Customers will now be compensated for delay in resolving issues of failed digital transactions

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.