Failed ATM deals to be reimbursed in 7 days
fe Bureau
Posted: Saturday, May 28, 2011 at 2038 hrs IST
Mumbai: Reserve Bank of India today ordered all banks to reimburse their customers for the amounts wrongfully debited from their accounts on failed ATM transaction within seven working days of receiving the complaints from the customers. Failing this, banks would end up paying R100 per day to the customers, with effect from July 1, 2011, the RBI notified today. Earlier this period was 12 working days.
However, customers will have to lodge a complaint within 30 days to be entitled to a compensation.
The norm for settling consumer complaints on failed ATM transactions was set up in October 2008, but as this did not result in a decrease in the number of complaints, the RBI decided to levy a fine of R100 a day in July 2009.
The window period for settling the claims was, however, kept at 12 days.
However, customers will have to lodge a complaint within 30 days to be entitled to a compensation.
The norm for settling consumer complaints on failed ATM transactions was set up in October 2008, but as this did not result in a decrease in the number of complaints, the RBI decided to levy a fine of R100 a day in July 2009.
The window period for settling the claims was, however, kept at 12 days.
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