RBI New Guidelines : Often many people have this question in their mind that after how much time does the bank return the money if the transaction fails. In such a situation, if you also want to know the answer related to this question, then definitely read this guideline issued by the Reserve Bank of India (RBI)-
In September 2019, RBI issued a circular on turn around time (TAT) and customer compensation for failed bank transactions. Under this, if a bank does not refund the debited amount of a failed transaction within the stipulated time limit, it will have to pay a fine to the customer. This fine will increase for each day of delay.
RBI’s TAT Harmonization Rule-
The RBI (Reserve Bank of India) issued a circular on 20 September 2019, which gave instructions on turn around time (TAT) and customer compensation for failed bank transactions. This means that if the bank does not return the customer’s debited money within the stipulated time limit after a failed transaction, it will have to pay a penalty. This penalty will increase for each day of delay, so that banks can be encouraged to return the money to the customers faster.
When is the penalty amount received?
The bank pays the penalty depending on the nature of the transaction i.e. the type of transaction that has failed. The bank will pay the penalty only when there was a reason behind the failure of the transaction, over which you had no control. If you know the time of reversal of your transaction, then you can contact the bank and ask for the penalty.
In which situations is a penalty imposed?
If you make a transaction at an ATM and money is deducted from your account, but the cash is not withdrawn, then the bank has to reverse it within 5 days from the day of the transaction, if you do not do so, you will be charged a penalty of Rs 100 per day.
If card-to-card transfer fails-
If you have done a card-to-card transfer and money is deducted from your account on the transaction but does not reach the beneficiary’s account, then the bank will have to reverse the debit within two days, i.e. the day of the transaction and the next day, otherwise a penalty of Rs 100 will have to be paid to the bank.
If PoS, IMPS transaction fails-
If money is deducted from your account through POS, card transaction, IMPS, or UPI and is not deposited in the other account, then RBI has given T+1 day to the banks to fix it. If the money is not credited even in this period, then a penalty of Rs 100 per day will be imposed on the bank from the next day.
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