Banks liable to pay Rs 100 per day as Penalty For Delay In Reimbursement For Failed ATM Transactions

Banks liable to pay Rs 100 per day as Penalty For Delay In Reimbursement For Failed ATM Transactions

Technology has made our life easier, but many times our hopes are not that which leads to heavy losses. Usually when you withdraw money from ATM and the transaction gets settled and the money does not return to your accounts, you can recover 100 rupees a day as a penalty against the bank. The fact that the RBI has issued some guidelines for the customers who are going through the transaction will be very necessary for you to know. So let's see some guidelines issued by the RBI

According to the RBI guidelines, the transaction will fall into the customer's account within 7 working days of the receipt of the transaction.

Under the Payment Settlement System Act, 2007, banks will have to pay penalties to the consumers at the rate of 100 rupees per day, if the customer is paid back within 7 working days after entering the transaction complaint. For this, the customer needs to enter the complaint within 30 days of the transaction.

Required document for refund:

- You can complain in the bank with your transaction letter or account statement.
- Banks should also tell the required card details, their bank account number, ATM ID, date of transaction and time. But keep in mind that these information share with the official employee.
- Do not forget to take the legal copy of the complaint from the bank, which is also required to be signed by the Branch Manager.
After complaining, after finishing 7 working days, do not get the money in your account. Give Anger 5 to fill the form and give it to the manager.
If you still do not get the penalty amount after this, you can go to RBI's website online and complain online.

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