RBI New Rule: When an ATM or online transaction fails and money is deducted from the account, it is a common problem. Keeping this in mind, RBI has made strict rules for such cases…. which is very important for you to know, so let’s know in this news today-
When an ATM or online transaction fails and money is deducted from the account, it is a common problem. Keeping this in mind, RBI has made strict rules for such cases. If someone’s money transaction fails, the bank refunds it within a limited time period. But if this does not happen then the bank will have to pay a penalty.
According to the strict rules of the Reserve Bank of India (RBI latest update), if money is deducted from the customer’s account in a failed transaction and the bank does not return it within the stipulated time limit, then the bank will have to pay a fine of Rs 100 for every day of delay.
RBI’s TAT Harmonization Rule –
RBI issued a circular on 20 September 2019 in which instructions were given about the turn around time (TAT) and compensation for failed transactions of customers. Under this, if the bank does not return the money debited to the customer in a failed transaction within the stipulated time limit, then the bank will have to pay a penalty on a daily basis. This rule protects the interests of the customers and encourages banks to speed up their services.
When do you get the penalty amount?
The bank pays the penalty based on the nature of the transaction i.e. the type of failed transaction. The bank will pay the penalty only if there is a reason behind the transaction failure over which you have no control. If you know the time when your transaction was reversed, then you can contact the bank and ask for the penalty.
In what situations is a penalty imposed?
If you make a transaction from an ATM and money is deducted from your account, but the cash is not withdrawn, the bank has to reverse it within 5 days from the day of the transaction, failing which a penalty of Rs 100 per day will be charged from you.
If card-to-card transfer fails-
If you have done a card-to-card transfer and money has been deducted from your account but has not reached the beneficiary’s account, then the bank has to reverse the debit within two days (T+1) i.e. the day of transaction and the next day, otherwise you will have to pay a penalty of Rs 100 to the bank.
If PoS, IMPS transaction fails-
When money is deducted from your account through PoS, card transaction, IMPS, or UPI but is not credited to the beneficiary’s account, RBI has instructed banks to fix it within T+1 day. If banks do not adhere to this deadline, a penalty of Rs 100 will be imposed for each day after T+1 day until the problem is resolved.
