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Here's what you can do if banking transactions fail

If the money is debited from your account, your bank or wallet or any other company must reverse it within a time RBI has specified.

April 12, 2021 / 09:58 AM IST

There are several reasons for transaction failures such as connectivity at the consumer’s end and hence it is a common thing to happen.

Your bank or wallet or any other company must reverse the transaction within a time Reserve Bank of India (RBI) has specified if the money is debited from your account.  A consumer can ask for compensation if the institution doesn’t stick to the timeline.

The penalty will be paid to the receiver if the sender’s account is debited and the beneficiary has not received it in the stipulated time. The person who initiated the transaction receives compensation if the problem is at the sender’s bank account. The penalty is Rs 100 per day in most transactions.

At merchant stores

The card is debited when used at the Point-of-Sale terminal, but there’s no confirmation. Money should be back into the cardholder’s account within the next five working days.

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Card Transactions

When making a card-to-card transfer, the account debited, but the beneficiary card account does not get credited. The auto-reversal should happen within two working days.

Wallets

The customer sends money, but the beneficiary doesn’t receive it. The settlement should happen within two working days.

Online Transactions

A customer sends money over Immediate Payment System (IMPS), or UPI, or NEFT, or RTGS, but the beneficiary doesn’t receive the money. The reversal should happen within two working days. But if the UPI payment was made at a merchant store, the settlement should occur within six days, after which the customer can get compensation.

ATM Transactions

Customer’s account debited, but cash not dispensed. It should be reversed within the next five working days or the bank pays the penalty.
Moneycontrol News
first published: Apr 12, 2021 09:58 am

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