said.

It may be by any reason the transactions through ATM become a failure. Customers can experience this problem once or twice in their lifetime or more. Most of the cases the money wrongly debited from our account will be automatically credited within a few days or few hours. But some cases this is not possible and the customer has to complaint for getting back the money. Where to lodge such a complaint? Is it to the ATM provider or to the customer’s bank, where account has been wrongly debited?  In our opinion we should complaint both places, if possible inform the ATM provider immediately after the wrong transaction and to the customers bank after words, if both parties are not same bank.

The direction from RBI is a good movement to ensure more safe, secure and reliable banking transactions throughout the country.

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1 comment :

  1. This is to inform that my account no is xxxxxxxxxxxxxxxxx. I withdrew
    an amount of rs 15000 on 14 jul 2011 but i didnot recieve cash from
    the ATM machine at PNB S.K.PURI ROAD ATM- patna. I registered a complaint with
    PNB helpline. The complaint no is 55796464. After 7 days i was told
    that my claim has been rejected. My greivance is that i have not got
    any cash and the reasons for my claim rejection is unknown to me. You
    are therefore requested to investigate into the matter and sort out
    the issue so that the cash is reimbursed to me at the earliest.
    i have complained many times to the bank officials but they are just refusing to solve my problems ..... they are just tollerating the fact ....
    please do some favour so that i shuold get my money back.... please have a serious look towars my problem i shall be greatful to you......