Customers will now be compensated for delay in resolving issues of failed digital transactions
A failed transaction would be any exchange that remained incomplete due to reasons such as connectivity failure, non-availability of cash in an ATM, etc
October 31, 2019 / 07:58 PM IST
Customer complaints about failed card transactions are a common occurrence, as are complaints about banks taking too long to resolve such matters. Keeping that in mind, the Reserve Bank of India (RBI) has come up with a new set of rules and guidelines for failed ATM, card machine, and Aadhaar Enabled Payment transactions.
Often, when a customer makes a card transaction, the amount gets debited from their account, but the beneficiary’s account is not credited. Similarly, while withdrawing cash from an ATM, often cash is not dispensed, but the amount gets debited.
To make the situation better for the harrowed lot, the RBI has laid down the turnaround time (TAT) to resolve such customer complaints. One must note here, that a failed transaction would be any exchange that remained incomplete due to reasons such as connectivity failure, non-availability of cash in an ATM, etc.
As per the new set of rules, in case of failed ATM transactions, the concerned financial institution must reverse the amount within the next five days. If the bank fails to do so within the deadline, they would have to pay compensation of Rs 100 for each day of delay to the account holder.
According to a Mint report, the deadline for reversals in case of failed debit card transactions is one day – over and above the transaction date. If the concerned bank fails to reverse the amount, they will be charged Rs 100 for each day of delay beyond the deadline. The same guidelines apply for failed IMPS transactions too.
For point of sales (PoS) card transactions, if the money gets debited from the customer’s account but the merchant doesn’t receive the confirmation, i.e., the charge-slip is not generated, the transaction needs to get auto-reversed within five days of the transaction date. Else, a compensation of Rs 100 per day is payable to the account holder by the bank.